First National Co. (NASDAQ:FXNC) Short Interest Up 120.3% in February

First National Co. (NASDAQ:FXNC) was the recipient of a significant growth in short interest during the month of February. As of February 28th, there was short interest totalling 55,300 shares, a growth of 120.3% from the February 13th total of 25,100 shares. Currently, 0.7% of the company’s shares are sold short. Based on an average daily trading volume, of 25,600 shares, the days-to-cover ratio is presently 2.2 days.

First National Trading Up 1.9 %

Shares of NASDAQ FXNC traded up $0.42 during trading hours on Friday, hitting $22.25. The company’s stock had a trading volume of 36,192 shares, compared to its average volume of 25,204. 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 stock has a market cap of $199.58 million, a price-to-earnings ratio of 19.18 and a beta of 0.57. First National has a 12 month low of $14.50 and a 12 month high of $26.97. The business has a 50-day simple moving average of $24.31 and a 200-day simple moving average of $22.23.

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

First National Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a dividend of $0.155 per share. The ex-dividend date was Friday, February 28th. This represents a $0.62 annualized dividend and a dividend yield of 2.79%. First National’s payout ratio is 53.45%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Hovde Group cut First National from an “outperform” rating to a “market perform” rating and set a $28.50 target price on the stock. in a research note on Tuesday, February 11th. Janney Montgomery Scott cut First National from a “buy” rating to a “neutral” rating in a research note on Wednesday, December 4th.

Hedge Funds Weigh In On First National

Several large investors have recently made changes to their positions in the business. Millennium Management LLC purchased a new position in First National in the 4th quarter worth approximately $396,000. First Manhattan CO. LLC. bought a new stake in First National in the 4th quarter worth approximately $817,000. Citadel Advisors LLC bought a new stake in First National in the 4th quarter worth approximately $261,000. 683 Capital Management LLC bought a new stake in First National in the 4th quarter worth approximately $352,000. Finally, Rhino Investment Partners Inc bought a new stake in First National in the 4th quarter worth approximately $2,881,000. 33.92% of the stock is currently owned by hedge funds and other institutional investors.

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.