Primis Financial (NASDAQ:FRST) Posts Earnings Results, Misses Expectations By $0.24 EPS

Primis Financial (NASDAQ:FRST) released its earnings results on Thursday. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.24), FiscalAI reports. Primis Financial had a net margin of 1.31% and a negative return on equity of 0.75%. The business had revenue of $80.87 million during the quarter, compared to analyst estimates of $30.01 million.

Primis Financial Stock Up 2.4%

FRST stock opened at $13.58 on Friday. Primis Financial has a 12 month low of $7.59 and a 12 month high of $14.38. The firm has a 50 day simple moving average of $12.86 and a 200 day simple moving average of $11.58. The firm has a market cap of $334.61 million, a PE ratio of 97.00 and a beta of 0.77. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 0.96.

Primis Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Friday, February 13th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $0.40 annualized dividend and a yield of 2.9%. Primis Financial’s dividend payout ratio (DPR) is presently 285.71%.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Zacks Research raised shares of Primis Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Primis Financial in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Primis Financial presently has an average rating of “Hold” and a consensus price target of $1.00.

Primis Financial announced that its Board of Directors has authorized a stock buyback plan on Thursday, December 18th that permits the company to repurchase $750,000.00 in shares. This repurchase authorization permits the company to reacquire up to 0.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Primis Financial

Several institutional investors have recently made changes to their positions in the stock. Citadel Advisors LLC increased its position in Primis Financial by 68.7% during the third quarter. Citadel Advisors LLC now owns 23,140 shares of the company’s stock worth $243,000 after buying an additional 9,421 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of Primis Financial by 44.5% in the 3rd quarter. Alliancebernstein L.P. now owns 1,091,037 shares of the company’s stock worth $11,467,000 after purchasing an additional 336,149 shares during the last quarter. Occudo Quantitative Strategies LP bought a new stake in Primis Financial during the 3rd quarter worth approximately $112,000. Patriot Financial Partners GP II L.P. bought a new stake in Primis Financial during the 3rd quarter worth about $12,796,000. Finally, Two Sigma Investments LP boosted its position in Primis Financial by 48.3% in the 3rd quarter. Two Sigma Investments LP now owns 146,429 shares of the company’s stock valued at $1,539,000 after buying an additional 47,679 shares during the last quarter. 74.96% of the stock is currently owned by institutional investors and hedge funds.

About Primis Financial

Primis Financial Corporation is a bank holding company headquartered in Waycross, Georgia, operating through its wholly owned subsidiary, Primis Bank. The company offers a full suite of commercial and retail banking services tailored to meet the needs of individuals, small businesses, and agricultural clients across its service area. Primis Bank focuses on building relationships within the communities it serves, positioning itself as a local financial partner for deposit-taking, lending, and treasury management solutions.

Primis Bank maintains a network of branch offices throughout southeastern Georgia, serving a combination of rural and suburban markets.