First National Co. (FXNC) to Issue Quarterly Dividend of $0.15 on December 8th

First National Co. (NASDAQ:FXNC) announced a quarterly dividend on Wednesday, November 8th, Zacks reports. Investors of record on Friday, November 24th will be given a dividend of 0.15 per share on Friday, December 8th. This represents a $0.60 annualized dividend and a yield of 3.22%. The ex-dividend date is Wednesday, November 22nd.

First National has increased its dividend by an average of 15.9% annually over the last three years and has increased its dividend every year for the last 8 years. First National has a dividend payout ratio of 33.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect First National to earn $1.77 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 33.9%.

First National Stock Performance

NASDAQ FXNC traded down $0.25 on Monday, reaching $18.63. The stock had a trading volume of 1,600 shares, compared to its average volume of 6,225. First National has a 12-month low of $13.13 and a 12-month high of $19.44. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 0.81. The business’s 50-day moving average price is $18.17 and its 200 day moving average price is $16.94. The stock has a market cap of $116.64 million, a P/E ratio of 7.67 and a beta of 0.51.

First National (NASDAQ:FXNC) last released its quarterly earnings results on Thursday, October 26th. The company reported $0.50 EPS for the quarter, hitting the consensus estimate of $0.50. First National had a return on equity of 13.71% and a net margin of 22.10%. The business had revenue of $13.74 million during the quarter, compared to analysts’ expectations of $13.50 million. As a group, equities analysts expect that First National will post 2.15 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Janney Montgomery Scott lowered First National from a “buy” rating to a “neutral” rating and set a $19.00 price objective on the stock. in a report on Tuesday, September 12th. They noted that the move was a valuation call.

Insider Activity

In other news, Director Gerald F. Smith, Jr. bought 1,675 shares of the firm’s stock in a transaction that occurred on Wednesday, September 27th. The shares were purchased at an average price of $17.00 per share, for a total transaction of $28,475.00. Following the completion of the transaction, the director now owns 17,489 shares in the company, valued at $297,313. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Gerald F. Smith, Jr. acquired 1,675 shares of the business’s stock in a transaction dated Wednesday, September 27th. The shares were acquired at an average cost of $17.00 per share, for a total transaction of $28,475.00. Following the acquisition, the director now directly owns 17,489 shares in the company, valued at approximately $297,313. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Gerald F. Smith, Jr. bought 1,800 shares of the stock in a transaction that occurred on Monday, September 25th. The stock was bought at an average price of $17.15 per share, with a total value of $30,870.00. Following the completion of the acquisition, the director now owns 15,814 shares of the company’s stock, valued at approximately $271,210.10. The disclosure for this purchase can be found here. Insiders have purchased 9,176 shares of company stock worth $155,640 over the last three months. 16.48% of the stock is currently owned by corporate insiders.

Institutional Trading of First National

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cutler Capital Management LLC lifted its holdings in shares of First National by 1.8% during the 2nd quarter. Cutler Capital Management LLC now owns 200,494 shares of the company’s stock valued at $3,314,000 after acquiring an additional 3,455 shares in the last quarter. BlackRock Inc. lifted its holdings in First National by 5.2% in the 2nd quarter. BlackRock Inc. now owns 17,538 shares of the company’s stock worth $290,000 after buying an additional 869 shares in the last quarter. Geode Capital Management LLC lifted its holdings in First National by 21.8% in the 2nd quarter. Geode Capital Management LLC now owns 38,387 shares of the company’s stock worth $638,000 after buying an additional 6,867 shares in the last quarter. Commonwealth Equity Services LLC acquired a new position in First National in the 2nd quarter worth $295,000. Finally, RFG Advisory LLC acquired a new position in First National in the 4th quarter worth $325,000. Institutional investors and hedge funds own 42.52% of the company’s stock.

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.