First National (NASDAQ:FXNC) Receives New Coverage from Analysts at Hovde Group

Equities researchers at Hovde Group assumed coverage on shares of First National (NASDAQ:FXNC) in a note issued to investors on Tuesday, Briefing.com reports. The firm set an “outperform” rating and a $22.00 price target on the stock. Hovde Group’s price target would suggest a potential upside of 19.76% from the stock’s previous close.

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

First National Stock Performance

Shares of NASDAQ FXNC opened at $18.37 on Tuesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a market cap of $115.31 million, a price-to-earnings ratio of 12.85 and a beta of 0.52. The stock’s fifty day moving average price is $17.38 and its two-hundred day moving average price is $16.22. First National has a one year low of $14.50 and a one year high of $21.75.

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

Institutional Trading of First National

A hedge fund recently raised its stake in First National stock. Dimensional Fund Advisors LP increased its stake in shares of First National Co. (NASDAQ:FXNC) by 13.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,882 shares of the company’s stock after purchasing an additional 1,595 shares during the quarter. Dimensional Fund Advisors LP owned approximately 0.22% of First National worth $211,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 33.92% of the company’s stock.

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.