PL Capital Advisors LLC Invests $1.80 Million in First National Co. (NASDAQ:FXNC)

PL Capital Advisors LLC purchased a new stake in First National Co. (NASDAQ:FXNC) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 78,234 shares of the company’s stock, valued at approximately $1,800,000. First National makes up approximately 0.0% of PL Capital Advisors LLC’s investment portfolio, making the stock its 28th largest holding. PL Capital Advisors LLC owned about 0.87% of First National as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in FXNC. Brown Brothers Harriman & Co. acquired a new stake in First National in the third quarter valued at approximately $88,000. Salzhauer Michael bought a new position in shares of First National in the 4th quarter valued at $202,000. Empowered Funds LLC boosted its holdings in shares of First National by 5.2% during 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. Founders Grove Wealth Partners LLC bought a new stake in First National during the 4th quarter worth $252,000. Finally, De Lisle Partners LLP increased its holdings in First National by 41.3% in the 3rd quarter. De Lisle Partners LLP now owns 35,895 shares of the company’s stock worth $642,000 after purchasing an additional 10,500 shares in the last quarter. 33.92% of the stock is owned by institutional investors.

First National Stock Performance

Shares of First National stock opened at $24.72 on Wednesday. The stock has a market cap of $221.74 million, a price-to-earnings ratio of 21.31 and a beta of 0.54. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.11. First National Co. has a twelve month low of $14.50 and a twelve month high of $26.97. The company’s fifty day moving average is $24.42 and its 200 day moving average is $21.73.

First National (NASDAQ:FXNC) last released its quarterly earnings results on Thursday, February 6th. The company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.19. First National had a return on equity of 12.09% and a net margin of 7.51%. Sell-side analysts forecast that First National Co. will post 2.25 EPS for the current year.

First National Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.62 annualized dividend and a yield of 2.51%. First National’s payout ratio is 53.45%.

Analysts Set New Price Targets

A number of analysts have recently commented on FXNC shares. Janney Montgomery Scott lowered First National from a “buy” rating to a “neutral” rating in a research note on Wednesday, December 4th. Hovde Group lowered shares of First National from an “outperform” rating to a “market perform” rating and set a $28.50 price objective for the company. in a report on Tuesday, February 11th.

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.