First National (NASDAQ:FXNC) Trading 2.7% Higher - Here's Why

First National Co. (NASDAQ:FXNC - Get Free Report) shares shot up 2.7% during trading on Monday . The company traded as high as $23.43 and last traded at $23.36. 18,950 shares traded hands during mid-day trading, an increase of 38% from the average session volume of 13,683 shares. The stock had previously closed at $22.74.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Hovde Group started coverage on shares of First National in a research note on Tuesday, October 8th. They issued an "outperform" rating and a $22.00 target price for the company. Janney Montgomery Scott cut First National from a "buy" rating to a "neutral" rating in a research report on Wednesday, December 4th.

First National Trading Down 1.2 %

The company has a market cap of $207.12 million, a price-to-earnings ratio of 20.62 and a beta of 0.54. The business's 50 day moving average price is $23.71 and its 200-day moving average price is $19.61. 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 issued its quarterly earnings data on Friday, November 1st. The company reported $0.36 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.36. The company had revenue of $20.65 million during the quarter, compared to analysts' expectations of $14.40 million. First National had a return on equity of 6.52% and a net margin of 8.91%. During the same quarter in the previous year, the company posted $0.50 earnings per share. On average, equities analysts anticipate that First National Co. will post 1.86 EPS for the current fiscal year.

First National Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were issued a dividend of $0.155 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.69%. This is an increase from First National's previous quarterly dividend of $0.15. First National's dividend payout ratio (DPR) is currently 55.36%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. De Lisle Partners LLP grew its stake in First National by 41.3% during the third quarter. De Lisle Partners LLP now owns 35,895 shares of the company's stock worth $642,000 after buying an additional 10,500 shares in the last quarter. Brown Brothers Harriman & Co. bought a new position in First National in the third quarter valued at approximately $88,000. Geode Capital Management LLC raised its position in First National by 8.1% during the third quarter. Geode Capital Management LLC now owns 50,401 shares of the company's stock valued at $882,000 after purchasing an additional 3,789 shares in the last quarter. Fourthstone LLC raised its position in First National by 0.3% during the third quarter. Fourthstone LLC now owns 627,467 shares of the company's stock valued at $10,981,000 after purchasing an additional 1,814 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of First National by 13.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 13,882 shares of the company's stock valued at $211,000 after purchasing an additional 1,595 shares in the last quarter. Institutional investors and hedge funds own 33.92% of the company's stock.

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.