Primis Financial (NASDAQ:FRST) Reports Quarterly Earnings

Primis Financial (NASDAQ:FRST) announced its quarterly earnings results on Thursday. The company reported an earnings per share (EPS) of $0.08 for the quarter, which fell short of analysts' expectations that anticipated an EPS of $0.43, according to reports from Zacks. The total revenue for the quarter was $66.40 million. In the same quarter from the prior year, the firm had reported an EPS of $0.32.

Stock Performance

Following the earnings announcement, Primis Financial’s stock witnessed a decline of 3.8%. During midday trading on Friday, the stock price fell by $0.45, reaching $11.35. The trading volume for the day stood at 152,166 shares, significantly higher than its average volume of 65,600 shares. Currently, the fifty-day moving average for the stock is $11.85, while the 200-day moving average is $11.21. Primis Financial has seen a 52-week low of $7.71 and a high of $13.69, with a market capitalization of $280.14 million, a price-to-earnings (PE) ratio of 13.20, and a beta value of 0.75.

Dividend Announcement

In addition to the earnings report, Primis Financial has declared a quarterly dividend that will be distributed to shareholders on Friday, November 22nd. Those who are stockholders as of Friday, November 8th, will receive a dividend of $0.10 per share. This dividend equates to an annualized payout of $0.40, yielding a dividend yield of 3.52%. The ex-dividend date for this payout is also scheduled for Friday, November 8th. The company's payout ratio stands at 46.51%.

Company Overview

Primis Financial Corp. serves as the bank holding company for Primis Bank, offering a variety of financial services to individuals and small to medium-sized businesses throughout the United States. The bank provides various deposit products, including checking accounts, NOW accounts, savings, money market accounts, and certificates of deposit.

Market Insights

There is ongoing discussion among financial analysts regarding investment strategies. MarketBeat observes that while Primis Financial holds a 'hold' rating from analysts, there are five other stocks that are being recommended more fervently for potential buyers at this time. These recommendations are from top-rated analysts, suggesting that investors may want to explore other options before investing heavily into Primis Financial.

This summary has been compiled to present the latest earnings results and market performance of Primis Financial, useful for shareholders and potential investors in making informed financial decisions.

Primis, Earnings, Stocks