First National Corp.

FXNC • NASDAQ

First National Corp. is a banks - regional company in the financial services sector on NASDAQ, led by Scott C. Harvard, with a market cap of $233.4M. As of Q3 2025, 41% of shares are held by 63 institutional investors, with Fourthstone LLC as the largest holder at 9.72%.

President and Chief Executive OfficerScott C. Harvard

Market Cap$233.4M

Banks - Regional

Financial Services

Employees224.0

Websitefbvirginia.com

Country

United States of America

Overview

Overview of institutional ownership in FXNC as of Q3 2025 with a market cap of $203.9M

All Institutions

Institutions: 63
Value Held: $83.7M
Shares Held: 3.7M
Avg Position: $1.3M
Median Position: $237.2K

Hedge Funds

Hedge Funds: 4
Value Held: $31.6M
Shares Held: 1.4M
Avg Position: $7.9M
Median Position: $5.9M

Ownership Breakdown

Institutional (non-HF)

25.53%

$52.0M

Hedge Funds

15.52%

$31.6M

Retail & Other

58.95%

$120.2M

Based on market cap of $203.9M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in FXNC as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
Fourthstone LLC Hedge Fund•Long/Short	Amy Morris Stone CEO	$19.8M 3.55% of portfolio	9.72% 873.6K shares	Q4 2019 Held for 5y 11m	$557.6M
VANGUARD GROUP INC Institution	Salim Ramji CEO	$9.8M 0.00% of portfolio	4.78% 430.1K shares	Q2 2019 Held for 6y 5m	$6.69T
B BlackRock, Inc. Institution	-	$8.2M 0.00% of portfolio	4.01% 360.7K shares	Q2 2019 Held for 6y 5m	$5.67T
Siena Capital Management, LLC Hedge Fund•Sector	Daniel Kanter President	$7.2M 4.30% of portfolio	3.52% 316.3K shares	Q4 2018 Held for 6y 11m	$167.0M
P Petiole USA ltd Institution	-	$7.1M 4.88% of portfolio	3.46% 311.4K shares	Q4 2021 Held for 3y 11m	$144.8M
Cutler Capital Management, LLC Hedge Fund•Convert Bond Arb	Geoffrey Kristopher Allan Dancey President	$4.6M 2.23% of portfolio	2.26% 202.7K shares	Q2 2019 Held for 6y 5m	$205.9M
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$4.1M 0.00% of portfolio	2.01% 180.4K shares	Q3 2022 Held for 3y 2m	$1.57T
ALLIANCEBERNSTEIN L.P. Long Only Manager	Seth Perry Bernstein CEO	$3.5M 0.00% of portfolio	1.69% 152.3K shares	Q4 2024 Held for 11 months	$317.45B
D De Lisle Partners LLP Institution	-	$3.1M 0.38% of portfolio	1.54% 138.1K shares	Q1 2024 Held for 1y 8m	$815.6M
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$1.7M 0.00% of portfolio	0.83% 74.2K shares	Q2 2022 Held for 3y 5m	$2.88T

Net Capital Flow

Institutional buying and selling activity for FXNC in Q3 2025

Traded: +$233.3K
Buyers: 30
Sellers: 19
Total Bought: +$3.1M
Total Sold: −$2.9M
Avg Position: $1.2M

Biggest Buyers

Institution	Net Bought	Current Position
Fourthstone LLC Hedge Fund•Long/Short	+$1.0M +45.3K shares	$19.8M 873.6K shares
B BlackRock, Inc. Institution	+$593.0K +26.1K shares	$8.2M 360.7K shares
H HSBC HOLDINGS PLC Institution	+$239.0K +10.5K shares	$239.0K 10.5K shares
GOLDMAN SACHS GROUP INC Institution	+$237.2K +10.5K shares	$237.2K 10.5K shares
STATE STREET CORP Institution	+$233.9K +10.3K shares	$1.7M 74.2K shares
$DEUTSCHE BANK AG\ logo$ DEUTSCHE BANK AG\ Institution	+$185.6K +8.2K shares	$185.6K 8.2K shares
BANK OF AMERICA CORP /DE/ Institution	+$123.7K +5.5K shares	$202.6K 8.9K shares
Rockefeller Capital Management L.P. Long Only Manager	+$122.5K +5.4K shares	$122.5K 5.4K shares
PL Capital Advisors, LLC Hedge Fund•Activist	+$59.8K +5.2K shares	$62.1K 5.4K shares
JPMORGAN CHASE & CO Institution	+$59.1K +2.6K shares	$142.9K 6.3K shares

Biggest Sellers

Institution	Net Sold	Current Position
ALLIANCEBERNSTEIN L.P. Long Only Manager	−$931.7K −41.1K shares	$3.5M 152.3K shares
LOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INC Long Only Manager	−$402.8K −20.7K shares	Sold Off 0 shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$401.5K −20.6K shares	Sold Off 0 shares
Marshall Wace LLP Institution	−$349.5K −15.4K shares	$369.5K 16.3K shares
Trexquant Investment LP Hedge Fund•Quant	−$249.1K −12.8K shares	Sold Off 0 shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$241.5K −12.4K shares	Sold Off 0 shares
MORGAN STANLEY RIA/Wealth	−$89.0K −3.9K shares	$338.5K 14.9K shares
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	−$62.2K −3.2K shares	Sold Off 0 shares
N NEW YORK STATE COMMON RETIREMENT FUND Institution	−$27.2K −1.2K shares	$93.0K 4.1K shares
NORTHERN TRUST CORP Institution	−$20.4K −899.0 shares	$1.5M 66.0K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited FXNC in Q3 2025

New Positions: 8
New Value: $588.3K
Exited Positions: 6
Exited Value: $1.4M

New Positions

Institution	Position Value
H HSBC HOLDINGS PLC Institution	$239.0K 10.5K shares
$DEUTSCHE BANK AG\ logo$ DEUTSCHE BANK AG\ Institution	$185.6K 8.2K shares
Rockefeller Capital Management L.P. Long Only Manager	$122.5K 5.4K shares
Union Bankshares Corp Institution	$22.6K 995.0 shares
R Russell Investments Group, Ltd. RIA/Wealth	$18.2K 803.0 shares
PNC FINANCIAL SERVICES GROUP, INC. Institution	$295.0 13.0 shares
SRS Capital Advisors, Inc. RIA/Wealth	$114.0 5.0 shares
E EverSource Wealth Advisors, LLC RIA/Wealth	$45.0 2.0 shares

Exited Positions

Institution	Previous Position
LOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INC Long Only Manager	$402.8K 20.7K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$401.5K 20.6K shares
Trexquant Investment LP Hedge Fund•Quant	$249.1K 12.8K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$241.5K 12.4K shares
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	$62.2K 3.2K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	$1.1K 58.0 shares

Options Activity

Institutions with the largest Call and Put options positions in FXNC as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with FXNC as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
P Petiole USA ltd Institution	-	4.88% $7.1M	3.46% 311.4K shares	Q4 2021 Held for 3y 11m	$144.8M
Siena Capital Management, LLC Hedge Fund•Sector	Daniel Kanter President	4.30% $7.2M	3.52% 316.3K shares	Q4 2018 Held for 6y 11m	$167.0M
Fourthstone LLC Hedge Fund•Long/Short	Amy Morris Stone CEO	3.55% $19.8M	9.72% 873.6K shares	Q4 2019 Held for 5y 11m	$557.6M
Cutler Capital Management, LLC Hedge Fund•Convert Bond Arb	Geoffrey Kristopher Allan Dancey President	2.23% $4.6M	2.26% 202.7K shares	Q2 2019 Held for 6y 5m	$205.9M
D De Lisle Partners LLP Institution	-	0.38% $3.1M	1.54% 138.1K shares	Q1 2024 Held for 1y 8m	$815.6M
B BANC FUNDS CO LLC Institution	-	0.36% $1.5M	0.73% 65.9K shares	≤ Q2 2013 Held for 12y 5m+	$411.3M
Graves-Light Private Wealth Management, Inc. RIA/Wealth	Asa Wesley Graves President	0.15% $1.4M	0.67% 60.6K shares	Q2 2019 Held for 6y 5m	$901.1M
FOUNDERS GROVE WEALTH PARTNERS, LLC RIA/Wealth	Jeremiah Robert Winters CEO	0.06% $248.1K	0.12% 10.9K shares	Q4 2024 Held for 11 months	$425.5M
G GRACE & WHITE INC /NY RIA/Wealth	Marc Emil Ravitz President	0.05% $237.6K	0.12% 10.5K shares	Q3 2022 Held for 3y 2m	$481.2M
B BRIDGEWAY CAPITAL MANAGEMENT INC Long Only Manager	John Noland Ryan Montgomery CEO	0.02% $1.1M	0.54% 48.6K shares	Q3 2020 Held for 5y 2m	$4.7B

Hedge Fund Spotlight

Discover hedge funds investing in FXNC

Fourthstone LLC

Hedge Fund • Long/Short

Portfolio ManagerAmy Morris Stone

Portfolio Value: $557.6M
Positions: 83
Last Reported: Q3 2025

Sector Allocation

Position in First National Corp.

Market Value: $19.8M
Shares Held: 873.6K
Portfolio Weight: 3.55%
Owned Since: 2019-Q4

Top Holding	Sector	Market Value	Weight
1 Orrstown Financial Services ORRF	Banks - Regional Financial Services	$49.4M	8.85%
2 ChoiceOne Financial COFS	Banks - Regional Financial Services	$31.7M	5.68%
3 Community West Bancshares CWBC	Banks - Regional Financial Services	$30.5M	5.47%