Short Interest in First National Co. (NASDAQ:FXNC) Drops By 11.3%

First National Co. (NASDAQ:FXNC) was the target of a large drop in short interest in October. As of October 31st, there was short interest totalling 7,100 shares, a drop of 11.3% from the October 15th total of 8,000 shares. Based on an average trading volume of 7,300 shares, the short-interest ratio is currently 1.0 days. Currently, 0.1% of the shares of the stock are short sold.

First National Price Performance

NASDAQ FXNC traded down $0.09 during trading on Friday, hitting $23.80. 25,344 shares of the company’s stock were exchanged, compared to its average volume of 10,209. The stock’s 50 day moving average price is $19.64 and its two-hundred day moving average price is $17.31. First National has a fifty-two week low of $14.50 and a fifty-two week high of $24.59. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.12. The company has a market cap of $149.46 million, a PE ratio of 21.25 and a beta of 0.49.

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, hitting analysts’ consensus estimates of $0.36. First National had a net margin of 8.91% and a return on equity of 6.62%. The business had revenue of $20.65 million during the quarter, compared to analysts’ expectations of $14.40 million. During the same period in the prior year, the company earned $0.50 EPS. Research analysts expect that First National will post 1.86 EPS for the current year.

First National Dividend Announcement

The company also recently disclosed a None dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 20th were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, September 20th. First National’s dividend payout ratio (DPR) is 53.57%.

Hedge Funds Weigh In On First National

Institutional investors and hedge funds have recently bought and sold shares of the company. De Lisle Partners LLP lifted its holdings in shares of First National by 41.3% during the third quarter. De Lisle Partners LLP now owns 35,895 shares of the company’s stock worth $642,000 after purchasing an additional 10,500 shares during the period. Brown Brothers Harriman & Co. bought a new position in First National during the 3rd quarter worth $88,000. Geode Capital Management LLC lifted its holdings 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 buying an additional 3,789 shares during the period. Fourthstone LLC grew its position in shares of 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 buying an additional 1,814 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised 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 acquiring an additional 1,595 shares during the last quarter. Institutional investors and hedge funds own 33.92% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. 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 objective on the stock. Janney Montgomery Scott raised First National from a “neutral” rating to a “buy” rating and set a $21.00 target price on the stock in a report on Thursday, August 1st.

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.