First National Co. (NASDAQ:FXNC) to Issue Quarterly Dividend of $0.16

First National Co. (NASDAQ:FXNC) declared a quarterly dividend on Wednesday, November 13th,Wall Street Journal reports. Shareholders of record on Friday, November 29th will be given a dividend of 0.155 per share on Friday, December 13th. This represents a $0.62 annualized dividend and a yield of 2.54%. The ex-dividend date is Friday, November 29th. This is a positive change from First National’s previous quarterly dividend of $0.15.

First National has raised its dividend by an average of 10.9% per year over the last three years. First National has a payout ratio of 26.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect First National to earn $2.25 per share next year, which means the company should continue to be able to cover its $0.62 annual dividend with an expected future payout ratio of 27.6%.

First National Stock Up 0.1 %

Shares of NASDAQ FXNC traded up $0.03 during trading on Wednesday, reaching $24.38. 5,481 shares of the stock were exchanged, compared to its average volume of 6,250. First National has a twelve month low of $14.50 and a twelve month high of $24.59. The company has a market capitalization of $218.69 million, a price-to-earnings ratio of 21.74 and a beta of 0.49. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.11. The business’s 50-day moving average price is $20.47 and its 200 day moving average price is $17.71.

First National (NASDAQ:FXNC) last released its earnings results on Friday, November 1st. The company reported $0.36 EPS for the quarter, meeting the consensus estimate of $0.36. The company had revenue of $20.65 million during the quarter, compared to analysts’ expectations of $14.40 million. First National had a return on equity of 6.52% and a net margin of 8.91%. During the same period in the prior year, the business posted $0.50 EPS. As a group, equities analysts forecast that First National will post 1.86 EPS for the current fiscal year.

Analyst Ratings Changes

FXNC has been the topic of several analyst reports. Janney Montgomery Scott raised First National from a “neutral” rating to a “buy” rating and set a $21.00 target price on the stock in a research report on Thursday, August 1st. Hovde Group assumed coverage on First National in a report on Tuesday, October 8th. They set an “outperform” rating and a $22.00 target price on the stock.

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.