First National Co. (NASDAQ:FXNC) Sees Large Increase in Short Interest

First National Co. (NASDAQ:FXNC) was the target of a large growth in short interest in June. As of June 15th, there was short interest totalling 15,300 shares, a growth of 125.0% from the May 31st total of 6,800 shares. Based on an average daily trading volume, of 4,400 shares, the short-interest ratio is presently 3.5 days. Approximately 0.3% of the shares of the stock are sold short.

Insiders Place Their Bets

In other First National news, Director James R. Wilkins III bought 3,478 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were bought at an average price of $15.48 per share, with a total value of $53,839.44. Following the purchase, the director now owns 11,662 shares of the company’s stock, valued at $180,527.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director James R. Wilkins III acquired 2,000 shares of the company’s stock in a transaction on Friday, June 14th. The stock was acquired at an average price of $15.34 per share, with a total value of $30,680.00. Following the acquisition, the director now directly owns 294,743 shares of the company’s stock, valued at $4,521,357.62. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James R. Wilkins III acquired 3,478 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were purchased at an average price of $15.48 per share, with a total value of $53,839.44. Following the transaction, the director now owns 11,662 shares of the company’s stock, valued at $180,527.76. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 19,726 shares of company stock worth $301,511. Corporate insiders own 16.48% of the company’s stock.

Institutional Trading of First National

An institutional investor recently raised its position in First National stock. Cutler Capital Management LLC grew its position in First National Co. (NASDAQ:FXNC) by 0.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 202,745 shares of the company’s stock after acquiring an additional 1,034 shares during the quarter. First National comprises about 1.8% of Cutler Capital Management LLC’s portfolio, making the stock its 20th largest position. Cutler Capital Management LLC owned 3.24% of First National worth $4,410,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 33.92% of the company’s stock.

First National Price Performance

First National stock opened at $15.19 on Friday. First National has a 52-week low of $14.50 and a 52-week high of $21.75. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.12. The firm’s fifty day moving average is $15.29 and its 200 day moving average is $17.62. The company has a market cap of $95.39 million, a price-to-earnings ratio of 10.62 and a beta of 0.51.

First National (NASDAQ:FXNC) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. First National had a net margin of 12.21% and a return on equity of 7.83%. The firm had revenue of $14.90 million during the quarter, compared to the consensus estimate of $13.70 million. Sell-side analysts forecast that First National will post 1.85 EPS for the current fiscal year.

First National Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 24th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.95%. The ex-dividend date of this dividend was Thursday, May 23rd. First National’s dividend payout ratio is currently 41.96%.

Wall Street Analyst Weigh In

Separately, TheStreet cut First National from a “b-” rating to a “c+” rating in a report on Monday, March 18th.

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.