Banc Funds Co. LLC Decreases Stock Holdings in First National Co. (NASDAQ:FXNC)

Banc Funds Co. LLC lowered its stake in First National Co. (NASDAQ:FXNC - Free Report) by 43.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 97,579 shares of the company's stock after selling 74,712 shares during the quarter. Banc Funds Co. LLC owned 1.09% of First National worth $2,245,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in FXNC. Barclays PLC purchased a new stake in First National during the fourth quarter valued at $36,000. PL Capital Advisors LLC bought a new position in shares of First National in the 4th quarter worth approximately $78,000. Salzhauer Michael purchased a new position in shares of First National in the fourth quarter worth approximately $202,000. Founders Grove Wealth Partners LLC purchased a new stake in First National during the fourth quarter valued at approximately $252,000. Finally, Empowered Funds LLC raised its position in First National by 4.4% in the fourth quarter. Empowered Funds LLC now owns 14,130 shares of the company's stock worth $325,000 after acquiring an additional 600 shares during the period. Institutional investors own 33.92% of the company's stock.

First National Price Performance

Shares of NASDAQ:FXNC remained flat at $18.60 during mid-day trading on Friday. The company had a trading volume of 17,331 shares, compared to its average volume of 14,036. The stock's 50 day simple moving average is $22.40 and its 200 day simple moving average is $22.84. The company has a market capitalization of $167.16 million, a price-to-earnings ratio of 16.03 and a beta of 0.41. First National Co. has a 52 week low of $14.50 and a 52 week high of $26.97. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.11.

First National (NASDAQ:FXNC - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.66 earnings per share for the quarter, topping analysts' consensus estimates of $0.47 by $0.19. First National had a net margin of 7.51% and a return on equity of 12.09%. On average, research analysts predict that First National Co. will post 2.25 earnings per share for the current fiscal year.

First National Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were issued a dividend of $0.155 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.62 dividend on an annualized basis and a yield of 3.33%. First National's dividend payout ratio is presently 53.45%.

Analysts Set New Price Targets

Separately, Hovde Group lowered First National from an "outperform" rating to a "market perform" rating and set a $28.50 price objective for the company. in a research note on Tuesday, February 11th.

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.