Salzhauer Michael Purchases Shares of 8,776 First National Co. (NASDAQ:FXNC)

Salzhauer Michael acquired a new position in First National Co. (NASDAQ:FXNC) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 8,776 shares of the company’s stock, valued at approximately $202,000.

Several other large investors have also made changes to their positions in the business. Empowered Funds LLC grew its holdings in First National by 4.4% in the 4th quarter. Empowered Funds LLC now owns 14,130 shares of the company’s stock valued at $325,000 after buying an additional 600 shares during the last quarter. DAVENPORT & Co LLC bought a new stake in shares of First National in the fourth quarter valued at approximately $678,000. Founders Grove Wealth Partners LLC acquired a new stake in shares of First National in the fourth quarter worth $252,000. Geode Capital Management LLC increased its position in First National by 8.1% during the third quarter. Geode Capital Management LLC now owns 50,401 shares of the company’s stock worth $882,000 after acquiring an additional 3,789 shares during the period. Finally, Fourthstone LLC raised its stake in First National by 0.3% during the 3rd quarter. Fourthstone LLC now owns 627,467 shares of the company’s stock valued at $10,981,000 after purchasing an additional 1,814 shares during the last quarter. Institutional investors and hedge funds own 33.92% of the company’s stock.

Analysts Set New Price Targets

Separately, Janney Montgomery Scott lowered shares of First National from a “buy” rating to a “neutral” rating in a research report on Wednesday, December 4th.

First National Price Performance

Shares of FXNC stock opened at $26.50 on Monday. First National Co. has a 12 month low of $14.50 and a 12 month high of $26.97. The company has a market capitalization of $237.71 million, a P/E ratio of 22.85 and a beta of 0.54. The stock has a 50 day moving average of $24.32 and a two-hundred day moving average of $20.98. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.11.

First National (NASDAQ:FXNC) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.19. First National had a net margin of 7.51% and a return on equity of 12.09%. As a group, equities analysts expect that First National Co. will post 2.25 EPS for the current year.

First National Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were issued a dividend of $0.155 per share. This is an increase from First National’s previous quarterly dividend of $0.15. This represents a $0.62 annualized dividend and a yield of 2.34%. The ex-dividend date was Friday, November 29th. First National’s dividend payout ratio (DPR) is currently 53.45%.

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.