Stock Markets
First National Corp director Patel Kirtesh buys $116,700 worth of shares
In a recent transaction, Kirtesh Patel, a Director at First National Corp (NASDAQ:FXNC), purchased shares of the company’s stock, signaling a vote of confidence in the bank’s prospects. The transaction, which took place on July 3, 2024, involved Patel acquiring 7,500 shares at a price of $15.56 per share, amounting to a total investment of $116,700.
This purchase has increased Patel’s total holdings in First National Corp to 29,611 shares. Such transactions often draw the attention of investors as they can indicate an insider’s belief in the company’s future performance. Patel’s role as a Director places him in a position to understand the company’s inner workings and strategic direction, making his investment decisions particularly noteworthy.
First National Corp, with its headquarters at 112 West King Street, Strasburg, VA, operates within the state commercial banks sector. The company’s shares are traded under the ticker FXNC on the NASDAQ exchange.
Investors and market watchers often look to insider buying and selling patterns as one of many indicators to gauge a company’s health and potential future performance. While this transaction represents a significant purchase by an insider, it is important for investors to consider a broad range of factors when evaluating their investment decisions.
InvestingPro Insights
Following the recent insider purchase by Director Kirtesh Patel at First National Corp (NASDAQ:FXNC), investors may find additional context in the company’s financial metrics and expert analysis. According to InvestingPro, First National Corp boasts a consistent record of dividend payments, which could be a sign of the company’s commitment to returning value to shareholders. In fact, the company has maintained dividend payments for 11 consecutive years and has raised its dividend for 10 consecutive years, underscoring a stable financial policy.
Despite concerns over weak gross profit margins, analysts remain optimistic about the company’s profitability, predicting that First National Corp will be profitable this year. This is supported by the company’s performance over the last twelve months as of Q1 2024, during which it remained profitable. The InvestingPro Tips also highlight that there are additional tips available on the InvestingPro platform that could provide investors with deeper insights into the company’s financial health and prospects.
From a valuation standpoint, the company’s P/E Ratio stands at 10.73, which could be appealing to value-oriented investors. Additionally, the company’s Price to Book ratio as of Q1 2024 is 0.82, potentially indicating that the stock is undervalued compared to its book value. However, investors should note the revenue decline of 14.2% over the last twelve months as of Q1 2024, which may warrant further investigation.
For those interested in exploring a comprehensive analysis of First National Corp, including additional InvestingPro Tips, consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. This could be an opportune way to access valuable insights that can inform investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
(Reuters) -Private equity firm Insight Partners is on the brink of closing a new $10 billion-plus fund, roughly half the amount originally targeted, the Financial Times reported on Sunday, citing five people with knowledge of its plans.
Insight will not formally close its 13th fund until early next year, the report said, adding that the final figure may be closer to $12 billion.
Insight Partners declined to comment on the report.
The report said Insight is using a private equity-style structure to sell more than $1 billion worth of stakes in start-ups and to free up cash to return to investors.
One of the start-ups is Israeli cybersecurity firm Wiz, which had called off a $23 billion deal with Google parent Alphabet (NASDAQ:) in July, the report said.
New York-based Insight raised $20 billion for its 12th flagship fund in 2022, aiming to ramp up investments in software and technology companies.
JERUSALEM (Reuters) -Prime Minister Benjamin Netanyahu said Israel would inflict a “heavy price” on the Iran-aligned Houthis who control northern Yemen, after they reached central Israel with a missile on Sunday for the first time.
Houthi military spokesman Yahya Sarea said the group struck with a new hypersonic ballistic missile that travelled 2,040 km (1270 miles) in just 11 1/2 minutes.
After initially saying the missile had fallen in an open area, Israel’s military later said it had probably fragmented in the air, and that pieces of interceptors had landed in fields and near a railway station. Nobody was reported hurt.
Air raid sirens had sounded in Tel Aviv and across central Israel moments before the impact at around 6:35 a.m. local time (0335 GMT), sending residents running for shelter. Loud booms were heard.
Reuters saw smoke billowing in an open field in central Israel.
At a weekly cabinet meeting, Netanyahu said the Houthis should have known that Israel would exact a “heavy price” for attacks on Israel.
“Whoever needs a reminder of that is invited to visit the Hodeida port,” Netanyahu said, referring to an Israeli retaliatory air strike against Yemen in July for a Houthi drone that hit Tel Aviv.
The Houthis have fired missiles and drones at Israel repeatedly in what they say is solidarity with the Palestinians, since the Gaza war began with a Hamas attack on Israel in October.
The drone that hit Tel Aviv for the first time in July killed a man and wounded four people. Israeli air strikes in response on Houthi military targets near the port of Hodeidah killed six and wounded 80.
Previously, Houthi missiles have not penetrated deep into Israeli air space, with the only one reported to have hit Israeli territory falling in an open area near the Red Sea port of Eilat in March.
Israel should expect more strikes in the future “as we approach the first anniversary of the Oct. 7 operation, including responding to its aggression on the city of Hodeidah,” Sarea said.
The deputy head of the Houthi’s media office, Nasruddin Amer, said in a post on X on Sunday that the missile had reached Israel after “20 missiles failed to intercept” it, describing it as the “beginning”.
The Israeli military also said that 40 projectiles were fired towards Israel from Lebanon on Sunday and were either intercepted or landed in open areas.
“No injuries were reported,” the military said.
PARIS (Reuters) – Eight people have died trying to cross the Channel from France to England, French authorities said on Sunday, confirming earlier media reports.
This latest incident follows the deaths of 12 people earlier this month when their boat capsized in the Channel on its way to Britain and highlights the pressure on the British and French governments to find ways to tackle the boat crossings.
Jacques Billant, the Prefect of the Pas-de-Calais region, said that rescue crews were alerted that a boat with 59 people onboard was in difficulty in waters off the coast of Ambleteuse in the Pas-de-Calais area.
“A new drama took place around one in the morning and we deplore the death of eight people,” he told a news conference, adding that the other 51 onboard were now in the care of rescue and medical crews.
The dead were men from Eritrea, Sudan, Syria, Egypt, Iran and Afghanistan, he added.
The Channel is one of the world’s busiest shipping lanes and currents are strong, which makes crossing on small boats dangerous.
The latest incident brings to 46 the number of people who have died trying to cross the Channel from France since the start of the year, Billant said.
On September 14 alone there were eight attempts to cross the Channel from France and some 200 migrants were rescued, he said.
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