First National (NASDAQ:FXNC) Shares Down 0.3% - Here's What Happened

Key Points

• First National shares fell 0.3% to $29.96 in light trading, below the stock’s 50-day moving average of $30.99 but above its 200-day average of $29.31.
• The company exceeded quarterly expectations, reporting $0.63 earnings per share versus the $0.59 consensus and revenue of $23.93 million versus $23.45 million.
• First National declared a quarterly dividend of $0.17 per share, equating to $0.68 annually and a 2.3% yield; analysts collectively rate the stock “Moderate Buy.”

Shares of First National Corp. (NASDAQ:FXNC - Get Free Report) were down 0.3% on Monday. The company traded as low as $29.79 and last traded at $29.96. Approximately 19,588 shares traded hands during mid-day trading, a decline of 25% from the average session volume of 25,982 shares. The stock had previously closed at $30.06.

Analyst Upgrades and Downgrades

FXNC has been the subject of a number of research reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First National in a report on Monday, July 13th. Raymond James Financial started coverage on First National in a research report on Thursday, June 25th. They issued a "market perform" rating on the stock. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, First National has an average rating of "Moderate Buy".

First National Stock Down 0.3%

The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $270.84 million, a price-to-earnings ratio of 12.48 and a beta of 0.47. The business's 50-day moving average is $30.99 and its 200-day moving average is $29.31.

First National (NASDAQ:FXNC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.04. The company had revenue of $23.93 million for the quarter, compared to the consensus estimate of $23.45 million. First National had a return on equity of 11.50% and a net margin of 18.43%. As a group, equities analysts predict that First National Corp. will post 2.44 earnings per share for the current year.

First National Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 11th. Investors of record on Friday, August 28th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Friday, August 28th. First National's dividend payout ratio (DPR) is 28.33%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of FXNC. De Lisle Partners LLP acquired a new stake in shares of First National during the 2nd quarter valued at about $4,152,000. Bank of America Corp DE raised its holdings in First National by 6.8% in the 1st quarter. Bank of America Corp DE now owns 12,254 shares of the company's stock worth $330,000 after purchasing an additional 780 shares during the period. Dimensional Fund Advisors LP raised its holdings in First National by 68.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 50,267 shares of the company's stock worth $1,353,000 after purchasing an additional 20,466 shares during the period. Hsbc Holdings PLC purchased a new position in First National during the first quarter worth approximately $650,000. Finally, Piedmont Capital Management LLC NC purchased a new position in First National during the fourth quarter worth approximately $1,084,000. 33.92% of the stock is currently owned by hedge funds and other institutional investors.

About First National

First National Corporation NASDAQ: FXNC is a bank holding company for First Bank, a community banking institution headquartered in Strasburg, Virginia. The company serves individuals, businesses and community organizations through a network of banking offices and digital banking channels.

First Bank offers a range of deposit products, including checking, savings, money market and certificate of deposit accounts. Its lending services include residential and commercial real estate loans, construction and land development financing, business loans, home equity products and consumer loans.

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