First National Corp. (NASDAQ:FXNC) to Issue $0.16 Quarterly Dividend

Key Points

• First National Corp. has declared a quarterly dividend of $0.16 per share, which will be distributed to shareholders of record on August 29th.
• The company has a dividend payout ratio of 26.5%, indicating that its dividend is well-supported by earnings, with analysts projecting an EPS of $2.40 for the next year.
• First National's stock is currently trading at $22.40, reflecting a slight decline of 0.2%, and has seen significant institutional investment activity recently.

First National Corp. (NASDAQ:FXNC - Get Free Report) declared a quarterly dividend on Wednesday, August 13th, RTT News reports. Shareholders of record on Friday, August 29th will be given a dividend of 0.155 per share on Friday, September 12th. This represents a c) annualized dividend and a yield of 2.8%.

First National has a dividend payout ratio of 26.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect First National to earn $2.40 per share next year, which means the company should continue to be able to cover its $0.62 annual dividend with an expected future payout ratio of 25.8%.

First National Trading Down 0.2%

First National stock traded down $0.04 during mid-day trading on Thursday, hitting $22.40. 14,853 shares of the stock were exchanged, compared to its average volume of 20,491. The stock has a market capitalization of $201.38 million, a price-to-earnings ratio of 22.40 and a beta of 0.52. First National has a 12 month low of $16.22 and a 12 month high of $26.97. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.18. The firm's fifty day simple moving average is $20.46 and its two-hundred day simple moving average is $21.45.

First National (NASDAQ:FXNC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.08. The business had revenue of $22.44 million during the quarter, compared to the consensus estimate of $22.30 million. First National had a net margin of 7.29% and a return on equity of 10.88%. Analysts forecast that First National will post 2.25 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FXNC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of First National during the second quarter valued at approximately $83,000. Marshall Wace LLP lifted its stake in First National by 50.8% in the second quarter. Marshall Wace LLP now owns 31,699 shares of the company's stock worth $617,000 after acquiring an additional 10,685 shares during the period. De Lisle Partners LLP lifted its stake in First National by 92.3% in the second quarter. De Lisle Partners LLP now owns 138,113 shares of the company's stock worth $2,689,000 after acquiring an additional 66,289 shares during the period. New York State Common Retirement Fund purchased a new stake in First National in the second quarter worth $103,000. Finally, Rhumbline Advisers purchased a new stake in First National in the second quarter worth $199,000. 33.92% of the stock is currently owned by institutional investors.

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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