DAVENPORT & Co LLC Takes $678,000 Position in First National Co. (NASDAQ:FXNC)

DAVENPORT & Co LLC bought a new position in First National Co. (NASDAQ:FXNC - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 29,480 shares of the company's stock, valued at approximately $678,000. DAVENPORT & Co LLC owned 0.33% of First National at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC grew its position in First National by 8.1% in the 3rd quarter. Geode Capital Management LLC now owns 50,401 shares of the company's stock worth $882,000 after purchasing an additional 3,789 shares during the last quarter. Brown Brothers Harriman & Co. acquired a new stake in First National during the third quarter worth about $88,000. Founders Grove Wealth Partners LLC bought a new position in First National during the fourth quarter valued at about $252,000. Empowered Funds LLC raised its holdings in First National by 5.2% in the 3rd quarter. Empowered Funds LLC now owns 13,530 shares of the company's stock valued at $237,000 after acquiring an additional 670 shares in the last quarter. Finally, Fourthstone LLC lifted its position in shares of First National by 0.3% in the 3rd quarter. Fourthstone LLC now owns 627,467 shares of the company's stock worth $10,981,000 after acquiring an additional 1,814 shares during the period. Institutional investors and hedge funds own 33.92% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on FXNC shares. Hovde Group lowered First National from an "outperform" rating to a "market perform" rating and set a $28.50 price target on the stock. in a research note on Tuesday. Janney Montgomery Scott cut First National from a "buy" rating to a "neutral" rating in a report on Wednesday, December 4th.

First National Trading Down 0.1 %

Shares of FXNC stock traded down $0.03 during trading hours on Tuesday, reaching $26.30. The company had a trading volume of 37,785 shares, compared to its average volume of 19,603. First National Co. has a 1-year low of $14.50 and a 1-year high of $26.97. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market cap of $235.91 million, a price-to-earnings ratio of 22.67 and a beta of 0.54. The company has a 50 day moving average of $24.35 and a 200 day moving average of $21.08.

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

First National Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were paid a $0.155 dividend. This is a boost from First National's previous quarterly dividend of $0.15. The ex-dividend date was Friday, November 29th. This represents a $0.62 annualized dividend and a yield of 2.36%. First National's payout ratio is presently 53.45%.

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.