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

First National Co. (NASDAQ:FXNC - Get Free Report) experienced a dramatic reduction in short interest during the month of October. As of October 15th, the short interest fell to 8,000 shares, a steep decrease of 88.3% compared to the 68,500 shares recorded on September 30th. This reduction means that only about 0.1% of the company's total shares are currently sold short. With an average daily trading volume of 6,600 shares, the short-interest ratio is now 1.2 days.

Analysts Update Price Targets

Several financial analysts have recently published reports regarding First National. On October 8th, Hovde Group initiated coverage, assigning an "outperform" rating and a target price of $22.00 for the stock. Earlier in the summer, on August 1st, Janney Montgomery Scott upgraded the stock from a "neutral" to a "buy" rating, setting a price target at $21.00.

Recent Stock Performance

As of the last trading session on Friday, FXNC shares decreased by $0.28, bringing the stock's price down to $20.72. The trading volume for that day totaled 5,660 shares, slightly above the average volume of 5,438 shares. The company currently holds a market capitalization of $130.06 million, a price-to-earnings ratio of 14.69, and a beta of 0.52. Financial ratios for First National indicate a debt-to-equity ratio of 0.12, a current ratio of 0.84, and a quick ratio of 0.84. Over the past year, the stock has seen a range between a low of $14.50 and a high of $21.75, with a fifty-day simple moving average of $18.06 and a 200-day moving average of $16.51.

Quarterly Earnings Report

First National Co. last released their quarterly earnings report on July 31st. The company reported earnings of $0.48 per share, exceeding the consensus estimate of $0.44 by $0.04. For this quarter, First National achieved a return on equity of 7.29% and a net profit margin of 10.40%. The company’s revenue for the quarter stood at $14.18 million, higher than the analysts' expectations of $13.90 million. Looking ahead, analysts anticipate that First National will report earnings per share of 1.97 for the current fiscal year.

Dividend Declaration

In recent news, First National announced a dividend payment of $0.16, which was distributed on September 27th to shareholders recorded on September 20th. The ex-dividend date was also set for September 20th. Currently, the company has a payout ratio of 41.96%.

Hedge Fund Activity

In the realm of hedge funds, a notable increase in investment was reported in First National's stock. Empowered Funds LLC elevated its stake by 7.9% during the first quarter, acquiring an additional 875 shares. This brought their total ownership to 11,960 shares, valued at approximately $194,000 according to their latest disclosure with the SEC. Institutional investors collectively own about 33.92% of the company's outstanding shares.

Overview of First National Co.

First National Corporation acts as the bank holding company for First Bank, offering a variety of banking services tailored to small and medium-sized enterprises, individuals, estates, local government bodies, and non-profits throughout Virginia. Their deposit service offerings span checking, savings, money market, and retirement accounts, in addition to certificates of deposit and treasury management solutions.

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