Zacks Investment Research upgraded shares of Farmers & Merchants Bancorp Inc. (NASDAQ:FMAO) from a hold rating to a buy rating in a research report sent to investors on Thursday morning. Zacks Investment Research currently has $90.00 target price on the financial services provider’s stock.

According to Zacks, “Farmers & Merchants Bancorp, Inc. is the holding company for The Farmers & Merchants State Bank which operates as a locally owned and operated community bank serving Northwest Ohio and Northeast Indiana. The bank provides commercial banking, retail banking and other financial services through its 19 offices with locations in Fulton, Defiance, Henry, Williams, and Wood counties in Northwest Ohio. In Northeast Indiana they have offices located in DeKalb and Steuben counties. Farmers & Merchants Bancorp, Inc. is based in Archbold, Ohio. “

Separately, ValuEngine raised shares of Farmers & Merchants Bancorp from a hold rating to a buy rating in a research note on Friday, June 2nd.

Shares of Farmers & Merchants Bancorp (FMAO) opened at 81.98 on Thursday. The firm has a market cap of $375.22 million, a price-to-earnings ratio of 30.85 and a beta of 0.04. Farmers & Merchants Bancorp has a 12 month low of $30.00 and a 12 month high of $83.43. The firm has a 50-day moving average of $61.78 and a 200-day moving average of $52.43. Farmers & Merchants Bancorp shares are going to split on Thursday, September 21st. The 2-1 split was announced on Friday, August 18th. The newly issued shares will be payable to shareholders after the closing bell on Wednesday, September 20th.

Farmers & Merchants Bancorp (NASDAQ:FMAO) last announced its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.06. Farmers & Merchants Bancorp had a net margin of 24.37% and a return on equity of 9.60%. The company had revenue of $11.64 million during the quarter, compared to analysts’ expectations of $11.49 million. On average, analysts anticipate that Farmers & Merchants Bancorp will post $2.70 EPS for the current year.

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In other news, Director Steven Everhart sold 1,000 shares of the firm’s stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $54.00, for a total value of $54,000.00. Following the completion of the sale, the director now directly owns 10,998 shares of the company’s stock, valued at approximately $593,892. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director K. Brad Stamm sold 625 shares of the firm’s stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $81.00, for a total transaction of $50,625.00. Following the completion of the sale, the director now directly owns 80,468 shares of the company’s stock, valued at $6,517,908. The disclosure for this sale can be found here. Corporate insiders own 5.03% of the company’s stock.

Several institutional investors have recently modified their holdings of FMAO. Nationwide Fund Advisors bought a new position in shares of Farmers & Merchants Bancorp in the 2nd quarter worth about $139,000. Advisor Group Inc. bought a new stake in Farmers & Merchants Bancorp during the 2nd quarter valued at about $206,000. Rhumbline Advisers bought a new stake in Farmers & Merchants Bancorp during the 2nd quarter valued at about $296,000. New York State Common Retirement Fund bought a new stake in Farmers & Merchants Bancorp during the 2nd quarter valued at about $298,000. Finally, Vanguard Group Inc. bought a new stake in Farmers & Merchants Bancorp during the 2nd quarter valued at about $432,000. Institutional investors own 7.77% of the company’s stock.

About Farmers & Merchants Bancorp

Farmers & Merchants Bancorp, Inc is a bank holding company. The Company’s primary subsidiary, The Farmers & Merchants State Bank (the Bank), is a community bank operating in Northwest Ohio and Northeast Indiana. The Company’s other subsidiary, Farmers & Merchants Risk Management (Captive), is a captive insurance company.

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