First National (NASDAQ:FXNC) Announces Quarterly Earnings Results
by Amy Steele · The Cerbat GemFirst National (NASDAQ:FXNC – Get Free Report) posted its quarterly earnings data on Thursday. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02, Zacks reports. First National had a return on equity of 11.61% and a net margin of 17.94%.The company had revenue of $22.50 million during the quarter, compared to analyst estimates of $23.30 million.
First National Price Performance
NASDAQ:FXNC traded up $0.42 during trading hours on Friday, hitting $27.14. 95,576 shares of the stock were exchanged, compared to its average volume of 93,140. First National has a 52-week low of $18.31 and a 52-week high of $29.85. The firm’s fifty day moving average price is $27.29 and its 200 day moving average price is $25.74. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.09. The company has a market cap of $245.35 million, a P/E ratio of 13.78 and a beta of 0.44.
First National Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.5%. The ex-dividend date was Friday, February 27th. First National’s payout ratio is 34.52%.
Insider Buying and Selling
In related news, CFO Brad E. Schwartz purchased 1,000 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was acquired at an average cost of $26.91 per share, for a total transaction of $26,910.00. Following the completion of the transaction, the chief financial officer directly owned 6,470 shares of the company’s stock, valued at approximately $174,107.70. This trade represents a 18.28% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 14.22% of the company’s stock.
Institutional Investors Weigh In On First National
A number of large investors have recently made changes to their positions in the stock. Empowered Funds LLC grew its position in shares of First National by 10.3% in the fourth quarter. Empowered Funds LLC now owns 19,614 shares of the company’s stock valued at $495,000 after purchasing an additional 1,837 shares in the last quarter. Bridgeway Capital Management LLC grew its position in shares of First National by 3.8% in the fourth quarter. Bridgeway Capital Management LLC now owns 50,414 shares of the company’s stock valued at $1,272,000 after purchasing an additional 1,837 shares in the last quarter. Barclays PLC grew its position in shares of First National by 19.9% in the fourth quarter. Barclays PLC now owns 16,825 shares of the company’s stock valued at $425,000 after purchasing an additional 2,791 shares in the last quarter. Marshall Wace LLP grew its position in shares of 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 purchasing an additional 7,697 shares in the last quarter. Finally, Fourthstone LLC grew its position in shares of First National by 1.7% in the fourth quarter. Fourthstone LLC now owns 888,672 shares of the company’s stock valued at $22,430,000 after purchasing an additional 15,026 shares in the last quarter. 33.92% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Separately, Weiss Ratings upgraded First National from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, March 27th. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy”.
View Our Latest Analysis on First National
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.