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

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

Institutional Investors Weigh In On First National

A number of institutional investors and hedge funds have recently modified their holdings of FXNC. Fourthstone LLC boosted its position in First National by 0.3% in the 3rd quarter. Fourthstone LLC now owns 627,467 shares of the company's stock worth $10,981,000 after purchasing an additional 1,814 shares in the last quarter. Geode Capital Management LLC grew 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 valued at $882,000 after buying an additional 3,789 shares during the period. De Lisle Partners LLP raised its position in shares of 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 acquiring an additional 10,500 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of First National by 13.0% during the 2nd 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 in the last quarter. Finally, Empowered Funds LLC raised its stake in shares of First National by 5.2% during the 3rd quarter. Empowered Funds LLC now owns 13,530 shares of the company's stock worth $237,000 after buying an additional 670 shares during the period. Institutional investors and hedge funds own 33.92% of the company's stock.

First National Stock Down 0.4 %

NASDAQ:FXNC traded down $0.10 during trading hours on Tuesday, reaching $24.92. The company's stock had a trading volume of 15,389 shares, compared to its average volume of 6,449. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market capitalization of $223.53 million, a P/E ratio of 22.34 and a beta of 0.53. The stock has a 50 day moving average price of $20.89 and a two-hundred day moving average price of $17.91. First National has a 12 month low of $14.50 and a 12 month high of $25.41.

First National (NASDAQ:FXNC - Get Free Report) last posted its earnings results on Friday, November 1st. The company reported $0.36 EPS for the quarter, meeting analysts' consensus estimates of $0.36. First National had a net margin of 8.91% and a return on equity of 6.52%. The company had revenue of $20.65 million during the quarter, compared to analysts' expectations of $14.40 million. During the same quarter in the prior year, the company posted $0.50 earnings per share. Equities analysts predict that First National will post 1.86 EPS for the current fiscal year.

First National Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.155 per share. The ex-dividend date is Friday, November 29th. This is a positive change 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 2.49%. First National's payout ratio is 55.36%.

Wall Street Analysts Forecast Growth

Separately, Hovde Group assumed coverage on shares of First National in a report on Tuesday, October 8th. They issued an "outperform" rating and a $22.00 target price 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.