First National Corp. (NASDAQ:FXNC) Sees Significant Increase in Short Interest

First National Corp. (NASDAQ:FXNC) was the recipient of a significant growth in short interest in the month of February. As of February 27th, there was short interest totaling 102,563 shares, a growth of 19.1% from the February 12th total of 86,094 shares. Approximately 1.3% of the shares of the company are short sold. Based on an average daily volume of 63,077 shares, the days-to-cover ratio is currently 1.6 days. Based on an average daily volume of 63,077 shares, the days-to-cover ratio is currently 1.6 days. Approximately 1.3% of the shares of the company are short sold.

Insider Buying and Selling at First National

In other First National news, CFO Brad E. Schwartz bought 1,000 shares of First National stock in a transaction dated Wednesday, March 4th. The stock was purchased at an average price of $26.91 per share, for a total transaction of $26,910.00. Following the completion of the purchase, the chief financial officer directly owned 6,470 shares of the company’s stock, valued at approximately $174,107.70. This trade represents a 18.28% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 14.32% of the stock is owned by insiders.

Hedge Funds Weigh In On First National

Several hedge funds have recently bought and sold shares of the company. Los Angeles Capital Management LLC bought a new stake in First National during the 2nd quarter worth approximately $403,000. De Lisle Partners LLP boosted its holdings in First National by 92.3% in the 2nd quarter. De Lisle Partners LLP now owns 138,113 shares of the company’s stock valued at $2,689,000 after purchasing an additional 66,289 shares during the period. Goldman Sachs Group Inc. boosted its holdings in First National by 5.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 11,069 shares of the company’s stock valued at $279,000 after purchasing an additional 610 shares during the period. Rhumbline Advisers grew its position in shares of First National by 9.5% during the 3rd quarter. Rhumbline Advisers now owns 11,197 shares of the company’s stock valued at $254,000 after purchasing an additional 974 shares in the last quarter. Finally, Bank of America Corp DE grew its position in shares of First National by 156.9% during the 3rd quarter. Bank of America Corp DE now owns 8,932 shares of the company’s stock valued at $203,000 after purchasing an additional 5,455 shares in the last quarter. Hedge funds and other institutional investors own 33.92% of the company’s stock.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First National in a report on Monday, December 29th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of “Hold”.

First National Stock Performance

Shares of NASDAQ:FXNC traded up $0.37 during midday trading on Monday, reaching $26.51. 88,958 shares of the company traded hands, compared to its average volume of 71,014. The firm’s fifty day moving average price is $26.62 and its two-hundred day moving average price is $24.74. The firm has a market capitalization of $238.86 million, a price-to-earnings ratio of 13.46 and a beta of 0.51. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.17. First National has a 12 month low of $18.26 and a 12 month high of $28.89.

First National (NASDAQ:FXNC) last issued its earnings results on Thursday, January 29th. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.60 by $0.02. The business had revenue of $23.97 million during the quarter, compared to the consensus estimate of $22.60 million. First National had a return on equity of 11.01% and a net margin of 15.19%. On average, equities analysts expect that First National will post 2.25 earnings per share for the current year.

First National Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 27th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, February 27th. First National’s dividend payout ratio is presently 34.52%.

First National Company Profile

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. Its loan products comprise construction loans, including residential, land acquisition, and development loans; 1-4 family residential real estate loans; and commercial real estate loans that are secured by commercial real estate, including multi-family residential buildings, office and retail buildings, hotels, industrial buildings, and religious facilities.