Short Interest in First National Co. (NASDAQ:FXNC) Expands By 251.4%

First National Co. (NASDAQ:FXNC) was the recipient of a large growth in short interest during the month of December. As of December 31st, there was short interest totalling 25,300 shares, a growth of 251.4% from the December 15th total of 7,200 shares. Based on an average daily volume of 18,100 shares, the days-to-cover ratio is currently 1.4 days. Currently, 0.3% of the company’s stock are short sold.

Analysts Set New Price Targets

Several research firms recently weighed in on FXNC. Hovde Group started coverage on shares of First National in a research note on Tuesday, October 8th. They issued an “outperform” rating and a $22.00 target price for the company. Janney Montgomery Scott downgraded shares of First National from a “buy” rating to a “neutral” rating in a research report on Wednesday, December 4th.

First National Stock Performance

Shares of FXNC traded up $0.50 during mid-day trading on Wednesday, reaching $23.12. The company’s stock had a trading volume of 5,155 shares, compared to its average volume of 9,232. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.11. First National has a 1-year low of $14.50 and a 1-year high of $26.00. The business has a 50-day simple moving average of $23.87 and a two-hundred day simple moving average of $19.88. The stock has a market cap of $207.39 million, a P/E ratio of 20.64 and a beta of 0.54.

First National (NASDAQ:FXNC) last announced its quarterly earnings results on Friday, November 1st. The company reported $0.36 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.36. First National had a return on equity of 6.52% and a net margin of 8.91%. The business had revenue of $20.65 million during the quarter, compared to the consensus estimate of $14.40 million. During the same quarter last year, the firm posted $0.50 EPS. As a group, equities research analysts anticipate that First National will post 1.86 earnings per share for the current fiscal year.

First National Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were issued a $0.155 dividend. This is a boost from First National’s previous quarterly dividend of $0.15. This represents a $0.62 annualized dividend and a yield of 2.68%. The ex-dividend date was Friday, November 29th. First National’s dividend payout ratio is currently 55.36%.

Institutional Investors Weigh In On First National

Institutional investors have recently made changes to their positions in the company. Fourthstone LLC boosted its stake in First National by 0.3% in the 3rd quarter. Fourthstone LLC now owns 627,467 shares of the company’s stock valued at $10,981,000 after purchasing an additional 1,814 shares during the period. Geode Capital Management LLC boosted its position in shares of First National by 8.1% in the third quarter. Geode Capital Management LLC now owns 50,401 shares of the company’s stock valued at $882,000 after acquiring an additional 3,789 shares during the period. De Lisle Partners LLP grew its stake in shares of First National by 41.3% in the third quarter. De Lisle Partners LLP now owns 35,895 shares of the company’s stock valued at $642,000 after acquiring an additional 10,500 shares in the last quarter. Dimensional Fund Advisors LP increased its position in First National by 13.0% during the second quarter. Dimensional Fund Advisors LP now owns 13,882 shares of the company’s stock worth $211,000 after acquiring an additional 1,595 shares during the period. Finally, Empowered Funds LLC raised its stake in First National by 5.2% in the 3rd quarter. Empowered Funds LLC now owns 13,530 shares of the company’s stock worth $237,000 after purchasing an additional 670 shares in the last quarter. Institutional investors own 33.92% of the company’s stock.

About First National

First National Corporation operates as the bank holding company for First Bank that provides various commercial banking services to small and medium-sized businesses, individuals, estates, local governmental entities, and non-profit organizations in Virginia. The company's deposit products include checking, savings, money market, and individual retirement accounts, as well as certificates of deposit and treasury management solutions.