James R. Wilkins III, a director at First National Corp (NASDAQ:FXNC), has purchased additional shares in the company, according to a recent filing with the Securities and Exchange Commission. The transaction, dated June 26, 2024, involved the acquisition of 388 shares of First National Corp's common stock at a price of $14.95 per share, totaling approximately $5,800.
This latest purchase increases Wilkins' direct holdings to 298,817 shares of the company’s common stock. Additionally, the director has indirect ownership through various entities. Wilkins Investments LP holds 105,668 shares, JRWIV Holdings LLC has 9,987 shares, GSW Holdings LLC owns 11,662 shares, IBW Holdings LLC possesses 7,820 shares, LTW Holdings LLC holds 9,365 shares, and Cara Lewin Wilkins, the director's spouse, holds 1,631 shares.
The acquisition signifies a vote of confidence from the director in the financial institution, which is classified under state commercial banks and has its headquarters in Strasburg, Virginia. First National Corp has a history of serving its community and customers with a range of banking products and services.
Investors often look to the buying and selling activities of company insiders as a signal of corporate health and future performance. Insider purchases, such as the one made by Wilkins, can suggest that those with the most intimate knowledge of the company anticipate positive developments or consider the stock to be undervalued.
The transaction was executed under the standard regulatory procedures, and the details, including the number of shares acquired and the price per share, are publicly accessible through the SEC filing. The reported transaction reflects only a part of Wilkins' overall investment in First National Corp and does not necessarily indicate a change in the company's fundamental value or future performance.
InvestingPro Insights
Amidst recent insider trading activities, First National Corp (NASDAQ:FXNC) has demonstrated a mix of financial metrics and milestones that may be of interest to current and prospective investors. The company, with a market capitalization of $95.29 million, has been trading at a price-to-earnings (P/E) ratio of 10.62, which closely aligns with the adjusted P/E ratio over the last twelve months as of Q1 2024, indicating a consistent valuation in the eyes of investors.
Despite a challenging environment reflected by a 14.2% decline in revenue over the last twelve months as of Q1 2024, First National Corp has maintained a solid dividend track record. An InvestingPro Tip highlights that the company has not only raised its dividend for 10 consecutive years but also maintained dividend payments for 11 consecutive years. This level of consistency in returning value to shareholders is notable, particularly when paired with a dividend yield of 3.94% as of the latest data.
Another InvestingPro Tip points out that the stock is currently trading near its 52-week low, with the price being 69.79% of the 52-week high. While the company's stock has taken a significant hit over the last six months, with a price total return of -27.83%, analysts predict that the company will be profitable this year, as it has been over the last twelve months. This could suggest a potential opportunity for investors who are looking for value stocks with a reliable dividend history.
For those interested in a deeper analysis, InvestingPro offers additional tips on First National Corp, providing insights that could help in making a more informed investment decision. Readers can take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes these valuable tips.
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