ACNB (NASDAQ:ACNB) Sets New 12-Month High – Here’s Why

ACNB Corporation (NASDAQ:ACNB) reached a new 52-week high during trading on Thursday . The stock traded as high as $61.86 and last traded at $61.82, with a volume of 31536 shares trading hands. The stock had previously closed at $60.32.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Piper Sandler raised their price target on shares of ACNB from $58.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Weiss Ratings raised shares of ACNB from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, April 24th. Wall Street Zen lowered shares of ACNB from a “buy” rating to a “hold” rating in a research note on Sunday, April 12th. Finally, Hovde Group cut shares of ACNB from an “outperform” rating to a “market perform” rating and boosted their price target for the stock from $56.00 to $57.00 in a research report on Wednesday, May 27th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, ACNB presently has a consensus rating of “Hold” and a consensus target price of $61.00.

ACNB Trading Up 2.6%

The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a fifty day moving average price of $56.32 and a 200 day moving average price of $51.99. The company has a market cap of $632.01 million, a price-to-earnings ratio of 12.62 and a beta of 0.87.

ACNB (NASDAQ:ACNB) last issued its earnings results on Thursday, April 23rd. The bank reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.06. ACNB had a net margin of 25.66% and a return on equity of 13.15%. The business had revenue of $40.79 million for the quarter, compared to the consensus estimate of $41.07 million. As a group, equities analysts predict that ACNB Corporation will post 5.49 EPS for the current fiscal year.

ACNB Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a dividend of $0.42 per share. The ex-dividend date was Monday, June 1st. This represents a $1.68 annualized dividend and a dividend yield of 2.7%. This is a boost from ACNB’s previous quarterly dividend of $0.38. ACNB’s dividend payout ratio (DPR) is presently 34.36%.

Institutional Investors Weigh In On ACNB

Hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets lifted its stake in ACNB by 56.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,036 shares of the bank’s stock valued at $44,000 after purchasing an additional 374 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in ACNB in the third quarter valued at approximately $45,000. First United Bank & Trust bought a new stake in ACNB in the first quarter valued at approximately $47,000. Cassaday & Co Wealth Management LLC acquired a new stake in shares of ACNB in the first quarter valued at approximately $71,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of ACNB by 98.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,727 shares of the bank’s stock worth $74,000 after acquiring an additional 856 shares during the period. 32.35% of the stock is currently owned by institutional investors and hedge funds.

ACNB Company Profile

ACNB Corporation is the bank holding company for ACNB Bank, a community-focused financial institution headquartered in Gettysburg, Pennsylvania. Tracing its roots to a local banking organization established in the 19th century, the company has evolved into a regional banking franchise serving individuals, families and businesses across south-central Pennsylvania. As a publicly traded company on NASDAQ under the ticker ACNB, it operates under a traditional community banking model, emphasizing personal service and local decision-making.

The company’s main business activities encompass a full range of retail and commercial banking products.