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

PNC Financial Services Group Inc. has decreased its investment in Farmers National Banc Corp. (NASDAQ:FMNB – Free Report) by 2.2% during the third quarter, as indicated in the latest filing made with the Securities and Exchange Commission (SEC). After selling 1,376 shares during this time, PNC now holds a total of 61,054 shares in the bank. The market value of PNC Financial Services Group’s holdings in Farmers National Banc is approximately $923,000.

Other significant investors have recently adjusted their stakes in FMNB as well. For instance, Los Angeles Capital Management LLC acquired a new position valued at around $311,000 in Farmers National Banc during the third quarter. Additionally, Farmers Trust Co. increased its ownership by 5.0% during the same period, now holding 416,520 shares valued at $6,298,000 after purchasing an extra 19,778 shares. In the first quarter, PEAK6 Investments LLC also established a new stake valued at about $248,000. Similarly, Busey Bank and SG Americas Securities LLC took new positions during the second and third quarters, valued at approximately $224,000 and $214,000, respectively. Overall, hedge funds and other institutional investors own around 38.72% of Farmers National Banc's stock.

Analyst Ratings Updates

Several research analysts have recently commented on Farmers National Banc shares. Piper Sandler maintained a “neutral” rating and set a price target of $17.00 in a research note published on November 21st. On November 15th, StockNews.com elevated its rating for Farmers National Banc from “sell” to “hold.” Currently, three analysts have given the stock a hold rating, while one has rated it as a buy. Data from MarketBeat indicates that Farmers National Banc has an average rating of “Hold” and an average price target of $16.67.

Insider Transactions

In other developments regarding Farmers National Banc, Executive Vice President Timothy F. Shaffer sold 1,799 shares of the bank on September 5th. This transaction was completed at an average price of $15.00, totaling $26,985. Following this sale, Shaffer holds approximately 35,282 shares, estimated to be worth about $529,230, which reflects a 4.85% decrease in his holdings. This transaction was also reported in a document that can be found through the SEC's website, and currently, insiders own 4.00% of the stock.

Farmers National Banc Stock Performance

As of Friday, shares of FMNB opened at $15.69. The company has a 50-day moving average of $14.84 and a 200-day average of $14.03. Over the past year, Farmers National Banc Corp. reached a low of $11.55 and a high of $16.32. With a market capitalization of approximately $589.79 million, the stock has a PE ratio of 12.76 and a beta of 0.83. The bank's debt-to-equity ratio stands at 0.20, with both quick and current ratios at 0.74.

Farmers National Banc (NASDAQ:FMNB – Get Free Report) released its quarterly earnings report on October 23rd, stating an EPS of $0.23 for the quarter, which was below the consensus estimate of $0.35 by $0.12. Additionally, the firm reported revenues of $70.26 million compared to expectations of $42.90 million. Farmers National Banc recorded a return on equity of 11.92% and a net margin of 17.26%. Analysts anticipate that the bank will report an EPS of 1.23 for the current fiscal year.

Dividend Announcements

Recently, the bank announced its quarterly dividend, which is scheduled for payment on Tuesday, December 31st. Shareholders who are on record as of Friday, December 13th will receive a dividend of $0.17 per share. The ex-dividend date is also set for Friday, December 13th. This dividend represents an annualized rate of $0.68, yielding 4.33%. Farmers National Banc's current dividend payout ratio is 55.28%.

About Farmers National Banc Corp.

Farmers National Banc Corp. is a bank holding company operating for The Farmers National Bank of Canfield, which provides a range of banking, trust, retirement consulting, insurance, and financial management services. The bank offers various commercial and retail banking products, including checking and savings accounts, loans, credit services, and additional banking functionalities.

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