Primis Financial (FRST) Declares $0.10 Dividend
Primis Financial said on January 26, 2023 that its board of directors declared a regular quarterly dividend of $0.10 per share ($0.40 annualized). Shareholders of record as of February 9, 2023 will receive the payment on February 24, 2023. Previously, the company paid $0.10 per share.
At the current share price of $11.89 / share, the stock's dividend yield is 3.36%. Looking back five years and taking a sample every week, the average dividend yield has been 2.80%, the lowest has been 1.79%, and the highest has been 4.72%. The standard deviation of yields is 0.74 (n=237).
The current dividend yield is 0.77 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.56. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company has not increased its dividend in the last three years.
Analyst Price Forecast Suggests 24.39% Upside
As of February 1, 2023, the average one-year price target for Primis Financial is $14.79. The forecasts range from a low of $13.13 to a high of $16.80. The average price target represents an increase of 24.39% from its latest reported closing price of $11.89.
The projected annual revenue for Primis Financial is $113MM, an increase of 3.64%. The projected annual EPS is $1.29, an increase of 78.50%.
Fund Sentiment
There are 246 funds or institutions reporting positions in Primis Financial. This is a decrease of 4 owner(s) or 1.60%.
Average portfolio weight of all funds dedicated to US:FRST is 0.1595%, a decrease of 4.5377%. Total shares owned by institutions decreased in the last three months by 2.11% to 20,075K shares.
What are large shareholders doing?
Banc Funds Co holds 1,510,093 shares representing 6.12% ownership of the company. In it's prior filing, the firm reported owning 1,471,093 shares, representing an increase of 2.58%. The firm decreased its portfolio allocation in FRST by 6.88% over the last quarter.
Wellington Management Group Llp holds 1,346,337 shares representing 5.46% ownership of the company. In it's prior filing, the firm reported owning 1,475,212 shares, representing a decrease of 9.57%. The firm decreased its portfolio allocation in FRST by 14.10% over the last quarter.
Patriot Financial Partners Gp holds 953,231 shares representing 3.86% ownership of the company. No change in the last quarter.
Salzhauer Michael holds 781,833 shares representing 3.17% ownership of the company. In it's prior filing, the firm reported owning 735,862 shares, representing an increase of 5.88%. The firm decreased its portfolio allocation in FRST by 3.66% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 682,667 shares representing 2.77% ownership of the company. No change in the last quarter.
Primis Financial Background Information
(This description is provided by the company.)
Primis Financial Corp. headquartered in McLean, Virginia is the holding company for Primis Bank, a state chartered bank headquartered in Glen Allen, Virginia. Primis Bank provides a range of financial services to individuals and small- and medium-sized businesses through forty-two full-service branches in Virginia and Maryland and through certain internet and mobile applications.
This story originally appeared on Fintel.