Short Interest in First National Co. (NASDAQ:FXNC) Increases By 10.4%

First National Co. (NASDAQ:FXNC) was the target of a significant increase in short interest in the month of November. As of November 30th, there was short interest totalling 7,400 shares, an increase of 10.4% from the November 15th total of 6,700 shares. Currently, 0.1% of the shares of the company are sold short. Based on an average trading volume of 12,400 shares, the short-interest ratio is currently 0.6 days.

First National Stock Performance

NASDAQ FXNC opened at $25.35 on Friday. The company’s 50 day moving average is $22.37 and its 200-day moving average is $18.58. First National has a 12-month low of $14.50 and a 12-month high of $26.00. 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 cap of $227.39 million, a P/E ratio of 22.63 and a beta of 0.53.

First National (NASDAQ:FXNC) last issued its quarterly earnings data on Friday, November 1st. The company reported $0.36 EPS for the quarter, meeting the consensus estimate of $0.36. The company had revenue of $20.65 million during the quarter, compared to analysts’ expectations of $14.40 million. First National had a net margin of 8.91% and a return on equity of 6.52%. During the same quarter in the previous year, the company earned $0.50 earnings per share. Sell-side analysts predict that First National will post 1.86 earnings per share for the current year.

First National Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were paid a dividend of $0.155 per share. The ex-dividend date was Friday, November 29th. This represents a $0.62 annualized dividend and a yield of 2.45%. This is a boost from First National’s previous quarterly dividend of $0.15. First National’s payout ratio is currently 55.36%.

Hedge Funds Weigh In On First National

Several hedge funds have recently bought and sold shares of FXNC. De Lisle Partners LLP grew its stake in First National by 41.3% during 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. Brown Brothers Harriman & Co. bought a new position in shares of First National in the third quarter worth approximately $88,000. Geode Capital Management LLC increased 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 worth $882,000 after purchasing an additional 3,789 shares during the last quarter. Fourthstone LLC increased its position in shares of First National by 0.3% in the third quarter. Fourthstone LLC now owns 627,467 shares of the company’s stock worth $10,981,000 after purchasing an additional 1,814 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of First National by 13.0% in the second quarter. Dimensional Fund Advisors LP now owns 13,882 shares of the company’s stock worth $211,000 after purchasing an additional 1,595 shares during the last quarter. Hedge funds and other institutional investors own 33.92% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on FXNC shares. Hovde Group began coverage on shares of First National in a research report on Tuesday, October 8th. They issued an “outperform” rating and a $22.00 price objective on the stock. Janney Montgomery Scott lowered shares of 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.