101,402 Farmers & Merchants Bancorp Inc. $FMAO Shares Sold by Goelzer Investment Management Inc.

Key Points

• Goelzer Investment Management reduced its Farmers & Merchants Bancorp stake by 45.3%, selling 101,402 shares during the third quarter. It retained 122,202 shares worth approximately $4.23 million, while institutional investors collectively owned 23.96% of the company.
• FMAO reported quarterly EPS of $0.86, exceeding analysts’ $0.67 estimate, while revenue reached $34.35 million. The company also declared a $0.01 special dividend.
• Analyst sentiment was mixed but leaned toward “Hold”: one analyst rated the stock a Buy and three rated it Hold, with a consensus price target of $32.25 versus the reported share price of $35.32.

Goelzer Investment Management Inc. lessened its stake in Farmers & Merchants Bancorp Inc. (NASDAQ:FMAO - Free Report) by 45.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 122,202 shares of the financial services provider's stock after selling 101,402 shares during the quarter. Goelzer Investment Management Inc. owned 0.89% of Farmers & Merchants Bancorp worth $4,231,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Farmers & Merchants Bancorp in the 2nd quarter worth approximately $33,241,000. The Manufacturers Life Insurance Company purchased a new position in shares of Farmers & Merchants Bancorp during the 2nd quarter valued at $8,843,000. Dimensional Fund Advisors LP grew its holdings in shares of Farmers & Merchants Bancorp by 5.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 226,917 shares of the financial services provider's stock valued at $5,825,000 after acquiring an additional 12,356 shares in the last quarter. Rhino Investment Partners Inc acquired a new position in shares of Farmers & Merchants Bancorp in the first quarter worth $1,765,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Farmers & Merchants Bancorp in the second quarter worth $1,524,000. Institutional investors and hedge funds own 23.96% of the company's stock.

Farmers & Merchants Bancorp Price Performance

NASDAQ FMAO opened at $35.32 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $486.36 million, a PE ratio of 12.07 and a beta of 0.81. Farmers & Merchants Bancorp Inc. has a 12-month low of $22.91 and a 12-month high of $36.12. The company has a 50 day moving average price of $34.88 and a two-hundred day moving average price of $30.94.

Farmers & Merchants Bancorp (NASDAQ:FMAO - Get Free Report) last announced its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.86 EPS for the quarter, topping the consensus estimate of $0.67 by $0.19. Farmers & Merchants Bancorp had a net margin of 20.27% and a return on equity of 10.72%. The company had revenue of $34.35 million for the quarter, compared to analyst estimates of $33.05 million. As a group, equities analysts predict that Farmers & Merchants Bancorp Inc. will post 3.16 earnings per share for the current fiscal year.

Farmers & Merchants Bancorp Announces Dividend

The company also recently announced a special dividend, which will be paid on Tuesday, October 20th. Investors of record on Friday, October 9th will be issued a $0.01 dividend. The ex-dividend date is Friday, October 9th. Farmers & Merchants Bancorp's dividend payout ratio (DPR) is 32.99%.

Analysts Set New Price Targets

Several analysts recently issued reports on FMAO shares. Piper Sandler reiterated a "neutral" rating and set a $36.00 price objective (up from $32.00) on shares of Farmers & Merchants Bancorp in a report on Wednesday, July 29th. Wall Street Zen downgraded Farmers & Merchants Bancorp from a "buy" rating to a "hold" rating in a research note on Saturday, September 5th. Zacks Research lowered Farmers & Merchants Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 29th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Farmers & Merchants Bancorp in a research report on Monday, September 14th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $32.25.

Insider Buying and Selling

In other Farmers & Merchants Bancorp news, Director Andrew J. Briggs sold 3,000 shares of the business's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $34.76, for a total transaction of $104,280.00. Following the completion of the transaction, the director owned 72,550 shares of the company's stock, valued at $2,521,838. The trade was a 3.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders have sold 33,402 shares of company stock valued at $1,136,170. Company insiders own 7.30% of the company's stock.

Farmers & Merchants Bancorp Company Profile

Farmers & Merchants Bancorp, Inc is a bank holding company headquartered in Archbold, Ohio. Through its principal subsidiary, The Farmers & Merchants State Bank, the company provides banking and financial services to individuals, families, farmers, businesses and other organizations.

The bank offers deposit products, residential and commercial real estate lending, consumer loans, agricultural financing, commercial loans and other credit services. Its services also include treasury management, online and mobile banking, wealth management and trust-related services, subject to availability through its operating units.

Founded in 1897, Farmers & Merchants State Bank has developed a community-banking presence in northwest Ohio and northeast Indiana.

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