First National (NASDAQ:FXNC) Trading 3% Higher - Here's Why

Key Points

• First National (NASDAQ:FXNC) shares rose about 3% in mid-day trading, hitting as high as $30.51 before last trading near $30.36.
• Analyst sentiment has been mixed but constructive: Wall Street Zen upgraded the stock to hold, Raymond James initiated coverage with market perform, and Weiss Ratings reaffirmed a buy, leaving the overall rating at Moderate Buy.
• The company recently beat quarterly EPS expectations, posting $0.54 per share versus the $0.52 consensus, and it also paid a quarterly dividend of $0.17 per share for a 2.2% annualized yield.

First National Corp. (NASDAQ:FXNC - Get Free Report) shares traded up 3% during mid-day trading on Thursday . The stock traded as high as $30.51 and last traded at $30.36. Approximately 56,568 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 79,649 shares. The stock had previously closed at $29.49.

Wall Street Analysts Forecast Growth

FXNC has been the topic of several recent research reports. Wall Street Zen upgraded First National from a "sell" rating to a "hold" rating in a research report on Saturday, May 30th. Raymond James Financial initiated coverage on shares of First National in a research report on Thursday, June 25th. They issued a "market perform" rating for the company. Finally, Weiss Ratings restated a "buy (b)" rating on shares of First National in a research note on Monday. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy".

First National Trading Up 3.0%

The company has a debt-to-equity ratio of 0.09, a current ratio of 0.88 and a quick ratio of 0.88. The business's 50-day moving average price is $28.79 and its two-hundred day moving average price is $27.57. The company has a market capitalization of $274.45 million, a price-to-earnings ratio of 13.03 and a beta of 0.43.

First National (NASDAQ:FXNC - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. First National had a return on equity of 11.48% and a net margin of 17.94%.The business had revenue of $22.50 million for the quarter, compared to the consensus estimate of $23.30 million. Research analysts predict that First National Corp. will post 2.38 earnings per share for the current year.

First National Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 29th were given a dividend of $0.17 per share. 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 is presently 29.18%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC lifted its position in First National by 109.7% during the second quarter. Geode Capital Management LLC now owns 180,312 shares of the company's stock worth $3,512,000 after purchasing an additional 94,314 shares during the period. Piedmont Capital Management LLC NC bought a new position in First National in the 4th quarter valued at about $1,084,000. Brown Brothers Harriman & Co. increased its holdings in First National by 648.7% in the 4th quarter. Brown Brothers Harriman & Co. now owns 37,437 shares of the company's stock valued at $945,000 after buying an additional 32,437 shares during the period. Jane Street Group LLC acquired a new position in shares of First National in the 1st quarter valued at approximately $598,000. Finally, Goldman Sachs Group Inc. raised its position in shares of First National by 157.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 40,744 shares of the company's stock valued at $915,000 after buying an additional 24,931 shares in the last quarter. 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. 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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