Diversified financial services company Farmers National Banc Corp. (FMNB) recently announced a quarterly dividend of $0.14 per share, an increase of about 27% from the previous dividend of $0.11 per share.
The dividend will be paid on December 31, 2021, to shareholders of record as of December 10, 2021.
The company’s annual dividend of $0.56 per share now reflects a dividend yield of 3% based on Wednesday’s closing price.
Notably, the company has been raising its quarterly dividend consistently over the past six years, making it an attractive choice for investors.
The CEO of Farmers National Banc, Kevin J. Helmick, said, “The 27% increase in our quarterly cash dividend reflects both our strong performance in 2021 along with the successful closing of the Cortland Bancorp. transaction. The increase marks the sixth consecutive year we have increased our dividend payment and reflects our optimism for the future of Farmers.”
Recently, Piper Sandler analyst Scott Siefers reiterated a Buy rating on the stock. The analyst, however, raised the price target from $20 to $22, which implies upside potential of 19.5% from current levels.
Consensus among analysts is a Strong Buy based on 3 unanimous Buys. The average Farmers National Banc price target of $20.67 implies upside potential of 12.3% from current levels.
Farmers National Banc scores a “Perfect 10” from TipRanks’ Smart Score rating system, indicating that the stock is likely to outperform market expectations. Shares have gained 37.4% over the past year.