James R. Wilkins III, a director at First National Corp (NASDAQ:FXNC), has purchased additional shares in the company, according to a recent SEC filing. On June 12, 2024, Wilkins acquired a total of 1,700 shares of First National Corp's common stock, investing $26,315.
The transactions were executed in two separate purchases, with prices ranging from $15.45 to $15.50 per share. The first transaction involved 1,000 shares at $15.50 each, while the second comprised 700 shares at $15.45 per share.
Following these purchases, Wilkins now directly owns 292,743 shares of First National Corp. Additionally, it was noted in a footnote that Wilkins has an indirect ownership of 146,133 shares, which suggests a significant personal investment in the bank's performance.
The recent acquisitions by a key insider are often seen by investors as a sign of confidence in the company's future prospects. For First National Corp, a regional banking institution headquartered in Strasburg, Virginia, this could be an indicator of solid financial health or potential growth that insiders like Wilkins want to capitalize on.
Investors and stakeholders in First National Corp will be closely monitoring the impact of these insider transactions on the company's stock performance in the coming weeks and months.
In other recent news, First National Corporation and Touchstone Bankshares have agreed to an all-stock merger, a development that will unite two Virginia-based community banks. The combined entity is projected to have assets totaling around $2.1 billion, with $1.5 billion in loans and $1.8 billion in deposits. The merger is expected to be 36% accretive to First National's earnings per share, with cost synergies projected at about $7.2 million. Touchstone shareholders will receive 0.8122 shares of First National stock for each share of Touchstone stock, translating to an aggregate deal value of approximately $47.0 million. The merger, which has received unanimous approval from both companies' boards of directors, is expected to close in the fourth quarter of 2024, subject to shareholder and regulatory approvals. Upon completion, three Touchstone directors will join the First National and First Bank (NASDAQ:FRBA) boards. These recent developments mark a significant chapter in the history of both banks.
InvestingPro Insights
As investors digest the news of James R. Wilkins III's recent share purchases in First National Corp (NASDAQ:FXNC), it's worth considering some key financial metrics and expert perspectives provided by InvestingPro. With a market capitalization of $98.24M and a Price/Earnings (P/E) ratio standing at 10.94 as of the last twelve months ending Q1 2024, FXNC presents a valuation that might attract value-oriented investors.
One of the InvestingPro Tips highlights that First National Corp has a track record of raising its dividend for 10 consecutive years, which is a testament to its commitment to returning value to shareholders. This is coupled with the fact that the company has maintained dividend payments for 11 consecutive years, boasting a current dividend yield of 3.88%, a figure that income-focused investors might find appealing.
On the profitability front, analysts contributing to InvestingPro predict that the company will be profitable this year, aligning with the insider confidence demonstrated by Wilkins' share purchase. Additionally, First National Corp has been profitable over the last twelve months, which could further reinforce investor optimism regarding the company's financial stability.
For those interested in gaining more insights and tips, InvestingPro offers additional information on First National Corp. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, gaining access to a wealth of financial data and expert analysis to inform their investment decisions. With even more InvestingPro Tips available, investors can deepen their understanding of FXNC's potential trajectory in the market.
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