In a recent move that signals confidence in First National Corp (NASDAQ:FXNC), President and CEO Scott C. Harvard has purchased additional shares of the company. On May 2, 2024, Harvard added 1,000 shares of First National Corp's common stock to his portfolio, at a price of $14.90 per share, totaling an investment of $14,900.
Harvard's acquisition of shares is a clear demonstration of his belief in the bank's future prospects. Following the transaction, he now holds a total of 69,728.9477 shares in the state commercial bank, which is headquartered in Strasburg, Virginia. This purchase further aligns Harvard's interests with those of First National Corp's shareholders, as he continues to lead the company in the capacity of both President and CEO.
First National Corp, operating under the trading symbol FXNC, is known for its community-focused banking services and has been a staple in the Virginia banking scene. The recent stock acquisition by the CEO may be of interest to investors who follow insider buying patterns as an indicator of a company's financial health and the confidence that executives have in their firm's direction and management.
Investors and shareholders of First National Corp will likely keep a close eye on the company's performance and any future transactions by its executives, as these can provide insights into the leadership's expectations and strategic decisions.
InvestingPro Insights
Following the CEO's recent share purchase, investors seeking deeper insights into First National Corp's (NASDAQ:FXNC) financial health and future prospects can look to key metrics and InvestingPro Tips. The company currently boasts a market capitalization of $95.35 million and maintains a price-to-earnings (P/E) ratio of 10.63, reflecting its earnings relative to share price.
Notably, First National Corp has shown a commitment to shareholder returns, having raised its dividend for 10 consecutive years, with a current dividend yield of 4.04%. This is particularly impressive given the bank's ability to maintain dividend payments for 11 consecutive years. Additionally, the company's shares are in a position that the Relative Strength Index (RSI) suggests is oversold territory, potentially indicating an opportunity for investors.
Despite a decline in revenue over the last twelve months, with a -14.2% change, analysts predict that First National Corp will be profitable this year. This is supported by the company's solid operating income margin of 24.99% and its profitability over the last twelve months. However, it's worth noting that the company has experienced a price drop of over 25% in the past three months, which may warrant attention from investors.
For those interested in further analysis and additional InvestingPro Tips on First National Corp, including an in-depth look at the company's fair value and analyst targets, visit https://www.investing.com/pro/FXNC. There, you'll find a comprehensive list of tips to aid in your investment decision-making process. And remember, using coupon code PRONEWS24 will get you an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing even more value to your investment research.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.