First National Corp. (NASDAQ:FXNC) to Issue Quarterly Dividend of $0.17

First National Corp. (NASDAQ:FXNC) declared a quarterly dividend on Thursday, November 13th. Stockholders of record on Friday, November 28th will be given a dividend of 0.17 per share on Friday, December 12th. This represents a c) annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, November 28th. This is a 9.7% increase from First National’s previous quarterly dividend of $0.16.

First National has raised its dividend by an average of 0.2%per year over the last three years and has increased its dividend annually for the last 10 consecutive years. First National has a payout ratio of 26.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect First National to earn $2.40 per share next year, which means the company should continue to be able to cover its $0.62 annual dividend with an expected future payout ratio of 25.8%.

First National Trading Up 0.5%

Shares of FXNC traded up $0.12 during mid-day trading on Friday, reaching $24.22. The stock had a trading volume of 2,651 shares, compared to its average volume of 25,040. First National has a 52-week low of $18.26 and a 52-week high of $26.97. The firm has a market cap of $217.75 million, a price-to-earnings ratio of 24.22 and a beta of 0.55. The business’s fifty day moving average is $22.88 and its 200 day moving average is $21.53. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.89 and a quick ratio of 0.89.

First National (NASDAQ:FXNC) last posted its earnings results on Thursday, October 30th. The company reported $0.58 EPS for the quarter, meeting analysts’ consensus estimates of $0.58. First National had a return on equity of 10.53% and a net margin of 7.29%.The company had revenue of $22.80 million for the quarter, compared to the consensus estimate of $22.70 million. On average, sell-side analysts predict that First National will post 2.25 EPS for the current fiscal year.

Institutional Investors Weigh In On First National

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC grew its holdings in shares of First National by 109.7% during the second quarter. Geode Capital Management LLC now owns 180,312 shares of the company’s stock worth $3,512,000 after purchasing an additional 94,314 shares during the last quarter. De Lisle Partners LLP lifted its holdings in shares of First National by 92.3% in the 2nd quarter. De Lisle Partners LLP now owns 138,113 shares of the company’s stock valued at $2,689,000 after buying an additional 66,289 shares during the period. Bridgeway Capital Management LLC boosted its stake in shares of First National by 2.5% in the second quarter. Bridgeway Capital Management LLC now owns 47,038 shares of the company’s stock valued at $916,000 after buying an additional 1,149 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in First National by 157.7% during the first quarter. Goldman Sachs Group Inc. now owns 40,744 shares of the company’s stock worth $915,000 after acquiring an additional 24,931 shares during the period. Finally, Marshall Wace LLP boosted its position in First National by 50.8% during the second quarter. Marshall Wace LLP now owns 31,699 shares of the company’s stock worth $617,000 after acquiring an additional 10,685 shares during the last quarter. 33.92% of the stock is currently owned by institutional investors and hedge funds.

First National Company Profile

First National Corporation operates as the bank holding company for First Bank that provides various commercial banking services to small and medium-sized businesses, individuals, estates, local governmental entities, and non-profit organizations in Virginia. The company's deposit products include checking, savings, money market, and individual retirement accounts, as well as certificates of deposit and treasury management solutions.