PNC Financial Services Group Reduces Stake in Farmers National Banc Corp.

PNC Financial Services Group Inc. decreased its ownership in Farmers National Banc Corp. (NASDAQ:FMNB – Free Report) by 2.2% during the third quarter, as noted in the company’s latest filing with the Securities and Exchange Commission (SEC). After selling 1,376 shares in this period, PNC now holds 61,054 shares in the bank.

The value of PNC Financial Services Group Inc.’s holdings in Farmers National Banc amounted to approximately $923,000 based on their most recent filing with the SEC.

Other Institutional Investments

In addition to PNC, several other large investors have adjusted their stakes in Farmers National Banc. Los Angeles Capital Management LLC acquired a new position in the bank worth around $311,000 during the third quarter. Furthermore, Farmers Trust Co. increased its stake by 5.0%, now owning 416,520 shares valued at $6,298,000 after purchasing an additional 19,778 shares in the same quarter. Other notable investments include PEAK6 Investments LLC, which invested about $248,000 in the first quarter, and Busey Bank, which bought a position worth around $224,000 in the second quarter. Additionally, SG Americas Securities LLC entered the scene with a new stake valued at approximately $214,000 in the third quarter. Overall, 38.72% of Farmers National Banc’s stock is held by hedge funds and other institutional investors.

Analyst Opinions

Various equity research analysts have provided insights on the stock. On November 21st, Piper Sandler maintained a “neutral” rating and set a price target of $17.00 for Farmers National Banc shares. Meanwhile, StockNews.com upgraded the stock from a “sell” rating to a “hold” rating on November 15th. Currently, three analysts have a hold rating, and one has rated the stock as a buy. According to MarketBeat, Farmers National Banc has an average rating of “Hold” along with an average price target of $16.67.

Insider Transactions

In other news regarding Farmers National Banc, Executive Vice President Timothy F. Shaffer sold 1,799 shares on September 5th. The shares were sold at an average price of $15.00, totaling $26,985. As a result of this transaction, Shaffer now holds 35,282 shares valued at approximately $529,230, which is a decline of 4.85% from his previous holding. This transaction was disclosed in a document filed with the SEC.

Stock Performance Overview

As of Friday, shares of FMNB opened at $15.69. The stock has experienced a 50-day moving average price of $14.84 and a 200-day moving average price of $14.03. Over the past year, Farmers National Banc has seen its shares fluctuate, with a fifty-two-week low of $11.55 and a high of $16.32. The company's market capitalization stands at $589.79 million, with a PE ratio of 12.76 and a beta of 0.83. Financially, Farmers National Banc has a debt-to-equity ratio of 0.20 and both a quick ratio and a current ratio of 0.74.

Earnings Report

Farmers National Banc reported its quarterly earnings on October 23rd, posting an earnings per share (EPS) of $0.23 for the quarter. This was below the analysts' consensus estimate of $0.35, falling short by $0.12. The bank reported revenues of $70.26 million, substantially exceeding the expected $42.90 million. The return on equity for Farmers National Banc was recorded at 11.92%, with a net margin of 17.26%. Analysts are predicting that Farmers National Banc will post an EPS of 1.23 for the current fiscal year.

Dividend Information

Farmers National Banc recently announced a quarterly dividend set to be paid on December 31st. Shareholders of record on December 13th will receive a dividend of $0.17 per share. With an annualized dividend of $0.68, this equates to a dividend yield of 4.33%. Presently, the dividend payout ratio for Farmers National Banc sits at 55.28%.

Company Overview

Farmers National Banc Corp. functions as a bank holding company for The Farmers National Bank of Canfield, which provides an array of services including banking, trust, retirement consulting, insurance, and financial management. Their offerings cover commercial and retail banking services such as checking, savings, and time deposit accounts, alongside loans, mortgages, and other related financial services.

PNC, Farmers, Investment