Farmers & Merchants (FMAO) Dividend Hike Fails to Drive Stock Posted byZacks Equity Research December 23, 2021 Leave a comment on Farmers & Merchants (FMAO) Dividend Hike Fails to Drive Stock Farmers & Merchants’ (FMAO) quarterly dividend hike, along with inorganic expansion efforts and share buyback program, will continue to enhance shareholder value.