First National Corp. (NASDAQ:FXNC) Declares $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. Investors of record on Friday, August 29th will be paid a dividend of 0.155 per share on Friday, September 12th. This represents a c) annualized dividend and a yield of 2.8%. The ex-dividend date is Friday, August 29th.

First National has a dividend payout ratio of 26.5% meaning its dividend is sufficiently covered by earnings. 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 Up 0.6%

NASDAQ:FXNC traded up $0.1350 on Tuesday, hitting $22.3450. 2,762 shares of the stock were exchanged, compared to its average volume of 28,764. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market capitalization of $200.88 million, a price-to-earnings ratio of 22.35 and a beta of 0.52. The company's 50-day moving average price is $20.56 and its 200 day moving average price is $21.36. First National has a 52 week low of $16.22 and a 52 week high of $26.97.

First National (NASDAQ:FXNC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.49 by $0.08. The company had revenue of $22.44 million during the quarter, compared to analysts' expectations of $22.30 million. First National had a return on equity of 10.53% and a net margin of 7.29%. On average, equities research analysts forecast that First National will post 2.25 earnings per share for the current year.

Institutional Trading of First National

Institutional investors and hedge funds have recently modified their holdings of the stock. Bridgeway Capital Management LLC grew its position in shares of First National by 2.5% in the 2nd quarter. Bridgeway Capital Management LLC now owns 47,038 shares of the company's stock valued at $916,000 after purchasing an additional 1,149 shares during the period. Bank of America Corp DE grew its position in shares of First National by 5,013.2% in the 2nd quarter. Bank of America Corp DE now owns 3,477 shares of the company's stock valued at $68,000 after purchasing an additional 3,409 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of First National in the 2nd quarter valued at approximately $83,000. Marshall Wace LLP grew its position in shares of First National by 50.8% in the 2nd quarter. Marshall Wace LLP now owns 31,699 shares of the company's stock valued at $617,000 after purchasing an additional 10,685 shares during the period. Finally, De Lisle Partners LLP grew its position in shares of First National by 92.3% in the 2nd quarter. De Lisle Partners LLP now owns 138,113 shares of the company's stock valued at $2,689,000 after purchasing an additional 66,289 shares during the period. 33.92% of the stock is 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.