First National (NASDAQ:FXNC) Posts Earnings Results, Beats Estimates By $0.02 EPS

First National (NASDAQ:FXNC) announced its quarterly earnings data on Thursday. The company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02, Zacks reports. First National had a net margin of 15.19% and a return on equity of 10.82%.

First National Stock Performance

Shares of FXNC traded down $1.23 during trading hours on Thursday, reaching $26.72. 97,184 shares of the company traded hands, compared to its average volume of 91,911. The stock’s fifty day moving average is $27.31 and its 200 day moving average is $25.73. The stock has a market cap of $241.55 million, a P/E ratio of 13.18 and a beta of 0.50. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.87 and a current ratio of 0.87. First National has a 1-year low of $18.31 and a 1-year high of $29.85.

First National Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 27th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Friday, February 27th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.5%. First National’s dividend payout ratio is currently 34.52%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of First National from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, March 27th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy”.

Insider Activity at First National

In related news, CFO Brad E. Schwartz acquired 1,000 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was acquired at an average price of $26.91 per share, with a total value of $26,910.00. Following the completion of the transaction, the chief financial officer owned 6,470 shares of the company’s stock, valued at approximately $174,107.70. This represents a 18.28% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 14.22% of the company’s stock.

Institutional Trading of First National

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets increased its stake in First National by 59.5% in the third quarter. BNP Paribas Financial Markets now owns 1,821 shares of the company’s stock valued at $41,000 after acquiring an additional 679 shares during the period. Bank of America Corp DE increased its stake in First National by 5,013.2% in the second quarter. Bank of America Corp DE now owns 3,477 shares of the company’s stock valued at $68,000 after acquiring an additional 3,409 shares during the period. Los Angeles Capital Management LLC bought a new stake in First National in the fourth quarter valued at about $92,000. JPMorgan Chase & Co. bought a new stake in First National in the second quarter valued at about $72,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in First National in the second quarter valued at about $83,000. 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.