First National (NASDAQ:FXNC) Releases Earnings Results, Beats Expectations By $0.04 EPS

Key Points

• First National reported quarterly EPS of $0.63, exceeding analysts’ consensus estimate of $0.59 by $0.04. The company posted a 17.94% net margin and 11.48% return on equity.
• Shares rose 4.0% to $31.50 following the earnings release, near the company’s 52-week high of $31.83. First National also maintains a quarterly dividend of $0.17, equivalent to a 2.2% annual yield.
• Analyst sentiment remains positive, with the stock carrying a “Moderate Buy” consensus rating; institutional investors own 33.92% of outstanding shares.

First National (NASDAQ:FXNC - Get Free Report) issued its earnings results on Wednesday. The company reported $0.63 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.04, FiscalAI reports. First National had a net margin of 17.94% and a return on equity of 11.48%.

First National Stock Up 4.0%

NASDAQ FXNC traded up $1.22 during trading on Wednesday, reaching $31.50. 14,610 shares of the company's stock were exchanged, compared to its average volume of 68,497. The company has a 50 day moving average price of $29.19 and a two-hundred day moving average price of $27.83. The stock has a market cap of $284.76 million, a P/E ratio of 13.52 and a beta of 0.43. First National has a 1 year low of $20.78 and a 1 year high of $31.83. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.88 and a current ratio of 0.88.

First National Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 29th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Friday, May 29th. First National's dividend payout ratio (DPR) is presently 29.18%.

Institutional Trading of First National

Several institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets grew its position in First National by 59.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,821 shares of the company's stock worth $41,000 after purchasing an additional 679 shares during the last quarter. Bank of America Corp DE grew its holdings in First National by 5,013.2% in the second 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 last quarter. JPMorgan Chase & Co. purchased a new stake in shares of First National in the second quarter valued at about $72,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of First National in the second quarter valued at $83,000. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of First National during the 4th quarter worth about $92,000. 33.92% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on FXNC shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First National in a report on Monday, July 13th. Wall Street Zen upgraded shares of First National from a "sell" rating to a "hold" rating in a report on Saturday, May 30th. Finally, Raymond James Financial initiated coverage on First National in a report on Thursday, June 25th. They issued a "market perform" rating on the stock. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, First National presently has a consensus rating of "Moderate Buy".

First National Company Profile

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. Its loan products comprise construction loans, including residential, land acquisition, and development loans; 1-4 family residential real estate loans; and commercial real estate loans that are secured by commercial real estate, including multi-family residential buildings, office and retail buildings, hotels, industrial buildings, and religious facilities.

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