First National (NASDAQ:FXNC) Releases Quarterly Earnings Results, Beats Expectations By $0.13 EPS

Key Points

• First National beat quarterly expectations: Earnings per share came in at $0.76, $0.13 above consensus, while revenue of $25.29 million exceeded estimates of $24.27 million.
• Shares rose 0.2% to $29.91, with the company reporting an 11.50% return on equity and an 18.43% net margin.
• Shareholders received a quarterly dividend of $0.17 per share, equivalent to $0.68 annually and a 2.3% yield. Analysts’ consensus rating remains “Moderate Buy.”

First National (NASDAQ:FXNC - Get Free Report) posted its quarterly earnings data on Friday. The company reported $0.76 earnings per share for the quarter, beating analysts' consensus estimates of $0.63 by $0.13, FiscalAI reports. The business had revenue of $25.29 million during the quarter, compared to the consensus estimate of $24.27 million. First National had a return on equity of 11.50% and a net margin of 18.43%.

First National Trading Up 0.2%

First National stock traded up $0.06 during trading hours on Friday, reaching $29.91. 3,072 shares of the company's stock were exchanged, compared to its average volume of 56,073. The firm has a market capitalization of $270.41 million, a PE ratio of 12.48 and a beta of 0.47. The firm's 50 day simple moving average is $30.44 and its 200 day simple moving average is $29.59. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.09. First National has a twelve month low of $22.09 and a twelve month high of $33.24.

First National Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Friday, August 28th were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Friday, August 28th. First National's dividend payout ratio (DPR) is presently 28.33%.

Wall Street Analyst Weigh In

FXNC has been the topic of several recent research reports. Raymond James Financial assumed coverage on First National in a report on Thursday, June 25th. They set a "market perform" rating on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of First National in a research note on Friday, October 9th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, First National presently has a consensus rating of "Moderate Buy".

About First National

First National Corporation NASDAQ: FXNC is a bank holding company headquartered in Strasburg, Virginia. The company operates through its principal subsidiary, First Bank, a community banking institution serving individuals, families, businesses and organizations in Virginia.

First Bank provides a range of traditional banking products and services, including checking and savings accounts, certificates of deposit, consumer and residential real estate lending, commercial loans, mortgage services and online and mobile banking.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.