State Street Corp Purchases 746,719 Shares of Farmers National Banc Corp. $FMNB

Key Points

• State Street increased its Farmers National Banc stake by 60.1%, purchasing 746,719 shares to bring its holdings to nearly 2 million shares, or 3.36% of the company. Institutional investors collectively own 38.72% of FMNB.
• Farmers National Banc exceeded quarterly earnings expectations, reporting $0.41 EPS versus the $0.34 consensus and $70.44 million in revenue. Analysts expect full-year EPS of $1.68.
• The bank raised its quarterly dividend to $0.18 per share, equivalent to $0.72 annually and a 4.7% yield. Despite some improved ratings, analysts maintain a consensus “Hold” rating with a $16 price target.

State Street Corp lifted its position in shares of Farmers National Banc Corp. (NASDAQ:FMNB - Free Report) by 60.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,989,971 shares of the bank's stock after buying an additional 746,719 shares during the quarter. State Street Corp owned about 3.36% of Farmers National Banc worth $29,054,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. raised its position in shares of Farmers National Banc by 13.5% in the 2nd 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 in the last quarter. Dimensional Fund Advisors LP lifted its stake in Farmers National Banc by 24.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,539,834 shares of the bank's stock valued at $20,264,000 after buying an additional 302,397 shares during the period. The Manufacturers Life Insurance Company bought a new position in shares of Farmers National Banc during the 2nd quarter worth approximately $6,827,000. Citadel Advisors LLC lifted its position in shares of Farmers National Banc by 39.5% during the 2nd quarter. Citadel Advisors LLC now owns 423,186 shares of the bank's stock valued at $6,179,000 after acquiring an additional 119,805 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Farmers National Banc by 7.6% during the second quarter. Bank of New York Mellon Corp now owns 363,447 shares of the bank's stock worth $5,306,000 after acquiring an additional 25,518 shares in the last quarter. Institutional investors and hedge funds own 38.72% of the company's stock.

Farmers National Banc Stock Performance

Shares of FMNB opened at $15.34 on Friday. The firm has a market capitalization of $908.89 million, a P/E ratio of 10.44 and a beta of 0.76. Farmers National Banc Corp. has a 52 week low of $12.12 and a 52 week high of $16.46. The stock has a 50 day moving average price of $15.66 and a two-hundred day moving average price of $14.50. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.79 and a current ratio of 0.79.

Farmers National Banc (NASDAQ:FMNB - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The bank reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.07. Farmers National Banc had a return on equity of 12.03% and a net margin of 20.52%.The company had revenue of $70.44 million for the quarter, compared to analysts' expectations of $70.10 million. Equities 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 business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, September 11th will be issued a $0.18 dividend. This is an increase from Farmers National Banc's previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.7%. Farmers National Banc's payout ratio is presently 48.98%.

Analyst Ratings Changes

A number of brokerages recently commented on FMNB. 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 raised Farmers National Banc from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $16.00.

Insiders Place Their Bets

In other Farmers National Banc news, EVP Mark Wenick sold 5,000 shares of Farmers National Banc stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $15.97, for a total value 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. The trade was a 13.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 3.50% of the company's stock.

Farmers National Banc 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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