First National (NASDAQ:FXNC) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• Q1 results beat: First National reported EPS of $0.54 versus the $0.52 consensus, with a net margin of 15.19% and a return on equity of 10.82%.
• Shares fell despite the beat: The stock traded down $1.23 to $26.72 on Thursday with 97,184 shares traded (vs. average 91,911), giving the company about a $241.6M market cap and a P/E of 13.18.
• Dividend and investor moves: The company paid a $0.17 quarterly dividend (annualized $0.68, yield 2.5%), CFO Brad E. Schwartz bought 1,000 shares, and Weiss Ratings upgraded the stock to a "buy."

First National (NASDAQ:FXNC - Get Free Report) released its quarterly earnings data on Thursday. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02, Zacks reports. First National had a net margin of 15.19% and a return on equity of 10.82%.

First National Stock Performance

First National stock traded down $1.23 on Thursday, reaching $26.72. 97,184 shares of the stock were exchanged, compared to its average volume of 91,911. The stock has a market cap of $241.55 million, a PE ratio of 13.18 and a beta of 0.50. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.09. First National has a twelve month low of $18.31 and a twelve month high of $29.85. The firm has a fifty day moving average price of $27.31 and a two-hundred day moving average price of $25.73.

First National Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Friday, February 27th. This represents a $0.68 dividend on an annualized basis and a yield of 2.5%. First National's payout ratio is currently 34.52%.

Insiders Place Their Bets

In other news, CFO Brad E. Schwartz bought 1,000 shares of the business's stock in a transaction on Wednesday, March 4th. The stock was purchased at an average price of $26.91 per share, with a total value of $26,910.00. Following the transaction, the chief financial officer directly owned 6,470 shares in the company, valued at approximately $174,107.70. The trade was a 18.28% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 14.22% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of FXNC. Goldman Sachs Group Inc. lifted its position in First National by 157.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 40,744 shares of the company's stock worth $915,000 after acquiring an additional 24,931 shares during the last quarter. Empowered Funds LLC lifted its position in First National by 6.8% during the 1st quarter. Empowered Funds LLC now owns 15,089 shares of the company's stock worth $339,000 after acquiring an additional 959 shares during the last quarter. Jane Street Group LLC acquired a new position in First National during the 1st quarter worth $598,000. Geode Capital Management LLC lifted its position in First National by 109.7% during the 2nd quarter. Geode Capital Management LLC now owns 180,312 shares of the company's stock worth $3,512,000 after acquiring an additional 94,314 shares during the last quarter. Finally, JPMorgan Chase & Co. acquired a new position in First National during the 2nd quarter worth $72,000. Institutional investors and hedge funds own 33.92% of the company's stock.

Analyst Ratings Changes

Separately, Weiss Ratings raised shares of First National from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, March 27th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, First National presently has an average rating of "Buy".

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. 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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