Primis Financial Corp. (NASDAQ:FRST) to Issue Quarterly Dividend of $0.10

Key Points

• Primis Financial declared a quarterly dividend of $0.10 per share, payable November 20 to shareholders of record November 6. The dividend annualizes to $0.40 per share and represents a 2.6% yield.
• The dividend appears well covered, with a current payout ratio of 24.8%; analysts expect next year’s earnings to support an estimated payout ratio of 20.2%.
• Primis Financial’s latest quarterly results fell short of expectations, with EPS of $0.35 versus the $0.42 consensus and revenue of $49.23 million versus $50.89 million expected. Shares recently traded at $15.46.

Primis Financial Corp. (NASDAQ:FRST - Get Free Report) announced a quarterly dividend on Thursday, October 22nd. Stockholders of record on Friday, November 6th will be paid a dividend of $0.10 per share on Friday, November 20th. This represents a $0.40 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, November 6th.

Primis Financial has a dividend payout ratio of 24.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Primis Financial to earn $1.98 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 20.2%.

Primis Financial Price Performance

Shares of FRST stock traded down $0.48 during trading hours on Friday, reaching $15.46. The stock had a trading volume of 16,861 shares, compared to its average volume of 173,131. The stock's fifty day simple moving average is $15.82 and its 200 day simple moving average is $15.37. The firm has a market capitalization of $383.41 million, a PE ratio of 7.16 and a beta of 0.73. Primis Financial has a 12 month low of $10.04 and a 12 month high of $16.88. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.16.

Primis Financial (NASDAQ:FRST - Get Free Report) last posted its earnings results on Friday, October 23rd. The company reported $0.35 earnings per share for the quarter, missing analysts' consensus estimates of $0.42 by ($0.07). Primis Financial had a return on equity of 5.49% and a net margin of 19.19%. The firm had revenue of $49.23 million for the quarter, compared to the consensus estimate of $50.89 million. On average, equities research analysts predict that Primis Financial will post 1.42 EPS for the current year.

Primis Financial Company Profile

Primis Financial Corp. is a bank holding company headquartered in Glen Allen, Virginia. Its principal subsidiary, Primis Bank, provides banking and financial services to individuals, families, businesses and nonprofit organizations.

Primis Bank offers deposit products, residential and commercial real estate loans, consumer lending, business loans, treasury and cash-management services, mortgage banking and online and mobile banking. The bank also provides services designed to support small and middle-market businesses, including commercial lending and payment solutions.

The institution was formerly known as Sonabank and adopted the Primis name as part of a broader rebranding in 2020.

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