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

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

Analysts Set New Price Targets

Several analysts have recently commented on FXNC shares. Hovde Group began coverage on First National in a research report on Tuesday, October 8th. They issued an “outperform” rating and a $22.00 target price for the company. Janney Montgomery Scott raised First National from a “neutral” rating to a “buy” rating and set a $21.00 price objective for the company in a research note on Thursday, August 1st.

First National Stock Up 1.0 %

FXNC traded up $0.23 on Tuesday, reaching $23.53. 292 shares of the company traded hands, compared to its average volume of 5,906. The company has a market cap of $147.77 million, a price-to-earnings ratio of 20.80 and a beta of 0.49. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.85 and a quick ratio of 0.85. The stock’s 50 day moving average price is $19.75 and its 200-day moving average price is $17.38. First National has a 52-week low of $14.50 and a 52-week high of $24.59.

First National (NASDAQ:FXNC) last posted its quarterly earnings results on Friday, November 1st. The company reported $0.36 EPS for the quarter, meeting the consensus estimate of $0.36. First National had a net margin of 8.91% and a return on equity of 6.52%. The business had revenue of $20.65 million for the quarter, compared to analysts’ expectations of $14.40 million. During the same period in the previous year, the company posted $0.50 EPS. On average, sell-side analysts expect that First National will post 1.86 EPS for the current fiscal year.

First National Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.155 per share. The ex-dividend date of this dividend is Friday, November 29th. This is an increase from First National’s previous quarterly dividend of $0.15. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.63%. First National’s dividend payout ratio (DPR) is 53.57%.

Institutional Investors Weigh In On First National

Several large investors have recently made changes to their positions in the company. Brown Brothers Harriman & Co. acquired a new stake in First National in the third quarter valued at approximately $88,000. Empowered Funds LLC raised its holdings in shares of First National by 7.9% during the 1st quarter. Empowered Funds LLC now owns 11,960 shares of the company’s stock valued at $194,000 after purchasing an additional 875 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of First National by 13.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 13,882 shares of the company’s stock valued at $211,000 after purchasing an additional 1,595 shares during the last quarter. De Lisle Partners LLP boosted its holdings in First National by 41.3% in 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 in the last quarter. Finally, Geode Capital Management LLC increased its position in First National by 8.1% during the third 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 last quarter. Institutional investors own 33.92% of the company’s stock.

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.