Bank of America Corp DE Purchases New Shares in Farmers National Banc Corp. $FMNB

Key Points

• Bank of America acquired 94,226 shares of Farmers National Banc during the second quarter, valued at approximately $1.38 million and representing about 0.16% of the company. Several other institutional investors also increased or initiated positions, with institutions collectively owning 38.72% of FMNB.
• Farmers National Banc reported quarterly EPS of $0.41, beating estimates by $0.07, while revenue reached $70.44 million. The bank also raised its quarterly dividend to $0.18, equivalent to an annualized yield of approximately 4.8%.
• FMNB shares opened at $15.15, compared with a consensus analyst target of $16.00; overall analyst sentiment remains “Hold,” despite recent upgrades from Wall Street Zen and Weiss Ratings.

Bank of America Corp DE acquired a new stake in Farmers National Banc Corp. (NASDAQ:FMNB - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 94,226 shares of the bank's stock, valued at approximately $1,376,000. Bank of America Corp DE owned about 0.16% of Farmers National Banc as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in Farmers National Banc by 13.5% during the second quarter. BlackRock Inc. now owns 4,798,011 shares of the bank's stock worth $70,051,000 after acquiring an additional 569,057 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new position in Farmers National Banc in the second quarter valued at about $6,827,000. Dimensional Fund Advisors LP boosted its stake in Farmers National Banc by 24.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,539,834 shares of the bank's stock worth $20,264,000 after buying an additional 302,397 shares during the period. Assenagon Asset Management S.A. purchased a new position in Farmers National Banc during the first quarter worth about $2,954,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Farmers National Banc during the first quarter valued at about $1,426,000. 38.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Mark Wenick sold 5,000 shares of the business's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $15.97, for a total transaction of $79,850.00. Following the completion of the transaction, the executive vice president directly owned 32,020 shares of the company's stock, valued at approximately $511,359.40. The trade was a 13.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 3.50% of the company's stock.

Farmers National Banc Stock Performance

Shares of FMNB stock opened at $15.15 on Friday. The firm has a 50 day moving average of $15.71 and a two-hundred day moving average of $14.60. The stock has a market capitalization of $897.64 million, a PE ratio of 10.31 and a beta of 0.78. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.12. Farmers National Banc Corp. has a 52 week low of $12.12 and a 52 week high of $16.46.

Farmers National Banc (NASDAQ:FMNB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.41 earnings per share for the quarter, topping analysts' consensus estimates of $0.34 by $0.07. The business had revenue of $70.44 million for the quarter, compared to analyst estimates of $70.10 million. Farmers National Banc had a return on equity of 12.03% and a net margin of 20.52%. On average, research analysts predict that Farmers National Banc Corp. will post 1.68 EPS for the current fiscal year.

Farmers National Banc Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Friday, September 11th were given a $0.18 dividend. The ex-dividend date of this dividend was Friday, September 11th. This represents a $0.72 dividend on an annualized basis and a yield of 4.8%. This is an increase from Farmers National Banc's previous quarterly dividend of $0.17. Farmers National Banc's dividend payout ratio is 48.98%.

Analyst Upgrades and Downgrades

FMNB has been the topic of a number of research analyst reports. Wall Street Zen raised Farmers National Banc from a "hold" rating to a "buy" rating in a research report on Sunday, August 30th. Weiss Ratings upgraded Farmers National Banc from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Farmers National Banc currently has an average rating of "Hold" and a consensus target price of $16.00.

Farmers National Banc Company Profile

Farmers National Banc Corp. NASDAQ: FMNB is a bank holding company headquartered in Canfield, Ohio. The company traces its roots to 1887 and operates primarily through Farmers National Bank, a community banking institution serving businesses, individuals and organizations in northeastern Ohio and western Pennsylvania.

Farmers National Bank provides deposit products, residential and commercial real estate lending, consumer loans, business financing and other traditional banking services.

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