First Manhattan CO. LLC. Invests $817,000 in First National Co. (NASDAQ:FXNC)

First Manhattan CO. LLC. purchased a new position in shares of First National Co. (NASDAQ:FXNC - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 35,500 shares of the company's stock, valued at approximately $817,000. First Manhattan CO. LLC. owned 0.40% of First National at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of FXNC. Barclays PLC bought a new position in First National during the 4th quarter worth approximately $36,000. PL Capital Advisors LLC bought a new position in First National during the 4th quarter worth approximately $78,000. Salzhauer Michael bought a new position in First National during the 4th quarter worth approximately $202,000. Founders Grove Wealth Partners LLC bought a new position in First National during the 4th quarter worth approximately $252,000. Finally, Citadel Advisors LLC bought a new position in First National during the 4th quarter worth approximately $261,000. Institutional investors and hedge funds own 33.92% of the company's stock.

First National Stock Down 0.3%

First National stock opened at $19.61 on Monday. The company's 50 day simple moving average is $20.77 and its 200 day simple moving average is $22.91. First National Co. has a fifty-two week low of $14.75 and a fifty-two week high of $26.97. The firm has a market capitalization of $176.24 million, a price-to-earnings ratio of 16.91 and a beta of 0.47. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.85 and a quick ratio of 0.85.

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

First National Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date was Friday, February 28th. First National's payout ratio is currently 53.45%.

Wall Street Analyst Weigh In

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

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.

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