Increase in Short Interest for First National Co. (NASDAQ:FXNC)

In November, First National Co. (NASDAQ:FXNC - Get Free Report) experienced a notable rise in its short interest. By November 30th, short interest reached a total of 7,400 shares, marking a 10.4% increase from the 6,700 shares reported on November 15th. At present, short sales account for just 0.1% of the company's total outstanding shares. With an average trading volume of 12,400 shares, the current days-to-cover ratio stands at 0.6 days.

First National Stock Overview

On Friday, NASDAQ FXNC opened with a price of $25.35. The company's stock is supported by a 50-day moving average of $22.37 and a 200-day moving average of $18.58. Over the past year, First National has recorded a low of $14.50 and a high of $26.00. Key financial ratios include a quick ratio and current ratio of 0.85, alongside a debt-to-equity ratio of 0.11. With a market capitalization of $227.39 million, it has a P/E ratio of 22.63 and a beta value of 0.53.

Quarterly Earnings Report

First National's recent quarterly earnings were released on Friday, November 1st. The company reported an earnings per share (EPS) of $0.36, which aligns with analysts’ expectations. Additionally, First National's revenue came in at $20.65 million, significantly surpassing the anticipated $14.40 million. The firm showcased a net margin of 8.91% and a return on equity of 6.52%. A year earlier, the earnings per share was reported at $0.50. Analysts forecast an EPS of 1.86 for the current year.

Dividend Increase Announced

Recently, First National announced an increase in its quarterly dividend, which was paid out on Friday, December 13th. Shareholders on record as of November 29th received a dividend of $0.155 per share. The ex-dividend date for this payout was also November 29th. This translates to an annualized dividend of $0.62, providing a yield of 2.45%. This is an increase from the previous quarterly dividend of $0.15, with a current payout ratio of 55.36%.

Institutional Investment Trends

Several hedge funds have been trading shares of FXNC recently. For instance, De Lisle Partners LLP increased its stake in First National by 41.3% in the third quarter, now holding 35,895 shares valued at $642,000 after adding another 10,500 shares. Brown Brothers Harriman & Co. took a new position in First National worth about $88,000 during the same period. Other funds, such as Geode Capital Management LLC, Fourthstone LLC, and Dimensional Fund Advisors LP, have also increased their holdings in the company. Altogether, institutional investors currently own 33.92% of First National's stock.

Wall Street Analysts' Perspectives

Multiple analysts have provided insights on FXNC shares. Hovde Group started its coverage on October 8th, recommending an "outperform" rating along with a price target of $22.00. Conversely, Janney Montgomery Scott downgraded their rating from "buy" to "neutral" on December 4th.

About First National Corporation

First National Corporation serves as the bank holding company for First Bank, offering a wide array of commercial banking services tailored to small and medium-sized enterprises, individuals, estates, non-profit organizations, and local government units in Virginia. Their services include checking, savings, money market accounts, individual retirement accounts, certificates of deposit, and treasury management solutions.

increase, shares, investment, dividend, financials