23,970 Shares in First National Corp. $FXNC Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC purchased a new stake in shares of First National Corp. (NASDAQ:FXNC) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 23,970 shares of the company’s stock, valued at approximately $650,000.

Several other institutional investors have also added to or reduced their stakes in FXNC. Geode Capital Management LLC raised its holdings in shares of First National by 109.7% during the 2nd quarter. Geode Capital Management LLC now owns 180,312 shares of the company’s stock worth $3,512,000 after acquiring an additional 94,314 shares in the last quarter. Piedmont Capital Management LLC NC purchased a new position in shares of First National in the fourth quarter valued at $1,084,000. Brown Brothers Harriman & Co. increased its position in First National by 648.7% in the fourth quarter. Brown Brothers Harriman & Co. now owns 37,437 shares of the company’s stock worth $945,000 after purchasing an additional 32,437 shares during the last quarter. Jane Street Group LLC bought a new stake in First National in the first quarter worth $598,000. Finally, Goldman Sachs Group Inc. raised its stake in First National by 157.7% during the first quarter. Goldman Sachs Group Inc. now owns 40,744 shares of the company’s stock valued at $915,000 after purchasing an additional 24,931 shares in the last quarter. Hedge funds and other institutional investors own 33.92% of the company’s stock.

First National Stock Up 0.9%

Shares of FXNC opened at $31.64 on Friday. 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 business has a fifty day moving average of $29.35 and a 200 day moving average of $27.91. The company has a market cap of $286.03 million, a PE ratio of 13.18 and a beta of 0.43. First National Corp. has a 52-week low of $20.78 and a 52-week high of $31.91.

First National (NASDAQ:FXNC) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.04. First National had a net margin of 18.43% and a return on equity of 11.62%. The business had revenue of $24.00 million for the quarter, compared to analysts’ expectations of $23.45 million. On average, sell-side analysts expect that First National Corp. will post 2.38 EPS for the current year.

First National Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 29th were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.1%. First National’s payout ratio is currently 29.18%.

Analyst Ratings Changes

FXNC has been the subject of several research reports. Raymond James Financial assumed coverage on shares of First National in a research report on Thursday, June 25th. They set a “market perform” rating for the company. Wall Street Zen raised shares of First National from a “sell” rating to a “hold” rating in a report on Saturday, May 30th. Finally, Weiss Ratings reiterated 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 company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy”.

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.