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

First National (NASDAQ:FXNC) released its quarterly earnings results on Thursday. The company reported $0.66 EPS for the quarter, topping the consensus estimate 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 Up 6.4 %

NASDAQ:FXNC traded up $1.62 during midday trading on Thursday, reaching $26.86. The company had a trading volume of 54,284 shares, compared to its average volume of 16,608. The stock’s fifty day simple moving average is $24.25 and its 200-day simple moving average is $20.84. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $240.93 million, a price-to-earnings ratio of 23.84 and a beta of 0.54. First National has a 12-month low of $14.50 and a 12-month high of $26.97.

First National Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were issued a $0.155 dividend. The ex-dividend date was Friday, November 29th. This is a positive change from First National’s previous quarterly dividend of $0.15. This represents a $0.62 dividend on an annualized basis and a yield of 2.31%. First National’s dividend payout ratio (DPR) is 55.36%.

Analysts Set New Price Targets

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

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.