First National Co. (NASDAQ:FXNC) Short Interest Up 251.4% in January

First National Co. (NASDAQ:FXNC) was the target of a significant growth in short interest during the month of 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. Based on an average trading volume of 18,100 shares, the short-interest ratio is currently 1.4 days. Approximately 0.3% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

FXNC has been the topic of a number of recent analyst reports. Hovde Group assumed coverage on 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 cut shares of First National from a “buy” rating to a “neutral” rating in a research report on Wednesday, December 4th.

First National Price Performance

Shares of NASDAQ:FXNC traded up $0.18 during mid-day trading on Thursday, reaching $25.16. The stock had a trading volume of 10,138 shares, compared to its average volume of 14,744. The business’s 50 day moving average price is $24.09 and its 200 day moving average price is $20.52. First National has a 1 year low of $14.50 and a 1 year high of $26.00. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.11. The company has a market cap of $225.69 million, a P/E ratio of 22.46 and a beta of 0.54.

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

First National Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were given a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 2.46%. The ex-dividend date was Friday, November 29th. This is a boost from First National’s previous quarterly dividend of $0.15. First National’s dividend payout ratio is presently 55.36%.

Institutional Investors Weigh In On First National

A number of hedge funds have recently made changes to their positions in FXNC. Brown Brothers Harriman & Co. bought a new position in shares of First National during the 3rd quarter worth approximately $88,000. Salzhauer Michael purchased a new stake in First National in the 4th quarter worth approximately $202,000. Dimensional Fund Advisors LP boosted its holdings in First National by 13.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 13,882 shares of the company’s stock worth $211,000 after buying an additional 1,595 shares during the last quarter. Empowered Funds LLC boosted 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 valued at $237,000 after purchasing an additional 670 shares during the last quarter. Finally, Founders Grove Wealth Partners LLC acquired a new position in First National during the fourth quarter worth $252,000. 33.92% of the stock is currently owned by hedge funds and other institutional investors.

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.