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

First National Co. (NASDAQ:FXNC) was the target of a significant decline in short interest in 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. Currently, 0.1% of the company’s shares are short sold. Based on an average daily volume of 7,300 shares, the days-to-cover ratio is currently 1.0 days.

First National Stock Down 0.4 %

NASDAQ:FXNC traded down $0.09 on Friday, hitting $23.80. The stock had a trading volume of 25,344 shares, compared to its average volume of 10,209. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.12. First National has a 52 week low of $14.50 and a 52 week high of $24.59. The business’s fifty day moving average is $19.64 and its 200 day moving average is $17.31. 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 issued its 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. The company had revenue of $20.65 million for the quarter, compared to analysts’ expectations of $14.40 million. First National had a return on equity of 6.62% and a net margin of 8.91%. During the same period last year, the business earned $0.50 EPS. On average, equities research analysts expect that First National will post 1.86 EPS for the current fiscal year.

First National Announces Dividend

The firm also recently announced a None dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 20th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, September 20th. First National’s payout ratio is presently 53.57%.

Institutional Investors Weigh In On First National

Institutional investors and hedge funds have recently made changes to their positions in the business. Brown Brothers Harriman & Co. bought a new stake in First National during the 3rd quarter worth approximately $88,000. Empowered Funds LLC boosted its position in shares of First National by 7.9% during the first quarter. Empowered Funds LLC now owns 11,960 shares of the company’s stock valued at $194,000 after buying an additional 875 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in 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 buying an additional 1,595 shares in the last quarter. De Lisle Partners LLP raised its position in First National by 41.3% in the 3rd quarter. De Lisle Partners LLP now owns 35,895 shares of the company’s stock valued at $642,000 after buying an additional 10,500 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in First National by 8.1% during the 3rd quarter. Geode Capital Management LLC now owns 50,401 shares of the company’s stock valued at $882,000 after acquiring an additional 3,789 shares in the last quarter. Institutional investors and hedge funds own 33.92% of the company’s stock.

Analysts Set New Price Targets

FXNC has been the subject of several research analyst reports. Janney Montgomery Scott upgraded shares of 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. 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.

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.