Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Farmers National Banc Corp. $FMNB

Key Points

• Connor Clark & Lunn Investment Management acquired 78,369 shares of Farmers National Banc in the second quarter, worth approximately $1.14 million. Institutional investors collectively own 38.72% of the company.
• Farmers National Banc exceeded quarterly expectations, reporting $0.41 in EPS versus the $0.34 consensus and $70.44 million in revenue. Analysts maintain a consensus “Hold” rating with a $16 average price target.
• The bank increased its quarterly dividend to $0.18 per share, or $0.72 annualized, representing a 4.6% yield; insiders, meanwhile, reported sales of company shares.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Farmers National Banc Corp. (NASDAQ:FMNB - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 78,369 shares of the bank's stock, valued at approximately $1,144,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.13% of Farmers National Banc at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. BlackRock Inc. increased its position in shares of Farmers National Banc by 13.5% in the second quarter. BlackRock Inc. now owns 4,798,011 shares of the bank's stock valued at $70,051,000 after acquiring an additional 569,057 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings 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 acquiring an additional 302,397 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Farmers National Banc during the first quarter valued at approximately $2,954,000. Marshall Wace LLP acquired a new position in Farmers National Banc during the fourth quarter valued at approximately $2,707,000. Finally, Millennium Management LLC grew its stake in Farmers National Banc by 231.9% in the fourth quarter. Millennium Management LLC now owns 263,553 shares of the bank's stock valued at $3,511,000 after purchasing an additional 184,155 shares in the last quarter. Institutional investors own 38.72% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on FMNB. Wall Street Zen raised Farmers National Banc from a "hold" rating to a "buy" rating in a research report on Sunday. Weiss Ratings raised Farmers National Banc from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Farmers National Banc presently has a consensus rating of "Hold" and an average target price of $16.00.

Farmers National Banc Price Performance

NASDAQ:FMNB opened at $15.68 on Monday. Farmers National Banc Corp. has a 12-month low of $12.12 and a 12-month high of $16.46. The firm has a market capitalization of $929.04 million, a price-to-earnings ratio of 10.67 and a beta of 0.76. The stock's 50 day moving average price is $15.22 and its two-hundred day moving average price is $14.18. 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 (NASDAQ:FMNB - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The bank reported $0.41 EPS for the quarter, topping the consensus estimate of $0.34 by $0.07. The company had revenue of $70.44 million during the quarter, compared to the consensus estimate 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 anticipate that Farmers National Banc Corp. will post 1.68 earnings per share for the current year.

Farmers National Banc Increases Dividend

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

Insiders Place Their Bets

In other Farmers National Banc news, EVP Mark J. Wenick sold 5,000 shares of Farmers National Banc stock in a transaction on Thursday, August 6th. The shares were 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 $511,359.40. The trade was a 13.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael C. Voinovich sold 23,309 shares of the company's stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $14.21, for a total transaction of $331,220.89. The SEC filing for this sale provides additional information. Insiders own 3.50% of the company's stock.

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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