First National Corp. (NASDAQ:FXNC) Sees Large Growth in Short Interest

First National Corp. (NASDAQ:FXNC) was the recipient of a large growth in short interest during the month of May. As of May 31st, there was short interest totalling 84,700 shares, a growth of 26.0% from the May 15th total of 67,200 shares. Currently, 1.1% of the company’s shares are short sold. Based on an average trading volume of 21,800 shares, the days-to-cover ratio is presently 3.9 days.

First National Trading Up 0.5%

Shares of NASDAQ FXNC opened at $18.64 on Friday. The firm has a 50 day moving average price of $19.78 and a two-hundred day moving average price of $22.35. The stock has a market cap of $167.57 million, a P/E ratio of 22.46 and a beta of 0.51. First National has a 52-week low of $14.75 and a 52-week high of $26.97. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.90 and a current ratio of 0.90.

First National Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were paid a $0.155 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.62 annualized dividend and a dividend yield of 3.33%. First National’s dividend payout ratio is 74.70%.

Institutional Trading of First National

A number of institutional investors and hedge funds have recently bought and sold shares of FXNC. Barclays PLC bought a new stake in shares of First National in the 4th quarter valued at about $36,000. PL Capital Advisors LLC acquired a new position in shares of First National in the fourth quarter worth approximately $78,000. Salzhauer Michael bought a new stake in First National in the fourth quarter valued at approximately $202,000. Citadel Advisors LLC acquired a new stake in First National during the 4th quarter valued at approximately $261,000. Finally, Dimensional Fund Advisors LP increased its position in First National by 20.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 14,041 shares of the company’s stock valued at $323,000 after purchasing an additional 2,398 shares during the period. 33.92% of the stock is currently owned by institutional investors and hedge funds.

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.