First National (NASDAQ:FXNC) Downgraded to “Sell” Rating by Wall Street Zen

Wall Street Zen cut shares of First National (NASDAQ:FXNC) from a hold rating to a sell rating in a research note issued to investors on Saturday.

Separately, Weiss Ratings raised First National from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, March 27th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, First National has a consensus rating of “Buy”.

First National Price Performance

Shares of NASDAQ:FXNC opened at $26.57 on Friday. First National has a 12 month low of $18.31 and a 12 month high of $29.85. The stock has a market cap of $240.19 million, a price-to-earnings ratio of 11.40 and a beta of 0.44. The stock’s 50 day moving average price is $27.35 and its 200 day moving average price is $26.08. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.88 and a quick ratio of 0.87.

First National (NASDAQ:FXNC) last announced its earnings results on Thursday, April 30th. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. First National had a return on equity of 11.48% and a net margin of 17.94%.The firm had revenue of $22.50 million for the quarter, compared to analysts’ expectations of $23.30 million. Equities research analysts anticipate that First National will post 2.35 earnings per share for the current fiscal year.

First National Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.6%. The ex-dividend date is Friday, May 29th. First National’s payout ratio is presently 29.18%.

Insiders Place Their Bets

In other news, CFO Brad E. Schwartz acquired 1,000 shares of the stock in a transaction on Wednesday, March 4th. The shares were purchased at an average cost of $26.91 per share, for a total transaction of $26,910.00. Following the transaction, the chief financial officer owned 6,470 shares in the company, valued at approximately $174,107.70. This trade represents a 18.28% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 14.22% of the company’s stock.

Hedge Funds Weigh In On First National

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. 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 in the last quarter. Bank of America Corp DE grew its holdings in shares of 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 valued at $68,000 after acquiring an additional 3,409 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of First National during the 4th quarter valued at $92,000. JPMorgan Chase & Co. purchased a new position in shares of First National during the 2nd quarter valued at $72,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of First National during the 2nd quarter valued at $83,000. 33.92% of the stock is currently owned by hedge funds and other institutional investors.

First National Company Profile

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.