First National Co. (NASDAQ:FXNC) Sees Large Increase in Short Interest

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its position in First National by 8.1% during the 3rd quarter. Geode Capital Management LLC now owns 50,401 shares of the company’s stock worth $882,000 after acquiring an additional 3,789 shares during the period. Brown Brothers Harriman & Co. purchased a new stake in First National in the third quarter valued at approximately $88,000. Empowered Funds LLC increased its holdings 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 buying an additional 670 shares during the period. Founders Grove Wealth Partners LLC purchased a new position in First National during the 4th quarter worth approximately $252,000. Finally, Fourthstone LLC lifted its stake in First National by 0.3% during the 3rd quarter. Fourthstone LLC now owns 627,467 shares of the company’s stock valued at $10,981,000 after acquiring an additional 1,814 shares during the period. Institutional investors and hedge funds own 33.92% of the company’s stock.

First National Stock Up 0.5 %

NASDAQ:FXNC traded up $0.13 during mid-day trading on Wednesday, reaching $25.00. The company’s stock had a trading volume of 2,919 shares, compared to its average volume of 14,700. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $224.21 million, a PE ratio of 22.32 and a beta of 0.54. The stock has a fifty day moving average of $24.05 and a 200-day moving average of $20.49. First National has a 1 year low of $14.50 and a 1 year high of $26.00.

First National (NASDAQ:FXNC) last released its quarterly earnings data on Friday, November 1st. The company reported $0.36 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.36. First National had a net margin of 8.91% and a return on equity of 6.52%. The firm had revenue of $20.65 million for the quarter, compared to the consensus estimate of $14.40 million. During the same period last year, the firm earned $0.50 earnings per share. Equities research analysts forecast that First National will post 1.86 earnings per share for the current year.

First National Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were paid a $0.155 dividend. The ex-dividend date was Friday, November 29th. This is a boost from First National’s previous quarterly dividend of $0.15. This represents a $0.62 dividend on an annualized basis and a yield of 2.48%. First National’s dividend payout ratio (DPR) is 55.36%.

Analyst Ratings Changes

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

First National Company Profile

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.