First National (NASDAQ:FXNC) Shares Up 3% – Should You Buy?

First National Corp. (NASDAQ:FXNC) shares traded up 3% during trading on Thursday . The stock traded as high as $30.51 and last traded at $30.36. Approximately 56,568 shares traded hands during trading, a decline of 29% from the average daily volume of 79,649 shares. The stock had previously closed at $29.49.

Analyst Upgrades and Downgrades

FXNC has been the topic of a number of research reports. Wall Street Zen upgraded First National from a “sell” rating to a “hold” rating in a report on Saturday, May 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First National in a research note on Monday. Finally, Raymond James Financial initiated coverage on shares of First National in a report on Thursday, June 25th. They set a “market perform” rating for the company. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy”.

First National Trading Down 2.8%

The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.09. The company has a fifty day moving average price of $28.83 and a two-hundred day moving average price of $27.58. The firm has a market capitalization of $266.77 million, a price-to-earnings ratio of 12.67 and a beta of 0.43.

First National (NASDAQ:FXNC) last posted its quarterly earnings results on Thursday, April 30th. The company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.52 by $0.02. The firm had revenue of $22.50 million during the quarter, compared to analysts’ expectations of $23.30 million. First National had a return on equity of 11.48% and a net margin of 17.94%. As a group, research analysts forecast that First National Corp. will post 2.38 earnings per share for the current fiscal year.

First National Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 29th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Friday, May 29th. First National’s payout ratio is currently 29.18%.

Institutional Investors Weigh In On First National

A number of hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. lifted its holdings in First National by 5.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 11,069 shares of the company’s stock valued at $279,000 after acquiring an additional 610 shares during the last quarter. BNP Paribas Financial Markets increased its stake in First National by 59.5% during the third quarter. BNP Paribas Financial Markets now owns 1,821 shares of the company’s stock worth $41,000 after acquiring an additional 679 shares during the last quarter. Bank of America Corp DE raised its position in First National by 6.8% in the first quarter. Bank of America Corp DE now owns 12,254 shares of the company’s stock valued at $330,000 after purchasing an additional 780 shares during the period. Empowered Funds LLC raised its position in First National by 6.8% in the first quarter. Empowered Funds LLC now owns 15,089 shares of the company’s stock valued at $339,000 after purchasing an additional 959 shares during the period. Finally, Rhumbline Advisers lifted its stake in shares of First National by 9.5% in the 3rd quarter. Rhumbline Advisers now owns 11,197 shares of the company’s stock valued at $254,000 after purchasing an additional 974 shares during the last quarter. Hedge funds and other institutional investors own 33.92% of the company’s stock.

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.