First National (NASDAQ:FXNC) Issues Quarterly Earnings Results

First National (NASDAQ:FXNC) announced its quarterly earnings data on Thursday. The company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02, Zacks reports. The company had revenue of $5.02 million during the quarter, compared to the consensus estimate of $22.60 million. First National had a return on equity of 11.34% and a net margin of 9.53%.

First National Trading Up 0.4%

NASDAQ:FXNC traded up $0.10 during trading hours on Friday, hitting $25.86. The stock had a trading volume of 2,806 shares, compared to its average volume of 26,370. The business’s 50 day moving average is $25.28 and its 200-day moving average is $23.50. The company has a market cap of $232.95 million, a price-to-earnings ratio of 20.52 and a beta of 0.49. First National has a one year low of $18.26 and a one year high of $27.55. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.89 and a current ratio of 0.89.

First National Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 12th. Shareholders of record on Friday, November 28th were paid a $0.17 dividend. The ex-dividend date of this dividend was Friday, November 28th. This is a boost from First National’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a yield of 2.6%. First National’s payout ratio is currently 53.97%.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “hold (c+)” rating on shares of First National in a report on Monday, December 29th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat.com, First National currently has a consensus rating of “Hold” and an average price target of $28.50.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its holdings in shares of First National by 109.7% in the second quarter. Geode Capital Management LLC now owns 180,312 shares of the company’s stock worth $3,512,000 after acquiring an additional 94,314 shares in the last quarter. Jane Street Group LLC bought a new position in shares of First National during the 1st quarter valued at about $598,000. Goldman Sachs Group Inc. grew its position in shares of First National by 157.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 40,744 shares of the company’s stock valued at $915,000 after purchasing an additional 24,931 shares during the period. Marshall Wace LLP increased its stake in First National by 50.8% during the 2nd quarter. Marshall Wace LLP now owns 31,699 shares of the company’s stock worth $617,000 after purchasing an additional 10,685 shares in the last quarter. Finally, Rhumbline Advisers bought a new stake in First National during the 2nd quarter worth approximately $199,000. 33.92% of the stock is currently owned by institutional investors.

About First National

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. Its loan products comprise construction loans, including residential, land acquisition, and development loans; 1-4 family residential real estate loans; and commercial real estate loans that are secured by commercial real estate, including multi-family residential buildings, office and retail buildings, hotels, industrial buildings, and religious facilities.