First National (NASDAQ:FXNC) Upgraded by Janney Montgomery Scott to “Buy”

Janney Montgomery Scott upgraded shares of First National (NASDAQ:FXNC) from a neutral rating to a buy rating in a research note published on Thursday, Marketbeat.com reports. The firm currently has $21.00 price target on the stock.

First National Stock Performance

Shares of FXNC traded down $0.17 on Thursday, reaching $17.45. The company’s stock had a trading volume of 1,039 shares, compared to its average volume of 4,859. First National has a 12-month low of $14.50 and a 12-month high of $21.75. The stock has a market capitalization of $109.53 million, a P/E ratio of 12.32 and a beta of 0.53. 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 stock’s 50 day simple moving average is $15.78 and its two-hundred day simple moving average is $16.76.

First National Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 24th were paid a $0.15 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $0.60 annualized dividend and a dividend yield of 3.44%. First National’s dividend payout ratio (DPR) is 41.96%.

Insider Buying and Selling at First National

In other news, Director Kirtesh Patel bought 7,500 shares of First National stock in a transaction that occurred on Wednesday, July 3rd. The stock was bought at an average cost of $15.56 per share, with a total value of $116,700.00. Following the acquisition, the director now owns 29,611 shares of the company’s stock, valued at approximately $460,747.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director James R. Wilkins III acquired 3,478 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was purchased at an average price of $15.48 per share, for a total transaction of $53,839.44. Following the completion of the transaction, the director now directly owns 11,662 shares in the company, valued at approximately $180,527.76. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Kirtesh Patel purchased 7,500 shares of the business’s stock in a transaction on Wednesday, July 3rd. The shares were purchased at an average price of $15.56 per share, with a total value of $116,700.00. Following the acquisition, the director now directly owns 29,611 shares in the company, valued at $460,747.16. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 22,469 shares of company stock valued at $346,914. Company insiders own 16.48% of the company’s stock.

Hedge Funds Weigh In On First National

An institutional investor recently raised its position in First National stock. Empowered Funds LLC lifted its position in First National Co. (NASDAQ:FXNC) by 7.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,960 shares of the company’s stock after acquiring an additional 875 shares during the quarter. Empowered Funds LLC owned 0.19% of First National worth $194,000 at the end of the most recent reporting period. 33.92% of the stock is currently owned by institutional investors and hedge funds.

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.