CANFIELD, Ohio - Farmers National Banc Corp. (NASDAQ:FMNB), the Ohio-based financial services firm, announced on Tuesday that its Board of Directors has approved a quarterly cash dividend of $0.17 per share. Shareholders on record as of December 13, 2024, will be eligible for the dividend, which is scheduled for payment on December 31, 2024.
Established in 1887, Farmers National Banc Corp. has grown into a diversified financial services entity, boasting $5.2 billion in banking assets. The company operates primarily through The Farmers National Bank of Canfield, which provides commercial and retail banking services across various counties in Ohio and Pennsylvania. Additionally, the corporation's wealth management assets under care were reported at $4.0 billion as of September 30, 2024.
The Farmers National Bank of Canfield maintains a network of 62 banking locations, serving a broad regional market that encompasses multiple counties. In parallel, Farmers Trust Company, another wholly-owned subsidiary, extends its reach with five trust offices in the same regions. Moreover, the bank's insurance arm, Farmers National Insurance, LLC, delivers a range of insurance products.
This dividend declaration is a continuation of the company's practice of returning value to its shareholders and reflects its financial position and commitment to its dividend policy. The announcement is based on a press release statement issued by Farmers National Banc Corp.
InvestingPro Insights
Farmers National Banc Corp. (NASDAQ:FMNB) continues to demonstrate its commitment to shareholder value, as evidenced by its recent dividend announcement. This aligns with the company's strong dividend history, which is further highlighted by InvestingPro data.
According to InvestingPro Tips, FMNB has raised its dividend for 8 consecutive years and has maintained dividend payments for an impressive 31 consecutive years. This consistent dividend policy is particularly noteworthy given the company's current dividend yield of 4.32%, based on recent InvestingPro data.
The company's financial health appears robust, with a price-to-earnings ratio of 12.71, suggesting a potentially attractive valuation relative to earnings. Additionally, FMNB's price-to-book ratio of 1.35 indicates that the stock may be trading close to its book value, which could be of interest to value-oriented investors.
It's worth noting that FMNB is currently trading near its 52-week high, with a strong return over the last month. In fact, InvestingPro data shows a 15.05% price total return over the past month and a substantial 30.71% return over the last six months. This recent performance may reflect growing investor confidence in the company's prospects.
While these insights provide valuable context to the dividend announcement, investors should be aware that InvestingPro offers 8 additional tips for FMNB, which could provide a more comprehensive view of the company's financial situation and market position.
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