683 Capital Management LLC Makes New $352,000 Investment in First National Co. (NASDAQ:FXNC)

683 Capital Management LLC purchased a new stake in First National Co. (NASDAQ:FXNC - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 15,306 shares of the company's stock, valued at approximately $352,000. 683 Capital Management LLC owned about 0.17% of First National as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. DAVENPORT & Co LLC acquired a new stake in shares of First National during the fourth quarter worth $678,000. Geode Capital Management LLC raised its position in shares of First National by 8.1% in the 3rd quarter. Geode Capital Management LLC now owns 50,401 shares of the company's stock worth $882,000 after acquiring an additional 3,789 shares in the last quarter. Alliancebernstein L.P. acquired a new position in shares of First National in the 4th quarter valued at about $5,538,000. PL Capital Advisors LLC bought a new stake in shares of First National during the 4th quarter valued at about $1,800,000. Finally, Empowered Funds LLC grew its stake in First National by 4.4% during the fourth quarter. Empowered Funds LLC now owns 14,130 shares of the company's stock worth $325,000 after purchasing an additional 600 shares during the period. Institutional investors and hedge funds own 33.92% of the company's stock.

Analyst Ratings Changes

Separately, Hovde Group lowered shares of First National from an "outperform" rating to a "market perform" rating and set a $28.50 target price on the stock. in a research note on Tuesday, February 11th.

First National Stock Performance

Shares of First National stock traded down $0.38 during trading hours on Monday, hitting $19.50. 11,534 shares of the company's stock traded hands, compared to its average volume of 14,687. The stock has a market capitalization of $175.25 million, a price-to-earnings ratio of 16.81 and a beta of 0.47. First National Co. has a 12-month low of $14.75 and a 12-month high of $26.97. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.85 and a quick ratio of 0.85. The company has a fifty day simple moving average of $21.15 and a 200-day simple moving average of $22.95.

First National (NASDAQ:FXNC - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.19. First National had a net margin of 7.51% and a return on equity of 12.09%. Equities research analysts anticipate that First National Co. will post 2.25 EPS for the current fiscal year.

First National Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were given a $0.155 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.18%. First National's dividend payout ratio (DPR) is currently 53.45%.

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.