Geode Capital Management LLC Raises Holdings in First National Co. (NASDAQ:FXNC)

Geode Capital Management LLC increased its holdings in First National Co. (NASDAQ:FXNC) by 8.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 50,401 shares of the company’s stock after acquiring an additional 3,789 shares during the period. Geode Capital Management LLC’s holdings in First National were worth $882,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Empowered Funds LLC grew its position in First National by 5.2% in the third quarter. Empowered Funds LLC now owns 13,530 shares of the company’s stock worth $237,000 after acquiring an additional 670 shares during the period. Dimensional Fund Advisors LP grew its position in First National by 13.0% in the second 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 during the period. Fourthstone LLC grew its position in First National by 0.3% in the third 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. Brown Brothers Harriman & Co. purchased a new position in First National in the third quarter worth approximately $88,000. Finally, De Lisle Partners LLP boosted its position in shares of 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 during the period. 33.92% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on FXNC shares. Janney Montgomery Scott lowered First National from a “buy” rating to a “neutral” rating in a research report on Wednesday, December 4th. Hovde Group started coverage on First National in a research report on Tuesday, October 8th. They set an “outperform” rating and a $22.00 price target for the company.

First National Trading Down 1.8 %

FXNC opened at $22.64 on Friday. First National Co. has a 52 week low of $14.50 and a 52 week high of $26.00. The business has a fifty day simple moving average of $23.82 and a 200-day simple moving average of $19.71. The firm has a market cap of $203.08 million, a P/E ratio of 20.21 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 (NASDAQ:FXNC) last announced its quarterly earnings data on Friday, November 1st. The company reported $0.36 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.36. The business had revenue of $20.65 million for 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 period last year, the firm earned $0.50 earnings per share. On average, equities analysts expect that First National Co. will post 1.86 earnings per share for the current year.

First National Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders 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. This represents a $0.62 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend was Friday, November 29th. First National’s dividend payout ratio (DPR) is presently 55.36%.

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.