BlackRock Inc. Acquires 569,057 Shares of Farmers National Banc Corp. $FMNB

Key Points

• BlackRock increased its Farmers National Banc stake by 13.5% in the second quarter, acquiring 569,057 shares and bringing its ownership to 4.80 million shares, or 8.1% of the company. Institutional investors collectively own 38.72% of FMNB.
• Farmers National Banc reported quarterly EPS of $0.41, exceeding the $0.34 analyst consensus, while revenue reached $70.44 million. Analysts maintain a consensus “Hold” rating with a $16.00 price target.
• The bank raised its quarterly dividend from $0.17 to $0.18 per share, equivalent to a $0.72 annualized payout and a 4.6% yield. Shares recently traded at $15.68, within a 12-month range of $12.12 to $16.46.

BlackRock Inc. grew its stake in Farmers National Banc Corp. (NASDAQ:FMNB - Free Report) by 13.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,798,011 shares of the bank's stock after acquiring an additional 569,057 shares during the period. BlackRock Inc. owned 8.10% of Farmers National Banc worth $70,051,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of FMNB. Smithfield Trust Co acquired a new position in shares of Farmers National Banc during the 4th quarter worth approximately $30,000. Godfrey Financial Associates Inc. bought a new position in Farmers National Banc during the fourth quarter worth $37,000. Parallel Advisors LLC increased its holdings in shares of Farmers National Banc by 86.1% in the first quarter. Parallel Advisors LLC now owns 2,784 shares of the bank's stock valued at $37,000 after purchasing an additional 1,288 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Farmers National Banc by 9,065.7% in the third quarter. Russell Investments Group Ltd. now owns 3,208 shares of the bank's stock valued at $46,000 after purchasing an additional 3,173 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its position in shares of Farmers National Banc by 49.0% in the second quarter. Tower Research Capital LLC TRC now owns 4,519 shares of the bank's stock valued at $62,000 after purchasing an additional 1,487 shares during the period. Institutional investors and hedge funds own 38.72% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Wall Street Zen upgraded shares of Farmers National Banc from a "hold" rating to a "buy" rating in a research note on Sunday. Weiss Ratings upgraded shares of 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 given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $16.00.

Insider Buying and Selling at Farmers National Banc

In related news, Director Michael C. Voinovich sold 23,309 shares of the company's stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $14.21, for a total value of $331,220.89. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Mark J. Wenick sold 5,000 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $15.97, for a total transaction of $79,850.00. Following the sale, the executive vice president owned 32,020 shares of the company's stock, valued at approximately $511,359.40. This trade represents a 13.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 3.50% of the company's stock.

Farmers National Banc Stock Performance

Shares of Farmers National Banc stock opened at $15.68 on Monday. 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 12-month low of $12.12 and a 12-month high of $16.46. The company has a market capitalization of $929.04 million, a price-to-earnings ratio of 10.67 and a beta of 0.76. The firm's 50-day moving average price is $15.22 and its two-hundred day moving average price is $14.18.

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

Farmers National Banc Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, September 11th will be paid a $0.18 dividend. This is a positive change from Farmers National Banc's previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend is Friday, September 11th. Farmers National Banc's payout ratio is presently 46.26%.

Farmers National Banc Company Profile

Farmers National Banc Corp. operates as the bank holding company for Farmers National Bank, a community-oriented financial institution headquartered in Ada, Ohio. The company provides a comprehensive suite of banking services through a network of branches serving rural and small-town markets across central Ohio. Its local decision-making model emphasizes personalized customer service and close ties to the communities it serves.

The company's primary business activities include the origination of commercial loans, consumer installment loans, agricultural financing, and residential mortgages.

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