First National Co. (NASDAQ:FXNC) Announces 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 paid a dividend of 0.155 per share on Friday, December 13th. This represents a $0.62 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend is Friday, November 29th. This is a boost from First National’s previous quarterly dividend of $0.15.

First National has increased its dividend payment by an average of 10.9% per year over the last three years. First National has a dividend payout ratio of 26.3% meaning its dividend is sufficiently covered by earnings. Research 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 Price Performance

Shares of First National stock opened at $24.35 on Wednesday. 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 stock has a market capitalization of $218.42 million, a price-to-earnings ratio of 21.74 and a beta of 0.49. First National has a twelve month low of $14.50 and a twelve month high of $24.59. The company has a 50-day simple moving average of $20.47 and a two-hundred day simple moving average of $17.71.

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

Wall Street Analysts Forecast Growth

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

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.