Short Interest in First National Co. (NASDAQ:FXNC) Declines by 88.3%

First National Co. (NASDAQ:FXNC) experienced a major drop in short interest during October. As of October 15th, the total short interest stood at 8,000 shares, which marks an impressive decrease of 88.3% from the previous total of 68,500 shares reported on September 30th. Currently, about 0.1% of First National's stock is sold short. With an average daily trading volume of 6,600 shares, the current short-interest ratio is approximately 1.2 days.

Recent Analyst Recommendations

Several equity analysts have recently shared their insights regarding First National. On October 8th, Hovde Group initiated coverage for the company, assigning it an "outperform" rating along with a price target of $22.00. Meanwhile, on August 1st, Janney Montgomery Scott upgraded the shares of First National from a "neutral" rating to a "buy" rating and set a price target of $21.00.

Current Stock Performance

On Friday, shares of FXNC fell by 1.3%, closing at $20.72. The trading volume for the day reached 5,660 shares, slightly above the average volume of 5,438. First National has a market capitalization of $130.06 million and carries a price-to-earnings ratio of 14.69. Its beta is recorded at 0.52, indicating low volatility. The company exhibits a debt-to-equity ratio of 0.12, with both current and quick ratios at 0.84. The stock has seen a 12-month low of $14.50 and a high of $21.75. The fifty-day simple moving average for First National is $18.06, while the 200-day simple moving average is $16.51.

Quarterly Earnings Report

First National announced its quarterly earnings on July 31st, revealing earnings per share of $0.48, exceeding the consensus estimate of $0.44 by $0.04. The company reported a return on equity of 7.29% and a net margin of 10.40%. For the quarter, First National generated revenues of $14.18 million, surpassing analysts' expectations of $13.90 million. Analysts predict that First National will record an earnings per share of 1.97 for the current fiscal year.

Dividend Announcement

Recently, First National declared a dividend which was paid on September 27th. Shareholders on record as of September 20th received a dividend of $0.16. The ex-dividend date was also September 20th, and the company's payout ratio stands at 41.96%.

Hedge Fund Activity

In the latest filings with the SEC, a hedge fund revealed that it had increased its stake in First National. Empowered Funds LLC raised its ownership of First National shares by 7.9% during the first quarter. After acquiring an additional 875 shares, the firm now owns a total of 11,960 shares, which is about 0.19% of the company, valued at approximately $194,000. Institutional investors hold 33.92% of First National's stock.

About First National

First National Corporation functions as the bank holding company for First Bank, providing a range of commercial banking services to small and medium-sized businesses, individuals, estates, local governments, and non-profit organizations primarily in Virginia. Its deposit products encompass checking accounts, savings accounts, money market accounts, individual retirement accounts, as well as certificates of deposit and treasury management solutions.

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