First National (NASDAQ:FXNC) Posts Quarterly Earnings Results, Beats Expectations By $0.19 EPS

First National (NASDAQ:FXNC) released its quarterly earnings results on Thursday. The company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.19, Zacks reports. First National had a return on equity of 6.52% and a net margin of 8.91%.

First National Stock Performance

Shares of FXNC stock traded up $1.52 during trading hours on Thursday, reaching $26.76. 61,478 shares of the company’s stock were exchanged, compared to its average volume of 16,763. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.85 and a quick ratio of 0.85. First National has a 1 year low of $14.50 and a 1 year high of $26.97. The company has a market cap of $239.99 million, a P/E ratio of 23.89 and a beta of 0.54. The company’s 50 day moving average is $24.25 and its two-hundred day moving average is $20.84.

First National Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend was Friday, November 29th. This is a positive change from First National’s previous quarterly dividend of $0.15. First National’s payout ratio is currently 55.36%.

Wall Street Analyst Weigh In

Separately, Janney Montgomery Scott downgraded First National from a “buy” rating to a “neutral” rating in a research note on Wednesday, December 4th.

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.