First National (NASDAQ:FXNC) Given "Hold (C)" Rating at Weiss Ratings

Key Points

• First National's stock has been restated with a "hold (C)" rating by Weiss Ratings, indicating a neutral stance from analysts.
• The company's latest quarterly earnings report showed an EPS of $0.57, exceeding the consensus estimate of $0.49, along with a revenue of $22.44 million.
• Institutional investors have increased their holdings in First National, with hedge funds now owning 33.92% of the company's stock.

First National (NASDAQ:FXNC - Get Free Report)'s stock had its "hold (c)" rating restated by investment analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

First National Stock Performance

First National stock opened at $22.46 on Wednesday. The company's 50-day moving average price is $22.77 and its 200-day moving average price is $21.12. First National has a twelve month low of $18.25 and a twelve month high of $26.97. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.18. The company has a market cap of $201.92 million, a PE ratio of 22.46 and a beta of 0.55.

First National (NASDAQ:FXNC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.49 by $0.08. The company had revenue of $22.44 million for 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 10.53%. On average, equities research analysts forecast that First National will post 2.25 EPS for the current fiscal year.

Institutional Investors Weigh In On First National

Hedge funds have recently modified their holdings of the business. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of First National in the 2nd quarter worth approximately $38,000. Bank of America Corp DE lifted 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 worth $68,000 after purchasing an additional 3,409 shares during the period. JPMorgan Chase & Co. purchased a new stake in First National during the second quarter valued at approximately $72,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in First National during the second quarter valued at approximately $83,000. Finally, New York State Common Retirement Fund purchased a new stake in First National during the second quarter valued at approximately $103,000. Hedge funds and other institutional investors own 33.92% of the company's stock.

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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