First National Co. (NASDAQ:FXNC) to Issue $0.16 None Dividend

First National Co. (NASDAQ:FXNC) announced a None dividend on Thursday, September 19th, Zacks reports. Investors of record on Friday, September 20th will be given a dividend of 0.16 per share on Friday, September 27th. The ex-dividend date of this dividend is Friday, September 20th.

First National has raised its dividend by an average of 10.9% per year over the last three years. First National has a dividend payout ratio of 27.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect First National to earn $2.20 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 27.3%.

First National Stock Performance

Shares of NASDAQ:FXNC opened at $18.25 on Friday. The firm has a fifty day simple moving average of $17.05 and a two-hundred day simple moving average of $16.23. First National has a 52 week low of $14.50 and a 52 week high of $21.75. 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 stock has a market capitalization of $114.56 million, a P/E ratio of 12.76 and a beta of 0.52.

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

Analysts Set New Price Targets

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

Insider Buying and Selling at First National

In other news, Director Kirtesh Patel acquired 7,500 shares of First National stock in a transaction that occurred on Wednesday, July 3rd. The shares were bought at an average cost of $15.56 per share, with a total value of $116,700.00. Following the transaction, the director now directly owns 29,611 shares of the company’s stock, valued at approximately $460,747.16. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have bought 8,886 shares of company stock worth $137,446 over the last quarter. Insiders own 16.48% 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.