First National (NASDAQ:FXNC) Issues Quarterly Earnings Results, Beats Expectations By $0.02 EPS

First National (NASDAQ:FXNC) posted its earnings results on Thursday. The company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02, Zacks reports. The business had revenue of $5.02 million during the quarter, compared to the consensus estimate of $22.60 million. First National had a net margin of 15.19% and a return on equity of 11.01%.

First National Stock Up 2.3%

FXNC stock opened at $26.35 on Friday. The business’s 50-day moving average price is $25.33 and its 200-day moving average price is $23.54. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.17. First National has a twelve month low of $18.26 and a twelve month high of $27.55. The stock has a market cap of $237.44 million, a P/E ratio of 13.38 and a beta of 0.49.

First National Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 12th. Stockholders of record on Friday, November 28th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, November 28th. This is an increase from First National’s previous quarterly dividend of $0.16. First National’s payout ratio is presently 34.52%.

Institutional Investors Weigh In On First National

Institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets grew its position in First National by 59.5% during 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 during the last quarter. Bank of America Corp DE lifted its position in First National by 5,013.2% during the 2nd quarter. Bank of America Corp DE now owns 3,477 shares of the company’s stock worth $68,000 after acquiring an additional 3,409 shares during the period. JPMorgan Chase & Co. purchased a new stake in First National during the 2nd quarter valued at about $72,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of First National in the second quarter valued at about $83,000. Finally, New York State Common Retirement Fund acquired a new position in shares of First National in the second quarter valued at about $103,000. Institutional investors and hedge funds own 33.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First National in a report on Monday, December 29th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $28.50.

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.