First National Corp. (NASDAQ:FXNC) Plans Quarterly Dividend of $0.17

First National Corp. (NASDAQ:FXNC) declared a quarterly dividend on Wednesday, May 13th. Shareholders of record on Friday, May 29th will be paid a dividend of 0.17 per share on Friday, June 12th. This represents a c) dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Friday, May 29th.

First National has increased its dividend by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 10 consecutive years. First National has a dividend payout ratio of 29.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect First National to earn $2.54 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 26.8%.

First National Price Performance

FXNC traded down $0.42 during midday trading on Friday, reaching $26.51. 29,219 shares of the company’s stock were exchanged, compared to its average volume of 68,115. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market capitalization of $239.61 million, a PE ratio of 11.38 and a beta of 0.44. The business’s 50-day moving average price is $27.35 and its 200 day moving average price is $26.07. First National has a 1-year low of $18.31 and a 1-year high of $29.85.

First National (NASDAQ:FXNC) last issued its quarterly earnings results on Thursday, April 30th. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $22.50 million during the quarter, compared to the consensus estimate of $23.30 million. First National had a net margin of 17.94% and a return on equity of 11.61%. As a group, equities analysts anticipate that First National will post 2.35 EPS for the current fiscal year.

Insider Activity at First National

In other news, CFO Brad E. Schwartz purchased 1,000 shares of the 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 acquisition, the chief financial officer directly owned 6,470 shares in the company, valued at $174,107.70. This represents a 18.28% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 14.22% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First National

Institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. grew its holdings in First National by 70.5% in the third quarter. JPMorgan Chase & Co. now owns 6,302 shares of the company’s stock valued at $143,000 after purchasing an additional 2,605 shares during the period. New York State Common Retirement Fund purchased a new stake in First National in the second quarter valued at approximately $103,000. Los Angeles Capital Management LLC purchased a new stake in First National in the fourth quarter valued at approximately $92,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in First National in the second quarter valued at approximately $83,000. Finally, Bank of America Corp DE grew its holdings in First National by 5,013.2% in the second quarter. Bank of America Corp DE now owns 3,477 shares of the company’s stock valued at $68,000 after purchasing an additional 3,409 shares during the period. 33.92% of the stock is currently owned by hedge funds and other institutional investors.

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. 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.