First National Corp (NASDAQ:FXNC) director James R. Wilkins III has recently increased his stake in the company through the purchase of company shares on May 17, 2024. The transactions were part of a series of buys, with the total value exceeding $12,000.
The director acquired a total of 561 shares at a price of $15.45 each and an additional 259 shares at $15.50 per share. After these transactions, Wilkins III's holdings in First National Corp have increased significantly. It should be noted that these shares are held indirectly through GSW Holdings, LLC and JRWIV Holdings, LLC.
Investors may find the director's investment decisions indicative of his confidence in the bank's future performance. Wilkins III's total holdings now include a notable number of indirect shares, in addition to a substantial number of direct shares, as detailed in the footnotes of the SEC filing.
The recent acquisitions by Wilkins III come at a time when investors are closely monitoring insider activities for signs of corporate health and potential growth. Shares of First National Corp, a state commercial bank based in Virginia, are traded under the ticker FXNC on the NASDAQ exchange.
This information is made available through the SEC's Form 4 filing, which provides transparency into the trading activities of company insiders. The reported transactions offer a glimpse into the actions of First National Corp's directors and may be of interest to current and potential investors.
InvestingPro Insights
Amidst the recent insider trading activity at First National Corp (NASDAQ:FXNC), investors are keen to understand the underlying financial metrics that could influence the company's stock performance. According to InvestingPro data, First National Corp has a market capitalization of approximately $97.3 million and a P/E ratio that stands at 10.83 based on the last twelve months as of Q1 2024. This valuation comes at a time when the company's revenue has seen a decline of 14.2% over the same period.
InvestingPro Tips suggest that while First National Corp has been profitable over the last twelve months, it suffers from weak gross profit margins. Despite this, the company has maintained its dividend payments for 11 consecutive years, which might be a signal of financial resilience and management's commitment to returning value to shareholders. Moreover, the company's shares have experienced a significant price drop over the last three months, with a 3-month total return of -16.6%. This could potentially offer a more attractive entry point for investors, considering that the company's dividend yield stands at a healthy 3.87% as of the last dividend ex-date on February 29, 2024.
For those looking to delve deeper into First National Corp's financials and future prospects, InvestingPro offers additional insights. There are currently 5 more InvestingPro Tips available for FXNC, which can be accessed at https://www.investing.com/pro/FXNC. To enhance your investment research, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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