Primis Financial (NASDAQ:FRST) Announces Quarterly Earnings Results

Primis Financial (NASDAQ:FRST) released its quarterly earnings data on Thursday. The company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.04), Zacks reports. Primis Financial had a negative return on equity of 0.76% and a net margin of 1.31%.The business had revenue of $41.05 million for the quarter, compared to analyst estimates of $27.96 million.

Primis Financial Stock Performance

Shares of FRST stock opened at $10.69 on Friday. The firm has a 50-day moving average of $10.69 and a 200-day moving average of $10.22. The company has a market cap of $263.40 million, a P/E ratio of 76.36 and a beta of 0.81. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.98 and a quick ratio of 0.95. Primis Financial has a one year low of $7.59 and a one year high of $12.95.

Primis Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 21st. Stockholders of record on Friday, November 7th will be issued a $0.10 dividend. The ex-dividend date is Friday, November 7th. This represents a $0.40 annualized dividend and a dividend yield of 3.7%. Primis Financial’s dividend payout ratio is currently -444.44%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on FRST shares. Weiss Ratings restated a “hold (c)” rating on shares of Primis Financial in a report on Wednesday, October 8th. Zacks Research upgraded shares of Primis Financial from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $7.50.

Institutional Trading of Primis Financial

Several institutional investors and hedge funds have recently made changes to their positions in the company. Oxford Asset Management LLP purchased a new stake in shares of Primis Financial in the second quarter valued at about $204,000. Curi Capital LLC increased its holdings in Primis Financial by 12.2% during the second quarter. Curi Capital LLC now owns 1,002,891 shares of the company’s stock worth $10,881,000 after buying an additional 109,355 shares during the last quarter. Mendon Capital Advisors Corp increased its holdings in Primis Financial by 16.6% during the second quarter. Mendon Capital Advisors Corp now owns 1,301,933 shares of the company’s stock worth $14,126,000 after buying an additional 185,083 shares during the last quarter. Jane Street Group LLC increased its holdings in Primis Financial by 39.2% during the second quarter. Jane Street Group LLC now owns 31,314 shares of the company’s stock worth $340,000 after buying an additional 8,818 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Primis Financial during the second quarter worth about $25,000. Hedge funds and other institutional investors own 74.96% of the company’s stock.

About Primis Financial

Primis Financial Corp. operates as the bank holding company for Primis Bank that provides a range of financial services to individuals and small and medium sized businesses in the United States. Its deposit products include checking, NOW, savings, and money market accounts, as well as certificates of deposits.