In a recent transaction, James R. Wilkins III, a director at First National Corp (NASDAQ:FXNC), expanded his holdings in the company by purchasing shares indirectly through two separate entities. On June 3, 2024, Wilkins acquired 500 shares at a price of $15.60 per share through IBW Holdings, LLC, and another 350 shares at the same price through LTW Holdings, LLC, totaling an investment of $13,260.
This move has increased Wilkins' indirect ownership in First National Corp, demonstrating a continued commitment to the company's potential. Following these acquisitions, the total shares owned by Wilkins through IBW Holdings, LLC now amount to 6,424, and those through LTW Holdings, LLC have reached 7,961. Additionally, a footnote in the report discloses that Wilkins also owns an additional 287,543 direct shares and 125,884 indirect shares.
These transactions, filed in a Form 4 with the Securities and Exchange Commission, provide a glimpse into the insider activities at First National Corp, which is classified under the state commercial banks sector. The company, with its headquarters located at 112 West King Street, Strasburg, VA, is known for its community banking services in Virginia.
Investors often monitor insider buying as it can signal executives' confidence in the company's future performance. With this latest purchase, stakeholders of First National Corp can take note of Wilkins' growing investment in the company's stock.
InvestingPro Insights
First National Corp (NASDAQ:FXNC) has recently seen insider activity that underscores the confidence of its executives. James R. Wilkins III's acquisition of additional shares is a positive signal to investors, aligning with the company's history of consistent dividend payments. According to InvestingPro Tips, First National Corp has not only raised its dividend for 10 consecutive years but has also maintained these payments for 11 consecutive years, highlighting a commitment to shareholder returns.
From a financial standpoint, InvestingPro Data shows that First National Corp has a market capitalization of $97.42M and a price-to-earnings (P/E) ratio of 10.84 for the last twelve months as of Q1 2024. Despite a challenging revenue growth rate of -14.2% during the same period, the company's operating income margin remains robust at 23.66%, indicating efficient management and profitability.
Moreover, the company's dividend yield stands at 3.85%, which may attract income-focused investors, especially when combined with the company's track record of profitability over the last twelve months. For those interested in further insights, there are additional InvestingPro Tips available that delve into the company's financial health and future outlook. To access these valuable tips and make the most informed investment decisions, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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