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

First National Co. (NASDAQ:FXNC) was the recipient of a large 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. Based on an average trading volume of 18,100 shares, the short-interest ratio is presently 1.4 days. Approximately 0.3% of the company’s stock are sold short.

First National Trading Up 0.4 %

Shares of First National stock traded up $0.10 during trading on Tuesday, hitting $24.87. The stock had a trading volume of 9,737 shares, compared to its average volume of 15,408. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.85 and a quick ratio of 0.85. First National has a 12 month low of $14.50 and a 12 month high of $26.00. The stock has a market cap of $223.08 million, a PE ratio of 22.21 and a beta of 0.54. The firm’s fifty day simple moving average is $24.01 and its 200-day simple moving average is $20.42.

First National (NASDAQ:FXNC) last issued its earnings results on Friday, November 1st. The company reported $0.36 earnings per share for the quarter, meeting analysts’ consensus estimates 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 analyst estimates of $14.40 million. During the same period in the previous year, the company posted $0.50 EPS. As a group, sell-side analysts expect that First National will post 1.86 EPS for the current fiscal year.

First National Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were paid a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend was Friday, November 29th. This is a positive change from First National’s previous quarterly dividend of $0.15. First National’s payout ratio is 55.36%.

Institutional Trading of First National

Several hedge funds have recently modified their holdings of FXNC. Empowered Funds LLC increased its stake in shares of First National by 4.4% in the fourth quarter. Empowered Funds LLC now owns 14,130 shares of the company’s stock worth $325,000 after acquiring an additional 600 shares during the period. Dimensional Fund Advisors LP increased its position in shares of 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 purchasing an additional 1,595 shares in the last quarter. Fourthstone LLC raised 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 valued at $10,981,000 after buying an additional 1,814 shares during the last quarter. Geode Capital Management LLC grew 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 purchasing an additional 3,789 shares in the last quarter. Finally, Brown Brothers Harriman & Co. acquired a new position in First National during the third quarter worth $88,000. 33.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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