First National (NASDAQ:FXNC) Trading 1.3% Higher - Here's Why

Key Points

• First National shares rose 1.3% to $31.45 in mid-day trading, despite volume running 28% below the average session level.
• The bank reported quarterly EPS of $0.63, beating estimates by $0.04, while revenue of $23.93 million also topped expectations. Analysts’ average rating is “Moderate Buy,” based on one Buy and one Hold rating.
• First National declared a quarterly dividend of $0.17, equivalent to a $0.68 annualized payout and a 2.2% yield; institutional investors own 33.92% of the stock.

First National Corp. (NASDAQ:FXNC - Get Free Report)'s stock price rose 1.3% during mid-day trading on Monday . The company traded as high as $31.54 and last traded at $31.45. Approximately 22,217 shares were traded during mid-day trading, a decline of 28% from the average session volume of 30,921 shares. The stock had previously closed at $31.06.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FXNC. Wall Street Zen upgraded First National from a "sell" rating to a "hold" rating in a research note on Saturday, May 30th. Raymond James Financial began coverage on shares of First National in a report on Thursday, June 25th. They set a "market perform" rating for the company. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of First National in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy".

First National Stock Up 1.3%

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 stock has a 50-day simple moving average of $30.75 and a 200-day simple moving average of $28.93. The firm has a market capitalization of $284.40 million, a PE ratio of 13.10 and a beta of 0.42.

First National (NASDAQ:FXNC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.63 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.04. The firm had revenue of $23.93 million for the quarter, compared to analysts' expectations of $23.45 million. First National had a return on equity of 11.50% and a net margin of 18.43%. Analysts forecast that First National Corp. will post 2.44 EPS for the current year.

First National Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Friday, August 28th were given a $0.17 dividend. The ex-dividend date of this dividend was Friday, August 28th. This represents a $0.68 annualized dividend and a dividend yield of 2.2%. First National's payout ratio is 28.33%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. De Lisle Partners LLP bought a new position in First National in the 2nd quarter valued at $4,152,000. Piedmont Capital Management LLC NC bought a new position in shares of First National in the fourth quarter worth $1,084,000. Hsbc Holdings PLC purchased a new stake in shares of First National in the first quarter worth $650,000. Dimensional Fund Advisors LP raised its position in shares of First National by 68.7% in the first quarter. Dimensional Fund Advisors LP now owns 50,267 shares of the company's stock worth $1,353,000 after buying an additional 20,466 shares in the last quarter. Finally, California State Teachers Retirement System boosted its stake in First National by 682.5% during the second quarter. California State Teachers Retirement System now owns 3,302 shares of the company's stock valued at $110,000 after buying an additional 2,880 shares during the period. 33.92% of the stock is owned by institutional investors.

About First National

First National Corporation NASDAQ: FXNC is a bank holding company headquartered in Strasburg, Virginia. The company operates through its wholly owned subsidiary, First Bank, a community banking institution that provides financial services to individuals, families and businesses.

First Bank offers a range of traditional banking products, including checking and savings accounts, certificates of deposit, consumer loans, residential and commercial real estate lending, and business loans.

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