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

First National Co. (NASDAQ:FXNC) declared a quarterly dividend on Monday, November 18th,Wall Street Journal reports. Stockholders of record on Friday, November 29th will be paid a dividend of 0.155 per share on Friday, December 13th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.66%. 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 increased its dividend by an average of 10.9% annually over the last three years. First National has a dividend payout ratio of 25.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect First National to earn $2.25 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 26.7%.

First National Price Performance

FXNC stock traded down $0.50 during midday trading on Monday, reaching $23.30. 21,497 shares of the company’s stock traded hands, compared to its average volume of 5,932. The company has a 50-day simple moving average of $19.64 and a two-hundred day simple moving average of $17.32. First National has a 1-year low of $14.50 and a 1-year high of $24.59. The company has a market cap of $146.32 million, a price-to-earnings ratio of 21.25 and a beta of 0.49. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.12.

First National (NASDAQ:FXNC) last posted its quarterly earnings results on Friday, November 1st. The company reported $0.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.36. The business had revenue of $20.65 million for the quarter, compared to analyst estimates of $14.40 million. First National had a return on equity of 6.62% and a net margin of 8.91%. During the same period last year, the company earned $0.50 EPS. On average, analysts anticipate that First National will post 1.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FXNC has been the subject of a number of research analyst reports. Janney Montgomery Scott upgraded First National from a “neutral” rating to a “buy” rating and set a $21.00 price objective for the company in a report on Thursday, August 1st. Hovde Group initiated coverage on shares of First National in a research report on Tuesday, October 8th. They set an “outperform” rating and a $22.00 price objective on the stock.

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.