Salzhauer Michael Acquires New Stake in First National Co. (NASDAQ:FXNC)

Salzhauer Michael acquired a new stake in First National Co. (NASDAQ:FXNC) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 8,776 shares of the company’s stock, valued at approximately $202,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. DAVENPORT & Co LLC purchased a new position in shares of First National in the fourth quarter worth about $678,000. PL Capital Advisors LLC acquired a new stake in First National in the 4th quarter valued at about $1,800,000. Geode Capital Management LLC lifted its stake in First National by 8.1% in the 3rd quarter. Geode Capital Management LLC now owns 50,401 shares of the company’s stock worth $882,000 after purchasing an additional 3,789 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of First National by 4.4% during the 4th quarter. Empowered Funds LLC now owns 14,130 shares of the company’s stock worth $325,000 after purchasing an additional 600 shares during the last quarter. Finally, Alliancebernstein L.P. purchased a new stake in shares of First National in the fourth quarter valued at approximately $5,538,000. Institutional investors and hedge funds own 33.92% of the company’s stock.

Analysts Set New Price Targets

Separately, Hovde Group downgraded First National from an “outperform” rating to a “market perform” rating and set a $28.50 price objective on the stock. in a research report on Tuesday, February 11th.

First National Stock Performance

Shares of FXNC stock opened at $18.60 on Thursday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.11. First National Co. has a twelve month low of $14.50 and a twelve month high of $26.97. The company’s 50-day moving average price is $22.71 and its 200-day moving average price is $22.80. The stock has a market cap of $167.16 million, a price-to-earnings ratio of 16.03 and a beta of 0.41.

First National (NASDAQ:FXNC) last posted its earnings results on Thursday, February 6th. The company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.19. First National had a net margin of 7.51% and a return on equity of 12.09%. As a group, equities analysts predict that First National Co. will post 2.25 earnings per share for the current year.

First National Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid a dividend of $0.155 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.62 annualized dividend and a yield of 3.33%. First National’s dividend payout ratio (DPR) is 53.45%.

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.