First National (NASDAQ:FXNC) Trading Down 2.8% – What’s Next?

First National Corp. (NASDAQ:FXNC)’s stock price was down 2.8% on Friday . The stock traded as low as $24.47 and last traded at $24.54. Approximately 16,764 shares changed hands during mid-day trading, a decline of 30% from the average daily volume of 24,060 shares. The stock had previously closed at $25.24.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “hold (c+)” rating on shares of First National in a research note on Monday. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $28.50.

First National Price Performance

The business’s 50-day simple moving average is $24.35 and its 200 day simple moving average is $22.73. The company has a market capitalization of $221.11 million, a P/E ratio of 19.48 and a beta of 0.49. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.17.

First National (NASDAQ:FXNC) last issued its quarterly earnings results on Thursday, October 30th. The company reported $0.58 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.58. First National had a return on equity of 11.34% and a net margin of 9.53%.The firm had revenue of $22.80 million during the quarter, compared to analyst estimates of $22.70 million. As a group, sell-side analysts anticipate that First National Corp. will post 2.25 EPS for the current year.

First National Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 12th. Stockholders of record on Friday, November 28th were paid a $0.17 dividend. The ex-dividend date of this dividend was Friday, November 28th. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. This is an increase from First National’s previous quarterly dividend of $0.16. First National’s dividend payout ratio is presently 53.97%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FXNC. JPMorgan Chase & Co. lifted its position in shares of First National by 70.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,302 shares of the company’s stock valued at $143,000 after acquiring an additional 2,605 shares during the last quarter. Bank of America Corp DE boosted its position in shares of First National by 156.9% in the 3rd quarter. Bank of America Corp DE now owns 8,932 shares of the company’s stock valued at $203,000 after purchasing an additional 5,455 shares during the period. Bridgeway Capital Management LLC boosted its position in shares of First National by 3.3% in the 3rd quarter. Bridgeway Capital Management LLC now owns 48,577 shares of the company’s stock valued at $1,102,000 after purchasing an additional 1,539 shares during the period. BNP Paribas Financial Markets increased its stake in First National by 59.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,821 shares of the company’s stock worth $41,000 after purchasing an additional 679 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in First National by 9.5% during the 3rd quarter. Rhumbline Advisers now owns 11,197 shares of the company’s stock worth $254,000 after buying an additional 974 shares during the period. Institutional investors and hedge funds 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.