First National Co. (NASDAQ:FXNC) Short Interest Update

First National Co. (NASDAQ:FXNC) was the target of a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 6,700 shares, a drop of 5.6% from the October 31st total of 7,100 shares. Based on an average daily volume of 10,000 shares, the days-to-cover ratio is currently 0.7 days. Currently, 0.1% of the company’s shares are sold short.

Analysts Set New Price Targets

Separately, Hovde Group began coverage on First National in a report on Tuesday, October 8th. They set an “outperform” rating and a $22.00 price target on the stock.

First National Stock Performance

Shares of NASDAQ FXNC opened at $24.92 on Wednesday. The business’s 50 day moving average is $21.17 and its two-hundred day moving average is $18.05. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.11. The company has a market cap of $223.53 million, a P/E ratio of 22.25 and a beta of 0.53. First National has a 12 month low of $14.50 and a 12 month high of $25.41.

First National (NASDAQ:FXNC) last posted its earnings results on Friday, November 1st. The company reported $0.36 earnings per share for the quarter, hitting 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 analyst estimates of $14.40 million. During the same quarter in the prior year, the firm earned $0.50 EPS. On average, equities analysts expect that First National will post 1.86 EPS for the current year.

First National Increases Dividend

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

Institutional Investors Weigh In On First National

Several large investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in 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 buying an additional 1,595 shares during the last quarter. Empowered Funds LLC raised its position in shares of First National by 5.2% in the third quarter. Empowered Funds LLC now owns 13,530 shares of the company’s stock valued at $237,000 after buying an additional 670 shares in the last quarter. Brown Brothers Harriman & Co. acquired a new stake in First National during the third quarter worth about $88,000. De Lisle Partners LLP lifted its position in shares of First National by 41.3% during the 3rd quarter. De Lisle Partners LLP now owns 35,895 shares of the company’s stock worth $642,000 after buying an additional 10,500 shares during the last quarter. Finally, Fourthstone LLC increased its holdings in shares of First National by 0.3% during the third quarter. Fourthstone LLC now owns 627,467 shares of the company’s stock worth $10,981,000 after buying an additional 1,814 shares in the last quarter. Institutional investors own 33.92% of the company’s stock.

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.