Geode Capital Management LLC Purchases 3,789 Shares of First National Co. (NASDAQ:FXNC)

Geode Capital Management LLC boosted its position in shares of First National Co. (NASDAQ:FXNC) by 8.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 50,401 shares of the company’s stock after buying an additional 3,789 shares during the period. Geode Capital Management LLC owned approximately 0.80% of First National worth $882,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FXNC. Empowered Funds LLC raised its holdings in shares of 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 buying an additional 670 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of 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 buying an additional 1,595 shares during the period. Fourthstone LLC raised its holdings in shares of 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 buying an additional 1,814 shares during the period. Brown Brothers Harriman & Co. purchased a new stake in shares of First National in the third quarter worth approximately $88,000. Finally, De Lisle Partners LLP raised its holdings in shares of First National by 41.3% in 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 owned by institutional investors.

First National Trading Down 1.8 %

FXNC opened at $22.64 on Friday. The stock’s fifty day moving average is $23.82 and its two-hundred day moving average is $19.71. The company has a market capitalization of $203.08 million, a P/E ratio of 20.21 and a beta of 0.54. First National Co. has a 52 week low of $14.50 and a 52 week high of $26.00. 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 results on Friday, November 1st. The company reported $0.36 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.36. First National had a return on equity of 6.52% and a net margin of 8.91%. The business had revenue of $20.65 million for the quarter, compared to the consensus estimate of $14.40 million. During the same period last year, the business posted $0.50 EPS. Analysts forecast that First National Co. will post 1.86 earnings per share for the current year.

First National Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were given a $0.155 dividend. This is a boost from First National’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.74%. First National’s dividend payout ratio (DPR) is presently 55.36%.

Analyst Ratings Changes

Several research firms have commented on FXNC. Hovde Group began coverage on First National in a report on Tuesday, October 8th. They set an “outperform” rating and a $22.00 price objective on the stock. Janney Montgomery Scott downgraded First National from a “buy” rating to a “neutral” rating in a report on Wednesday, December 4th.

First National 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.