First National (NASDAQ:FXNC) Research Coverage Started at Hovde Group

Hovde Group assumed coverage on shares of First National (NASDAQ:FXNC) in a research note released on Tuesday, Marketbeat reports. The brokerage issued an outperform rating and a $22.00 target price on the stock.

Separately, Janney Montgomery Scott upgraded First National from a neutral rating to a buy rating and set a $21.00 price objective for the company in a research note on Thursday, August 1st.

First National Stock Performance

Shares of FXNC opened at $18.76 on Tuesday. The stock has a 50 day moving average price of $17.50 and a 200 day moving average price of $16.28. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $117.81 million, a price-to-earnings ratio of 14.89 and a beta of 0.52. First National has a 52-week low of $14.50 and a 52-week high of $21.75.

First National (NASDAQ:FXNC) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.04. The firm had revenue of $14.18 million during the quarter, compared to the consensus estimate of $13.90 million. First National had a return on equity of 7.29% and a net margin of 10.40%. Research analysts predict that First National will post 1.97 EPS for the current fiscal year.

First National Announces Dividend

The company also recently disclosed a None dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 20th were paid a $0.16 dividend. The ex-dividend date of this dividend was Friday, September 20th. First National’s dividend payout ratio is currently 47.62%.

Institutional Investors Weigh In On First National

An institutional investor recently raised its position in First National stock. Empowered Funds LLC raised its position in First National Co. (NASDAQ:FXNC) by 7.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,960 shares of the company’s stock after buying an additional 875 shares during the quarter. Empowered Funds LLC owned approximately 0.19% of First National worth $194,000 as of its most recent filing with the Securities and Exchange Commission. 33.92% of the stock is owned by institutional investors.

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.