Short Interest in First National Co. (NASDAQ:FXNC) Increases By 251.4%

First National Co. (NASDAQ:FXNC - Get Free Report) experienced a remarkable increase in short interest during December. By December 31, the total short interest reached 25,300 shares, marking an impressive rise of 251.4% compared to the total of 7,200 shares on December 15. Currently, about 0.3% of the company's total shares are short sold, which indicates a growing sentiment among investors. Considering the average daily trading volume of 18,100 shares, the short-interest ratio stands at 1.4 days.

First National Stock Performance

On Monday, First National's stock decreased by 0.2%, dropping $0.04 to reach $22.60 during trading. This trading session saw 4,218 shares change hands, a figure lower than the average volume of 10,074 shares. Over the past year, the stock has traded between a low of $14.50 and a high of $26.00. First National has a market capitalization of approximately $202.72 million, with a price-to-earnings ratio of 20.18 and a beta of 0.54. The company's moving averages are positioned at $23.82 for the 50-day and $19.77 for the 200-day periods. Additionally, First National maintains a debt-to-equity ratio of 0.11, a quick ratio of 0.85, and a current ratio of 0.85.

Recent Earnings Report

On November 1, First National announced its latest quarterly earnings. The company reported earnings of $0.36 per share (EPS), precisely matching analysts' expectations. First National achieved a return on equity of 6.52% and a net profit margin of 8.91% during the quarter, with revenue totaling $20.65 million, significantly exceeding analysts' forecasts of $14.40 million. In the same quarter of the previous year, the firm reported earnings of $0.50 per share. Analysts predict that First National will generate a total EPS of 1.86 for the current fiscal year.

Dividend Increase Announced

In a positive development for shareholders, First National recently declared its quarterly dividend, which was paid on December 13. Shareholders on record as of November 29 received a dividend of $0.155 per share, a slight increase from the prior quarter's dividend of $0.15. The ex-dividend date was also on November 29. This adjustment results in an annualized dividend of $0.62, translating to a dividend yield of 2.74%. Currently, First National's dividend payout ratio (DPR) is at 55.36%.

Analysts' Opinions on First National

Institutional Stakeholders

Several hedge funds have recently adjusted their positions in First National. Empowered Funds LLC increased its holdings by 5.2% in the third quarter, now owning 13,530 shares valued at approximately $237,000 after acquiring an additional 670 shares. Dimensional Fund Advisors LP raised its stake by 13.0% during the second quarter, owning 13,882 shares worth around $211,000 following an additional purchase of 1,595 shares. Fourthstone LLC's stake rose by 0.3% in the third quarter, resulting in ownership of 627,467 shares carried at roughly $10,981,000. Furthermore, Geode Capital Management LLC increased its stake by 8.1% in the same quarter, owning 50,401 shares valued at about $882,000 after an additional buy of 3,789 shares. Lastly, Brown Brothers Harriman & Co. entered a new position valued at around $88,000 in the third quarter. Collectively, institutional investors and hedge funds encompass 33.92% of the company's shares.

About First National Company

First National Corporation operates as the holding company for First Bank, delivering a variety of commercial banking services to small and medium-sized enterprises, individuals, estates, local governmental bodies, and non-profit organizations primarily in Virginia. The bank's offerings include deposit products such as checking accounts, savings accounts, money market accounts, individual retirement accounts, certificates of deposit, and treasury management solutions.

Short, Interest, Stocks