First National Corp. (NASDAQ:FXNC) Short Interest Update

Key Points

• Short interest jumped 35.1% in March to 138,530 shares (about 1.8% of the float), leaving a short-interest ratio of roughly 1.8 days based on average daily volume.
• CFO Brad E. Schwartz bought 1,000 shares at $26.91 on March 4, increasing his stake to 6,470 shares (an 18.28% rise); insiders now own 14.32% of the company.
• Weiss Ratings upgraded First National from "hold (c+)" to "buy (b-)," and MarketBeat data shows the stock's consensus analyst rating is currently "Buy."

First National Corp. (NASDAQ:FXNC - Get Free Report) was the recipient of a significant growth in short interest in March. As of March 13th, there was short interest totaling 138,530 shares, a growth of 35.1% from the February 26th total of 102,563 shares. Approximately 1.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 79,068 shares, the short-interest ratio is presently 1.8 days.

Insiders Place Their Bets

In other First National news, CFO Brad E. Schwartz purchased 1,000 shares of the firm's stock in a transaction on Wednesday, March 4th. The shares were purchased at an average price of $26.91 per share, for a total transaction of $26,910.00. Following the completion of the transaction, the chief financial officer owned 6,470 shares in the company, valued at $174,107.70. This represents a 18.28% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 14.32% of the company's stock.

Hedge Funds Weigh In On First National

Several institutional investors and hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets increased its holdings in shares of First National by 59.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,821 shares of the company's stock valued at $41,000 after purchasing an additional 679 shares during the period. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of First National during the second quarter worth approximately $38,000. Bank of America Corp DE grew its position in First National by 5,013.2% during the second quarter. Bank of America Corp DE now owns 3,477 shares of the company's stock valued at $68,000 after purchasing an additional 3,409 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in First National during the fourth quarter valued at approximately $92,000. Finally, JPMorgan Chase & Co. acquired a new position in First National in the 2nd quarter valued at approximately $72,000. Hedge funds and other institutional investors own 33.92% of the company's stock.

First National Trading Down 0.5%

First National stock traded down $0.12 during midday trading on Friday, reaching $26.40. The stock had a trading volume of 32,089 shares, compared to its average volume of 68,298. First National has a twelve month low of $18.26 and a twelve month high of $28.89. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.87 and a quick ratio of 0.89. The firm has a market cap of $238.66 million, a price-to-earnings ratio of 13.40 and a beta of 0.51. The firm's fifty day simple moving average is $26.79 and its two-hundred day simple moving average is $24.91.

First National (NASDAQ:FXNC - Get Free Report) last announced its earnings results on Thursday, January 29th. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.02. The company had revenue of $23.97 million for the quarter, compared to the consensus estimate of $22.60 million. First National had a net margin of 15.19% and a return on equity of 10.82%. Equities analysts anticipate that First National will post 2.25 EPS for the current fiscal year.

First National Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 27th were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Friday, February 27th. First National's dividend payout ratio is currently 34.52%.

Analyst Ratings Changes

Separately, Weiss Ratings raised First National from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, First National currently has an average rating of "Buy".

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.

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