First National (NASDAQ:FXNC) Downgraded by Hovde Group to Market Perform

Hovde Group lowered shares of First National (NASDAQ:FXNC - Free Report) from an outperform rating to a market perform rating in a research note issued to investors on Tuesday, MarketBeat.com reports. Hovde Group currently has $28.50 price target on the stock.

Separately, Janney Montgomery Scott cut shares of First National from a "buy" rating to a "neutral" rating in a research note on Wednesday, December 4th.

First National Stock Performance

FXNC stock traded up $0.25 during trading on Tuesday, reaching $26.10. The company had a trading volume of 8,513 shares, compared to its average volume of 20,294. The firm has a 50-day simple moving average of $24.41 and a 200-day simple moving average of $21.21. The company has a market cap of $234.12 million, a price-to-earnings ratio of 22.50 and a beta of 0.54. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.85 and a current ratio of 0.85. First National has a twelve month low of $14.50 and a twelve month high of $26.97.

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

Hedge Funds Weigh In On First National

Several institutional investors have recently made changes to their positions in FXNC. Barclays PLC purchased a new position in shares of First National during the 4th quarter valued at approximately $36,000. PL Capital Advisors LLC purchased a new position in shares of First National during the 4th quarter valued at approximately $78,000. Brown Brothers Harriman & Co. purchased a new stake in First National in the 3rd quarter worth $88,000. Salzhauer Michael purchased a new stake in First National in the 4th quarter worth $202,000. Finally, Dimensional Fund Advisors LP increased its holdings in First National by 13.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 13,882 shares of the company's stock worth $211,000 after acquiring an additional 1,595 shares in the last quarter. 33.92% of the stock is 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.