Option chain shows key data for Farmers & Merchants's stock options at various strike prices and expiration dates. Traders use this information to analyze potential trades and assess market sentiment for Farmers & Merchants.

Farmers & Merchants (OTC:FMCB) Stock, Option Chain

Farmers & Merchants

FARMERS & MERCH BCP

Farmers & Merchants Bancorp is a bank holding company. The bank offers services such as checking accounts, savings accounts, money market accounts, online banking, and other banking services.

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These Were The 50 Best-Performing Companies On The OTCQX Market In 2019

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Farmers & Merchants Bancorp

On November 13, 2020, Farmers &amp; Merchants (OTC:<a class="ticker" href="/stock/FMCB#OTC">FMCB</a>) declared a dividend payable on January 2, 2021 to its shareholders. Farmers &amp; Merchants also announced that shareholders on the company&#39;s books on or before December 9, 2020 are entitled to the dividend. The stock will then go ex-dividend 1 business day(s) before the record date. Farmers &amp; Merchants has an ex-dividend date set for for December 8, 2020. The company&#39;s current dividend payout is $7.5, which equates to a dividend yield of 2.1% at current price levels.
<h2>Understanding Ex-Dividend Dates&#39;</h2>
Ex-dividend dates are when company shares stop trading with their current dividend payouts in preparation for those companies to announce new ones. Usually, a company&#39;s ex-dividend date falls one business day before its record date. Investors should keep this in mind when purchasing stocks because buying them on or after ex-dividend dates does not qualify them to receive the declared payment. Newly declared dividends go to shareholders who have owned that stock before the ex-dividend date. Typically, companies will announce and implement new dividend yields on a quarterly basis.
<h2>Understanding Farmers &amp; Merchants&#39;s Dividend Payouts And Yields</h2>
Over the past year, Farmers &amp; Merchants has experienced an overall upward trend regarding its dividend payouts and yields. Last year on November 30, 2018 the company&#39;s payout was $7.0, which has since grown by $0.5. Similarly, Farmers &amp; Merchants&#39;s dividend yield in last year was 1.98%, which has since grown by 0.12%. 
Companies use dividend yields in different strategic ways. Some companies may opt to not give yields altogether to reinvest in themselves. Other companies may opt to increase or decrease their yield amounts to control how their shares circulate throughout the stock market.
To read more about Farmers &amp; Merchants <a href="https://www.benzinga.com/stock/fmcb/">click here</a>.

Understanding Farmers & Merchants's Ex-Dividend Date

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In the world of dividend stocks, the <a href="https://www.suredividend.com/dividend-aristocrats-list/">Dividend Aristocrats</a> are likely the most well-known group of high-quality dividend growth stocks. There is good reason for this, as the Dividend Aristocrats have increased their dividends for 25+ consecutive years.
However, there is a group that is even more remarkable, that has at least 50 years of consecutive dividend increases. This select group of stocks is known as the Dividend Kings and today, there are only 26 companies that make the list.
Their business models have stood the test of time and they have been able to increase their payouts in all sorts of economic conditions over the past five decades. Given this, the Dividend Kings are a good starting point for investors looking to find high-quality dividend growth stocks to hold for the long run. The following three dividend stocks are all industry-leading companies, and all are on the list of Dividend Kings.
<h3>1. Genuine Parts Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gpc#NYSE">GPC</a>)</h3>
Genuine Parts Company was founded in 1928. Since then, it has grown into an automotive wholesale and retail conglomerate. Its core business is its flagship NAPA brand, but also sells electrical materials and office products. The company has more than 3,000 locations worldwide. Its current market capitalization is just over $14 billion and it produces almost $20 billion in annual revenue.
Genuine Parts reported <a href="http://genuineparts.investorroom.com/2019-07-18-Genuine-Parts-Company-Reports-Sales-And-Earnings-For-The-Second-Quarter-Ended-June-30-2019">Q2 earnings</a> on 7/18/19 and results came in below expectations, and the company also cut full-year guidance. Still, revenue hit a new record at $4.9 billion, up 2.3% year-over-year. Comparable sales rose 1.6% while acquisitions added 2.7%, partially offset by a 1.5% headwind from foreign exchange.
Gross margins expanded, but higher operating expenses led to lower operating margins. Net income was $1.57 per share on an adjusted basis, while management cut guidance to $5.65 to $5.75 for full-year earnings-per-share. Still, 2019 is expected to be another profitable year of modest growth for the company.
Despite the very impressive dividend increase streak, which stands at 62 years, Genuine Parts&rsquo; payout ratio is still right around half of its earnings. This means that not only is there still ample room for continued growth, but during the next recession, the payout should still be safe. Indeed, during the height of the Great Recession, Genuine Parts&rsquo; payout ratio peaked at 63%. That&rsquo;s still very reasonable and speaks to the safety of the dividend payout, which is afforded by the company&rsquo;s steady and predictable earnings. The dividend yield is also in excess of 3% today.
<h3>2. Emerson Electric (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/emr#NYSE">EMR</a>)</h3>
Emerson Electric traces its roots all the way back to 1890. In the nearly 130 years since then, it has grown into a global leader in engineering and technology. The company generates almost $19 billion in annual revenue and has a market capitalization of $40 billion.
Emerson released <a href="https://www.emerson.com/en-us/news/corporate/emerson-q219-earnings-results">Q2 earnings</a> on 5/7/19 and the results were in-line with expectations. Revenue rose 8% as organic sales were up 4%, while acquisitions and foreign exchange netted out at a positive 4%. Emerson saw strength in air conditioning and tool products during the quarter.
Gross margins declined somewhat against the year-ago period, while higher expenses led to cost pressures and tariffs weighed on operating margins. However, management is confident operating margins will improve in the back half of the year. Emerson reduced the high end of its guidance for earnings-per-share this year, and our estimate stands at $3.65 for 2019.
Emerson has increased its dividend for 61 years and along with Genuine Parts, has one of the longest streaks of annual dividend increases available in the stock market. Like Genuine Parts, Emerson&rsquo;s payout ratio is just over 50% of earnings this year, meaning Emerson has plenty of room to continue raising the payout in the years to come.
Safety is obviously a concern for investors looking to hold stocks for the long-term, and Emerson scores high marks there as well. The payout ratio never rose above 58% during the Great Recession, and it hasn&rsquo;t been higher than 77% in the years since. We see Emerson&rsquo;s 3% yield as attractive given its very long dividend increase streak, low payout ratio, and growth prospects for the long run.
<h3>3. Farmers &amp; Merchants Bancorp (OTC: <a class="ticker" href="https://www.benzinga.com/stock/fmcb#OTC">FMCB</a>)</h3>
The final stock on our list is Farmers &amp; Merchants Bancorp, a small community bank in Southern California. The bank was founded in 1916 and currently operates 32 locations in California. The company generates roughly $180 million in annual revenue and trades with a current market capitalization of just over $600 million, making it one of the smallest Dividend Kings today.
However, while Farmers &amp; Merchants is a small-cap stock, the company is highly profitable, with a long history of steady growth. Farmers &amp; Merchants reported <a href="https://www.sec.gov/Archives/edgar/data/1085913/000114036119008877/form10q.htm">Q1 earnings</a> on 5/1/19 and results were very strong. Earnings grew 36% against the year-ago period thanks to a variety of factors. Net interest income rose 18% as net interest margin performed extremely well, rising from 4.12% to 4.40% year-over-year. Farmers &amp; Merchants&rsquo; margins are outstanding and help it produce robust earnings over time. Total assets rose 11% as loans were up nearly 15% in Q1 thanks to recent acquisition activity.
The company has increased its dividend for 54 consecutive years and for a bank, which is generally quite cyclical, that feat is highly impressive. The current payout ratio is just 20% of earnings, meaning that Farmers &amp; Merchants&rsquo; dividend is not only ultra-safe, but has plenty of room to continue to grow in the coming years.
Farmers &amp; Merchants&rsquo; yield is significantly lower than the other two stocks in this list at just 1.8%. However, for investors looking for exposure to a financial dividend stock to hold for the long run, this stock may fit the bill due to its outstanding dividend record. Farmers &amp; Merchants increased its dividend in each of the past five consecutive quarters.
<h3>Final Thoughts</h3>
Investors looking to buy and hold dividend stocks for the long run would do well to start with the list of Dividend Kings. These stocks have demonstrated staying power through all kinds of economic conditions and have the best chance of continuing their impressive runs of dividend increases over time.
We&rsquo;ve highlighted three that should have staying power for long-term investors, and they all have yields that are at or above the broader market. For investors looking for long-term income, these three Dividend Kings are a great starting point.
The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Cannabis investors looking for a way to track the emerging industry just got another tool in their toolbox. OTC Markets Group announced earlier this month the creation of the OTCQX Cannabis Index, a new benchmark for cannabis companies trading on the OTCQX Best Market. This marks the<a href="https://www.benzinga.com/markets/cannabis/19/02/13168160/6-indexes-that-can-help-you-track-the-otc-markets"> ninth index created to track securities</a> that trade on OTC Markets.
As of May 31, 2019, roughly 56 cannabis-related securities trade on OTC Markets Group&#39;s premium OTCQX Market. The OTCQX Cannabis Index includes 30 of these securities, and is rebalanced on a quarterly basis. Companies are required to have operations in the cannabis space and meet a minimum liquidity screen in order to be included.
&quot;The exponential growth in publicly-traded cannabis securities underscores the willingness of these companies to start providing efficient trading and enhanced disclosure for investors,&quot; said Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group. &quot;The OTCQX Cannabis Index provides another tool for the investing public to better identify, measure and track the performance of the most popular companies in this new, global industry as it progresses over time.&quot;
<h3>Current constituents comprising the OTCQX Cannabis Index:</h3>
<ul>
<li>AusCann Group Holdings Ltd. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/acnnf#OTCQX">ACNNF</a>)</li>
<li>Aleafia Health Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/aleaf#OTCQX">ALEAF</a>)</li>
<li>Beleave Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/blevf#OTCQX">BLEVF</a>)</li>
<li>Auxly Cannabis Group Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/cbwtf#OTCQX">CBWTF</a>)</li>
<li>Cannex Capital Holdings Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/cnxxf#OTCQX">CNXXF</a>)</li>
<li>Cresco Labs Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/crlbf#OTCQX">CRLBF</a>)</li>
<li>Curaleaf Holdings Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/curlf#OTCQX">CURLF</a>)</li>
<li>Charlotte&#39;s Web Holdings Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/cwbhf#OTCQX">CWBHF</a>)</li>
<li>Elixinol Global Ltd. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ellxf#OTCQX">ELLXF</a>)</li>
<li>Emerald Health Therapeutics Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/emhtf#OTCQX">EMHTF</a>)</li>
<li>Harvest One Cannabis Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/hrvof#OTCQX">HRVOF</a>)</li>
<li>Harvest Health &amp; Recreation Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/hrvsf#OTCQX">HRVSF</a>)</li>
<li>InMed Pharmaceuticals Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/imlff#OTCQX">IMLFF</a>)</li>
<li>IAnthus Capital Holdings Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ithuf#OTCQX">ITHUF</a>)</li>
<li>Invictus MD Strategis Corp. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ivitf#OTCQX">IVITF</a>)</li>
<li>James E Wagner Cultivation Corp. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/jwcaf#OTCQX">JWCAF</a>)</li>
<li>Lifestyle Delivery Systems, Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ldsyf#OTCQX">LDSYF</a>)</li>
<li>Liberty Health Sciences Inc (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/lhsif#OTCQX">LHSIF</a>)</li>
<li>MedMen Enterprises Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/mmnff#OTCQX">MMNFF</a>)</li>
<li>Indiva Ltd. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ndvaf#OTCQX">NDVAF</a>)</li>
<li>Organigram Holdings Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ogi#OTCQX">OGI</a>)</li>
<li>CannaRoyalty Corp. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/orhof#OTCQX">ORHOF</a>)</li>
<li>The Supreme Cannabis Company, Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/sprwf#OTCQX">SPRWF</a>)</li>
<li>1933 Industries Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/tgiff#OTCQX">TGIFF</a>)</li>
<li>Green Organic Dutchman Holdings Ltd. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/tgodf#OTCQX">TGODF</a>)</li>
<li>THC BioMed International Ltd. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/thcbf#OTCQX">THCBF</a>)</li>
<li>True Leaf Medicine International Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/trlff#OTCQX">TRLFF</a>)</li>
<li>Terra Tech Corp. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/trtc#OTCQX">TRTC</a>)</li>
<li>Vivo Cannabis Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/vvcif#OTCQX">VVCIF</a>)</li>
<li>WeedMD Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/wddmf#OTCQX">WDDMF</a>)</li>
</ul>
<img alt="capture_620.png" src="https://www.benzinga.com/files/u91860/capture_620.png" style="height:360px; width:600px" />
 Image: OTC Markets; Data as of June 26, 2019
<h3>The Best-Performing Names On Other OTC Market Indices</h3>
Two of OTC Markets&rsquo; most popular indices, the OTCQX Billion+ Index and OTCQX Banks Index, saw a number of strong performers last month.
Of the $1 billion-plus market cap companies on OTCQX, The Grayscale Bitcoin Trust (BTC) (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/gbtc#OTCQX">GBTC</a>) was the top performer in May, rising 62%. That was followed by Air Canada&rsquo;s (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/acdvf#OTCQX">ACDVF</a>) 20% gain and adidas AG&rsquo;s (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTCQX">ADDYY</a>) 13% gain. Endeavour Mining Corporation (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/edvmf#OTCQX">EDVMF</a>) and Artis Real Estate Investment Trust (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/aresf#OTCQX">ARESF</a>) rounded out the top five, rising 13% and 12% respectively.
On the OTCQX Banks Index, which consists primarily of community banks, the top performer in May was Commercial National Financial Corp. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/cnaf#OTCQX">CNAF</a>), which rose 7% in the month. Shares of Farmers &amp; Merchants Bancorp (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/fmcb#OTCQX">FMCB</a>) increased 6% in May, while Victory Bancorp Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/vtyb#OTCQX">VTYB</a>), Coastal Carolina Bancshares Inc (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ccnb#OTCQX">CCNB</a>), and Peoples Financial Corp. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/pfbx#OTCQX">PFBX</a>) all rose 5%.
OTC Markets is a content partner of Benzinga
&nbsp;

There's A New Cannabis Index To Help Investors Measure The Industry

Dividend growth investors have probably heard of Dividend Aristocrats, a group of 53 stocks in the S&amp;P 500 Index that have raised their dividends for 25&nbsp;or more years in a row.
But investors might not be as familiar with the <a href="https://www.suredividend.com/dividend-kings/" style="color:#0563c1; text-decoration:underline">Dividend Kings</a>, an even more exclusive list of stocks that have increased their dividends for 50&nbsp;consecutive years.
Getting onto the list of Dividend Kings is no small feat &mdash; it requires a company to have a business model that can stand the test of time. During the Great Recession of 2007-2009, many companies froze their dividends, as they could not continue to raise their payouts on an annual basis when profits fell. Many other companies cut their dividends or eliminated them entirely during the recession, a hazard of operating a highly-cyclical business model.
In addition, a company needs to generate profits consistently to not only pay dividends each year, but also raise their payouts once per year. This consistent earnings and dividend growth must be maintained, whether the economy is growing or is in recession.
Dividend growth stocks help investors generate returns, no matter what the broader market is doing. When stocks are declining, such as during a recession, dividends help cushion investors&rsquo; portfolios. When stocks are going up, such as the nearly 10-year bull run since the Great Recession ended, dividends provide the cherry-on-top of rising stock prices.
That said, investors might notice that the list&nbsp;does not include extreme-high yielders. None of the Dividend Kings have current dividend yields above 4 percent. The lesson&nbsp;here is that while it can be tempted to invest solely in stocks with high dividend yields, it is often wise. Dividend growth stocks with lower yields today&nbsp;can be better investments over the long-term, if they have the ability to raise their dividends consistently each year.
<h3>What Stocks Make The Cut</h3>
Unlike the Dividend Aristocrats, the Dividend Kings don&rsquo;t necessarily need to be in the S&amp;P 500 Index. In fact, many are not in. A number of Dividend Kings are small-caps, with market capitalizations of $2 billion or less.
There are 25 in all. Seven come from the industrials sector&nbsp;and another six are from the consumer staples sector.&nbsp;Also included are five utility stocks, two stocks from the consumer cyclical and financial sectors, and one stock apiece from basic materials, healthcare, and real estate.
Interestingly, there are no technology stocks on the list of Dividend Kings, despite the fact that the technology is currently the largest sector component of the S&amp;P 500 Index. This shouldn&#39;t come as a surprise, since many tech stocks like Facebook, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fb#NASDAQ">FB</a>) and Amazon.com, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>) do not pay dividends. Even tech stocks that do pay dividends, such as Apple Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>), have relatively short histories of making payouts to shareholders.
The full list of the Dividend Kings is as follows:
<ul>
<li>Stepan Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/scl#NYSE">SCL</a>)</li>
<li>Genuine Parts Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gpc#NYSE">GPC</a>)</li>
<li>Lowe&#39;s Companies, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/low#NYSE">LOW</a>)</li>
<li>Colgate-Palmolive Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cl#NYSE">CL</a>)</li>
<li>Hormel Foods Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hrl#NYSE">HRL</a>)</li>
<li>The Coca-Cola Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ko#NYSE">KO</a>)</li>
<li>Lancaster Colony Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lanc#NASDAQ">LANC</a>)</li>
<li>Procter &amp; Gamble Procter &amp; Gamble Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pg#NYSE">PG</a>)</li>
<li>Tootsie Roll Industries, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tr#NYSE">TR</a>)</li>
<li>Cincinnati Financial Cincinnati Financial Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cinf#NASDAQ">CINF</a>)</li>
<li>Farmers &amp; Merchants Bancorp (OTC: <a class="ticker" href="https://www.benzinga.com/stock/fmcb#OTC">FMCB</a>)</li>
<li>Johnson &amp; Johnson (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jnj#NYSE">JNJ</a>)</li>
<li>ABM Industries, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/abm#NYSE">ABM</a>)</li>
<li>Dover Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dov#NYSE">DOV</a>)</li>
<li>Emerson Electric Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/emr#NYSE">EMR</a>)</li>
<li>3M Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mmm#NYSE">MMM</a>)</li>
<li>Nordson Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ndsn#NASDAQ">NDSN</a>)</li>
<li>Parker-Hannifin Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ph#NYSE">PH</a>)</li>
<li>Stanley Black &amp; Decker, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/swk#NYSE">SWK</a>)</li>
<li>Federal Realty Investment Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/frt#NYSE">FRT</a>)</li>
<li>American States Water Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/awr#NYSE">AWR</a>)</li>
<li>California Water Service Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cwt#NYSE">CWT</a>)</li>
<li>Northwest Natural Gas Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nwn#NYSE">NWN</a>)</li>
<li>SJW Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sjw#NYSE">SJW</a>)</li>
<li>Vectren Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vvc#NYSE">VVC</a>)</li>
</ul>
<h3>Final Thoughts</h3>
There are a number of good reasons to consider investing in high-quality dividend growth stocks. But investors should not simply assume that all the Dividend Kings are worthy of investment.
As always, investors should weigh the pros and cons of any investment and perform thorough due diligence before buying individual stocks. For investors interested in buying individual dividend stocks, the ones with the longest histories of dividend growth could offer greater safety and stability through various economic environments.
Disclosure:&nbsp;The author&nbsp;am not long any of the stocks mentioned in this article.
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What It Takes To Be A Dividend King

Farmers & Merchants Bancorp: A Quality Play At A Reasonable Valuation

Farmers & Merchants Bancorp GAAP EPS of $29.39, revenue of $55.55M

Farmers & Merchants Bancorp (FMCB​​​​​​​) is a Dividend King with a solid yield, consistent dividend growth, and high expected returns in the coming years. It is a locally-owned and operated community bank with 32 locations in California.

Buy & Hold Forever: Farmers & Merchants Bancorp

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Generally speaking, small-cap stocks have market capitalizations below $2 billion. They tend to have stronger growth potential over the long run when compared to bigger companies in their respective industries.



As a result, dividend growth investors looking for long-term income might want to take a closer look at small-cap stocks.



These three <a href="https://www.suredividend.com/highest-yielding-small-caps/">small-cap stocks</a> have dividend yields above the market average, as well as long-term dividend growth potential.



<h2>Farmers &amp; Merchants Bancorp (FMCB)</h2>



Farmers &amp; Merchants Bancorp (NASDAQ: <a href="https://investorplace.com/stock-quotes/fmcb-stock-quote/">FMCB</a>) is a locally owned and operated community bank with 32 locations in California. Due to its small market cap of approximately $700 million and its low liquidity, it passes under the radar of most investors. Nevertheless, F&amp;M Bank, as it&rsquo;s often called, has paid uninterrupted dividends for 89 consecutive years.



The company is conservatively managed and, until eight years ago, had not made an acquisition since 1985. However, in the last eight years, it has begun to pursue growth more aggressively. It acquired Delta National Bancorp in 2016 and increased its locations by four. In late 2018, it acquired Bank of Rio Vista, which has helped F&amp;M Bank to further expand in the San Francisco East Bay area.



<a href="https://www.fmbankva.com/fm-bank-corp-reports-second-quarter-2024-earnings-and-quarterly-dividend/#:~:text=Net%20income%20for%20second%20quarter,months%20ended%20June%2030%2C%202024.">Second quarter financial results</a> reported in mid-July showed the bank grew its adjusted earnings per share 5% over the prior year&rsquo;s quarter, from $28.03 to $29.39. It posted 5% growth of loans and flat deposits. Net interest income dipped 3%. This was due to a contraction of net interest margin, from 4.28% to 3.91%, amid higher deposit costs. Management remains optimistic for the future, as the bank enjoys one of the widest net interest margins in its sector.



F&amp;M Bank is a prudently managed bank and has always targeted a conservative capital ratio. The bank currently has a total capital ratio of 14.6%, which results in the highest regulatory classification of &ldquo;well capitalized.&rdquo;



Moreover, its credit quality remains exceptionally strong, as there are extremely few non-performing loans and leases in its portfolio. The conservative management results in lower leverage and thus slower growth than leveraged banks during boom times. At the same time, this approach protects the company from recessions, including the one resulting from the pandemic.



With the Fed raising interest rates since 2022 and the bank only recently pursuing growth more aggressively, we expect 5.0% annual EPS growth over the next five years. A contributor to growth will be the new branch in Oakland, which opened in the fourth quarter of 2021. FMCB has increased its dividend for 59 consecutive years, making it one of these small-cap stocks that&rsquo;s also a <a href="https://investorplace.com/2024/07/3-safe-dividend-kings-to-recession-proof-your-portfolio/">dividend king</a>.



<h2>Gorman-Rupp (GRC)</h2>



Gorman-Rupp (NYSE:<a href="https://investorplace.com/stock-quotes/grc-stock-quote/">GRC</a>) began manufacturing pumps and pumping systems back in 1933. Since that time, it has grown into an industry leader with annual sales of nearly $700 million and a market capitalization of approximately $980 million.



Today, Gorman-Rupp is a focused, niche manufacturer of critical systems that many industrial clients rely upon for their own success. Gorman Rupp generates about one-third of its total revenue from outside of the U.S.



Second quarter <a href="https://www.gormanrupp.com/news/dividends-0-0-2-0-0">earnings</a> posted in July reported that revenue of $169.5 million declined about 1% year-over-year. The decline in sales was due to a decline in volume, partially offset by the impact of pricing increases taken in the first quarter.



Gross profit was $54 million, resulting in gross margin of 31.9% of revenue. These are improvements over $51.7 million and 30.2%, respectively, from the same quarter a year ago. The gross margin increase was due to a 280-basis point improvement in the cost of material, most of which was from higher selling prices. Adjusted EBITDA was $35 million, or 20.8% of sales, up from $33.7 million and 19.7%, respectively, a year ago.



As the company makes products for industrial and municipal clients, its revenue can swing from one year to another. Margins have been stable over the past decade. We are forecasting 7% earnings per share growth going forward. The company can achieve this result mostly through high single-digit sales growth. Given the company&rsquo;s robust backlog of uncompleted work, we see revenue growth continuing for the near term.



The company also has one of the most impressive dividend increase streaks in the market, which currently stands at 51 years. That makes Gorman-Rupp another of our small-cap stocks that&rsquo;s a member of the dividend kings. GRC stock currently yields 1.9%.



<h2>Atrion Corporation (ATRI)</h2>



Atrion Corporation (NASDAQ: <a href="https://investorplace.com/stock-quotes/atri-stock-quote/">ATRI</a>) develops and manufactures products for medical applications. The company&rsquo;s medical products are used in several fields, including cardiovascular, fluid delivery and ophthalmic applications. The company&rsquo;s fluid delivery products contribute to a significant portion of the company&rsquo;s revenue and nearly half of net revenues.



Cardiovascular products such as its Myocardial Protection System (MPS) form just over one-third of annual sales. The remainder is composed of ophthalmic products including medical devices that disinfect contact lenses.



In early August, the company reported second-quarter <a href="https://s3.amazonaws.com/b2icontent.irpass.cc/611/rl136750.pdf">results</a>. Revenue of $48.8 million increased 11% from the same quarter last year. MPS console sales rose 22% and MPS disposables sales were up 21% year-over-year.



With production of MPS consoles at record levels and new partnerships underway, Atrion anticipates improved operating income in the back half of the year.



Atrion remained debt-free as of the end of the second quarter, with cash and investments amounting to $23 million on the balance sheet. ATRI has a strong balance sheet which boosts its dividend growth prospects.



Solid cash generation is reflected in the company&rsquo;s dividend growth over the years. Its five-year average payout ratio stands at 30.4%, and the company has increased dividends at a compound annual growth rate of 48.6% during this time. ATRI has consistently increased its dividend payment to shareholders for 21 years and currently yields 1.9%.



On the date of publication, Bob Ciura&nbsp;did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the&nbsp;InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines</a>.



On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
<div>Bob Ciura has worked at <a href="https://twitter.com/SureDividend">Sure Dividend</a> since 2016. He oversees all content for Sure Dividend and its partner sites. Prior to joining Sure Dividend, Bob was an independent equity analyst. His articles have been published on major financial websites such as The Motley Fool, Seeking Alpha, Business Insider and more. Bob received a bachelor&rsquo;s degree in Finance from DePaul University and an MBA with a concentration in investments from the University of Notre Dame.</div><h3>More From InvestorPlace</h3>
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									</ul>The post <a href="https://investorplace.com/2024/08/smaller-but-mighty-3-small-cap-stocks-for-long-term-dividend-growth/">Smaller But Mighty: 3 Small-Cap Stocks for Long-Term Dividend Growth</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

Smaller But Mighty: 3 Small-Cap Stocks for Long-Term Dividend Growth

Farmers & Merchants Bancorp: Historically Cheap For The Long-Term Investor

Farmers & Merchants Bancorp ( ($FMCB) ) has shared an update. Farmers & Merchants Bancorp is preparing for an upcoming transition as Executive Vice...

Farmers & Merchants Bancorp Announces Executive Succession Plan

Farmers & Merchants Bancorp authorizes $55M share repurchase program

Farmers & Merchants Bancorp ( ($FMCB) ) just unveiled an announcement. Farmers & Merchants Bancorp has launched a new $55 million share repurchase ...

Farmers & Merchants Bancorp Announces New Share Buyback Program

Farmers &amp; Merchants Bancorp GAAP EPS of $29.96, revenue of $58.27M

Farmers & Merchants Bancorp: Exceptional Performance, Big Dividend Growth

ATRI

FCBC

MBWM

Earnings

Press Releases

Farmers & Merchants Bancorp (FMCB) Reports Record Year-End 2023 Financial Results

Farmers & Merchants Bancorp (FMCB) Reports Strong First Quarter 2024 Earnings

Farmers & Merchants Bank of Central California (FMCB) ranked #4 Best-Performing Community Bank in the United States for 2023

Farmers & Merchants Bancorp (FMCB) ranked #6 on Forbes Magazine's List of "America's Best Banks" for 2023

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