First National (NASDAQ:FXNC) Trading 4.8% Higher - Here's Why

Shares of First National Corp. (NASDAQ:FXNC - Get Free Report) were up 4.8% on Tuesday . The stock traded as high as $20.76 and last traded at $20.40. Approximately 51,108 shares were traded during mid-day trading, an increase of 136% from the average daily volume of 21,692 shares. The stock had previously closed at $19.47.

First National Price Performance

The firm has a market cap of $185.28 million, a PE ratio of 24.83 and a beta of 0.49. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a 50-day simple moving average of $19.84 and a 200 day simple moving average of $21.98.

First National Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were given a dividend of $0.155 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.62 dividend on an annualized basis and a yield of 3.01%. First National's dividend payout ratio (DPR) is currently 74.70%.

Institutional Investors Weigh In On First National

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Millennium Management LLC bought a new stake in shares of First National in the 4th quarter worth approximately $396,000. Northern Trust Corp bought a new stake in First National in the fourth quarter worth $504,000. Geode Capital Management LLC grew its stake in shares of First National by 71.6% in the fourth quarter. Geode Capital Management LLC now owns 86,491 shares of the company's stock worth $1,991,000 after acquiring an additional 36,090 shares during the last quarter. Rhino Investment Partners Inc bought a new position in shares of First National during the fourth quarter valued at $2,881,000. Finally, Alliancebernstein L.P. bought a new position in shares of First National during the fourth quarter valued at $5,538,000. 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.