First National (NASDAQ:FXNC) Releases Earnings Results, Beats Expectations By $0.04 EPS

First National (NASDAQ:FXNC) announced its quarterly earnings data on Wednesday. The company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.04, FiscalAI reports. First National had a net margin of 17.94% and a return on equity of 11.48%.

First National Trading Up 4.0%

NASDAQ FXNC traded up $1.22 during trading on Wednesday, reaching $31.50. 17,455 shares of the stock traded hands, compared to its average volume of 68,498. First National has a fifty-two week low of $20.78 and a fifty-two week high of $31.83. 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 firm has a market cap of $284.76 million, a price-to-earnings ratio of 13.52 and a beta of 0.43. The stock’s 50-day moving average price is $29.19 and its 200 day moving average price is $27.83.

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 issued a dividend of $0.17 per share. The ex-dividend date was Friday, May 29th. This represents a $0.68 dividend on an annualized basis and a yield of 2.2%. First National’s payout ratio is currently 29.18%.

Institutional Investors Weigh In On First National

Hedge funds have recently bought and sold shares of the company. Empowered Funds LLC grew its holdings in shares of First National by 10.3% in the 4th quarter. Empowered Funds LLC now owns 19,614 shares of the company’s stock valued at $495,000 after buying an additional 1,837 shares during the period. Bridgeway Capital Management LLC raised its stake in First National by 3.8% during the 4th quarter. Bridgeway Capital Management LLC now owns 50,414 shares of the company’s stock worth $1,272,000 after buying an additional 1,837 shares during the period. Barclays PLC lifted its holdings in First National by 19.9% during the fourth quarter. Barclays PLC now owns 16,825 shares of the company’s stock worth $425,000 after acquiring an additional 2,791 shares in the last quarter. Marshall Wace LLP grew its stake in First National by 47.2% in the fourth quarter. Marshall Wace LLP now owns 23,988 shares of the company’s stock valued at $605,000 after acquiring an additional 7,697 shares during the period. Finally, Fourthstone LLC increased its holdings in shares of First National by 1.7% in the fourth quarter. Fourthstone LLC now owns 888,672 shares of the company’s stock worth $22,430,000 after acquiring an additional 15,026 shares in the last quarter. 33.92% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Wall Street Zen raised shares of First National from a “sell” rating to a “hold” rating in a report on Saturday, May 30th. Weiss Ratings reissued a “buy (b)” rating on shares of First National in a research note on Monday, July 13th. Finally, Raymond James Financial started coverage on First National in a research report on Thursday, June 25th. They issued a “market perform” rating on the stock. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus 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.