Piedmont Capital Management LLC NC Invests $1.08 Million in First National Corp. $FXNC

Piedmont Capital Management LLC NC bought a new stake in First National Corp. (NASDAQ:FXNC) in the 4th quarter, Holdings Channel.com reports. The firm bought 42,955 shares of the company’s stock, valued at approximately $1,084,000. First National accounts for about 0.7% of Piedmont Capital Management LLC NC’s portfolio, making the stock its 22nd largest position.

Several other hedge funds have also bought and sold shares of FXNC. BNP Paribas Financial Markets lifted 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 valued at $41,000 after purchasing an additional 679 shares during the last quarter. Bank of America Corp DE lifted its stake in First National by 5,013.2% in the 2nd quarter. Bank of America Corp DE now owns 3,477 shares of the company’s stock valued at $68,000 after purchasing an additional 3,409 shares during the last quarter. JPMorgan Chase & Co. acquired a new stake in First National in the 2nd quarter valued at about $72,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in First National in the 2nd quarter valued at about $83,000. Finally, Los Angeles Capital Management LLC acquired a new stake in First National in the 4th quarter valued at about $92,000. 33.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FXNC shares. Weiss Ratings upgraded shares of First National from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, March 27th. Wall Street Zen upgraded shares of First National from a “sell” rating to a “hold” rating in a research note on Saturday, May 30th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy”.

First National Price Performance

NASDAQ FXNC opened at $30.19 on Monday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.09. First National Corp. has a 1-year low of $18.31 and a 1-year high of $30.51. The company has a 50 day moving average of $28.10 and a 200-day moving average of $26.82. The company has a market cap of $272.92 million, a price-to-earnings ratio of 12.96 and a beta of 0.45.

First National (NASDAQ:FXNC) last announced its quarterly earnings data on Thursday, April 30th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $22.50 million for the quarter, compared to analysts’ expectations of $23.30 million. First National had a net margin of 17.94% and a return on equity of 11.48%. On average, equities research analysts expect that First National Corp. 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 was paid on Friday, June 12th. Investors of record on Friday, May 29th were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Friday, May 29th. First National’s dividend payout ratio (DPR) is 29.18%.

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.