Insider Buying: First National Co. (NASDAQ:FXNC) Director Buys 653 Shares of Stock

First National Co. (NASDAQ:FXNC) Director Gerald F. Smith, Jr. acquired 653 shares of the business’s stock in a transaction on Thursday, September 14th. The shares were bought at an average cost of $18.02 per share, for a total transaction of $11,767.06. Following the acquisition, the director now owns 10,479 shares of the company’s stock, valued at approximately $188,831.58. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

First National Stock Performance

Shares of NASDAQ:FXNC traded down $0.70 during midday trading on Monday, hitting $16.30. The stock had a trading volume of 7,736 shares, compared to its average volume of 5,586. First National Co. has a 1 year low of $13.13 and a 1 year high of $19.44. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The stock has a 50 day moving average price of $17.07 and a two-hundred day moving average price of $16.26. The company has a market capitalization of $101.88 million, a PE ratio of 6.44 and a beta of 0.57.

First National (NASDAQ:FXNC) last released its quarterly earnings data on Wednesday, July 26th. The company reported $0.56 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.56. First National had a return on equity of 15.35% and a net margin of 24.70%. The firm had revenue of $17.17 million during the quarter, compared to analysts’ expectations of $14.10 million. As a group, equities analysts predict that First National Co. will post 2.14 earnings per share for the current fiscal year.

First National Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 8th. Stockholders of record on Friday, August 25th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date of this dividend was Thursday, August 24th. First National’s dividend payout ratio is currently 22.73%.

Institutional Investors Weigh In On First National

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its stake in First National by 5.2% in the 2nd quarter. BlackRock Inc. now owns 17,538 shares of the company’s stock valued at $290,000 after buying an additional 869 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of First National by 9.4% in the third quarter. Bank of New York Mellon Corp now owns 20,570 shares of the company’s stock valued at $314,000 after buying an additional 1,764 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of First National by 295.9% during the third quarter. Tower Research Capital LLC TRC now owns 2,522 shares of the company’s stock valued at $38,000 after buying an additional 1,885 shares during the period. Petiole USA ltd grew its stake in First National by 0.6% in the 4th quarter. Petiole USA ltd now owns 311,440 shares of the company’s stock worth $5,335,000 after acquiring an additional 2,000 shares during the period. Finally, Cutler Capital Management LLC raised its holdings in First National by 1.8% in 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 during the last quarter. 42.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

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.