Short Interest in First National Co. (NASDAQ:FXNC) Declines By 20.4%

First National Co. (NASDAQ:FXNC) was the recipient of a large decrease in short interest during the month of March. As of March 15th, there was short interest totalling 44,000 shares, a decrease of 20.4% from the February 28th total of 55,300 shares. Approximately 0.6% of the company’s stock are short sold. Based on an average daily volume of 26,800 shares, the days-to-cover ratio is currently 1.6 days.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Janney Montgomery Scott downgraded shares of First National from a “buy” rating to a “neutral” rating in a research report on Wednesday, December 4th. Hovde Group downgraded First National from an “outperform” rating to a “market perform” rating and set a $28.50 target price on the stock. in a research report on Tuesday, February 11th.

Institutional Investors Weigh In On First National

Institutional investors and hedge funds have recently modified their holdings of the company. Millennium Management LLC acquired a new position in shares of First National in the fourth quarter worth $396,000. First Manhattan CO. LLC. acquired a new position in First National during the 4th quarter worth $817,000. Citadel Advisors LLC purchased a new stake in First National during the 4th quarter worth about $261,000. 683 Capital Management LLC acquired a new stake in First National in the 4th quarter valued at about $352,000. Finally, Rhino Investment Partners Inc purchased a new position in shares of First National in the 4th quarter valued at about $2,881,000. Hedge funds and other institutional investors own 33.92% of the company’s stock.

First National Stock Down 1.3 %

Shares of NASDAQ FXNC opened at $22.55 on Monday. First National has a 52-week low of $14.50 and a 52-week high of $26.97. 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’s 50-day simple moving average is $24.22 and its 200-day simple moving average is $22.67. The firm has a market cap of $202.27 million, a price-to-earnings ratio of 19.44 and a beta of 0.57.

First National (NASDAQ:FXNC) last announced its quarterly earnings data on Thursday, February 6th. The company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.19. First National had a return on equity of 12.09% and a net margin of 7.51%. Equities analysts predict that First National will post 2.25 EPS for the current fiscal year.

First National Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 2.75%. The ex-dividend date of this dividend was Friday, February 28th. First National’s dividend payout ratio (DPR) is presently 53.45%.

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.