James R. Wilkins III, a director at First National Corp (NASDAQ:FXNC), has recently increased his stake in the company with the purchase of additional shares. On June 4, 2024, Wilkins acquired a total of 1,000 shares of common stock at a price of $15.50 per share, amounting to a total investment of $15,500.
The transactions were carried out in two equal tranches of 500 shares each, both executed at the same price. Following these purchases, Wilkins's holdings in First National Corp have been reported to increase significantly.
Investors often monitor insider buying as it may signal confidence in the company's future prospects. Wilkins's recent purchase could be seen as a positive indicator by market observers. The director's investment has been made through indirect ownership via JRWIV Holdings, LLC and GSW Holdings, LLC, as noted in the SEC filing.
First National Corp, operating under the standard industrial classification of state commercial banks, is based in Strasburg, Virginia. The financial institution is known for providing a range of banking services to its customers.
The filing also disclosed that in addition to the newly acquired shares, Wilkins has an additional 287,543 direct shares and 121,684 indirect shares in his portfolio. This information was provided in a footnote to the SEC filing, which often contains important details about the context of transactions.
The transactions were confirmed in a document signed by Christopher Suggs, by Power of Attorney, on June 5, 2024. As investors keep an eye on First National Corp's performance and insider trading activities, such transactions provide insights into the perspectives of key stakeholders within the company.
"In other recent news, First National Corporation and Touchstone Bankshares, Inc. have announced an all-stock merger agreement. Valued at approximately $47.0 million, the merger will unite two Virginia-based community banks, creating a combined entity with projected assets of around $2.1 billion. The merger is expected to be 36% accretive to First National's earnings per share, and the company anticipates significant cost synergies, projecting savings of about $7.2 million. The transaction has received unanimous approval from both companies' boards of directors and is expected to close in the fourth quarter of 2024, subject to shareholder and regulatory approvals. Touchstone shareholders will receive 0.8122 shares of First National stock for each share of Touchstone stock. Upon completion, three Touchstone directors will join the First National and First Bank (NASDAQ:FRBA) boards, and James Black will become Executive Vice President and South Region President of First Bank. These developments are part of the recent activities of both companies."
InvestingPro Insights
With the recent insider buying activity from James R. Wilkins III at First National Corp (NASDAQ:FXNC), investors are keenly observing the company's financial metrics and market performance. According to real-time data from InvestingPro, First National Corp has a market capitalization of around $97.86 million and exhibits a P/E ratio of 10.94, which is in line with the adjusted P/E ratio for the last twelve months as of Q1 2024. The company's price to book ratio stands at a modest 0.83, suggesting that the stock may be undervalued compared to its book value.
Despite experiencing a revenue decline of 14.2% over the last twelve months as of Q1 2024, First National Corp has maintained a robust operating income margin of 23.66%. This indicates efficient management and the potential for profitability, which is supported by an InvestingPro Tip noting that analysts predict the company will be profitable this year. Moreover, the company's commitment to shareholder returns is evident with its dividend yield of 3.87% as of the latest data, and it has a notable track record of raising dividends for 10 consecutive years, an achievement that reflects its financial stability and commitment to investors.
For investors seeking a deeper analysis, there are additional InvestingPro Tips available that could further inform their decision-making. For example, the company's weak gross profit margins are worth considering in the context of its overall financial health. Subscribers to InvestingPro can access these additional insights and benefit from an extra 10% off a yearly or biyearly Pro and Pro+ subscription by using the coupon code PRONEWS24. Visit https://www.investing.com/pro/FXNC to explore these valuable tips and make more informed investment choices.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.