First National Corp. (NASDAQ:FXNC) Raises Dividend to $0.17 Per Share

First National Corp. (NASDAQ:FXNC) announced a quarterly dividend on Thursday, November 13th. Stockholders of record on Friday, November 28th will be paid a dividend of 0.17 per share on Friday, December 12th. This represents a c) annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, November 28th. This is a 9.7% increase from First National’s previous quarterly dividend of $0.16.

First National has raised its dividend by an average of 0.2%per year over the last three years and has raised its dividend every year for the last 10 years. First National has a dividend payout ratio of 26.5% meaning its dividend is sufficiently covered by earnings. Analysts expect First National to earn $2.40 per share next year, which means the company should continue to be able to cover its $0.62 annual dividend with an expected future payout ratio of 25.8%.

First National Trading Up 0.5%

Shares of FXNC stock traded up $0.12 on Friday, reaching $24.22. 2,651 shares of the stock were exchanged, compared to its average volume of 25,040. The firm has a 50 day moving average of $22.88 and a two-hundred day moving average of $21.53. The stock has a market cap of $217.75 million, a P/E ratio of 24.22 and a beta of 0.55. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.18. First National has a 1-year low of $18.26 and a 1-year high of $26.97.

First National (NASDAQ:FXNC) last posted its earnings results on Thursday, October 30th. The company reported $0.58 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.58. First National had a net margin of 7.29% and a return on equity of 10.53%. The firm had revenue of $22.80 million during the quarter, compared to the consensus estimate of $22.70 million. On average, research analysts anticipate that First National will post 2.25 EPS for the current year.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “hold (c)” rating on shares of First National in a report on Wednesday, October 8th. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $28.50.

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.