ACNB (NASDAQ:ACNB) Sees Strong Trading Volume – Time to Buy?

ACNB Corporation (NASDAQ:ACNB) shares saw strong trading volume on Friday . 29,390 shares traded hands during trading, an increase of 54% from the previous session’s volume of 19,073 shares.The stock last traded at $49.1140 and had previously closed at $49.45.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Piper Sandler increased their price target on ACNB from $50.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Raymond James Financial downgraded ACNB from an “outperform” rating to a “market perform” rating in a research report on Tuesday, October 7th. Weiss Ratings reissued a “buy (b-)” rating on shares of ACNB in a research note on Monday. Wall Street Zen raised ACNB from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Finally, Zacks Research upgraded shares of ACNB from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $48.67.

ACNB Price Performance

The company has a fifty day simple moving average of $45.80 and a 200 day simple moving average of $44.23. The stock has a market capitalization of $508.54 million, a price-to-earnings ratio of 14.97 and a beta of 0.87. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.95 and a current ratio of 0.96.

ACNB (NASDAQ:ACNB) last issued its quarterly earnings data on Thursday, October 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.22. The company had revenue of $40.54 million during the quarter, compared to the consensus estimate of $39.83 million. ACNB had a return on equity of 11.58% and a net margin of 18.47%. Equities research analysts forecast that ACNB Corporation will post 3.22 EPS for the current fiscal year.

ACNB Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be given a $0.38 dividend. This is an increase from ACNB’s previous quarterly dividend of $0.34. The ex-dividend date is Monday, December 1st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.1%. ACNB’s dividend payout ratio is presently 46.48%.

Hedge Funds Weigh In On ACNB

A number of hedge funds have recently bought and sold shares of ACNB. Turning Point Benefit Group Inc. acquired a new position in ACNB in the third quarter valued at $198,000. Private Capital Management LLC grew its holdings in ACNB by 9.9% during the 3rd quarter. Private Capital Management LLC now owns 345,626 shares of the bank’s stock worth $15,221,000 after acquiring an additional 31,113 shares during the period. Maltese Capital Management LLC raised its position in shares of ACNB by 112.3% in the 3rd quarter. Maltese Capital Management LLC now owns 50,700 shares of the bank’s stock worth $2,233,000 after acquiring an additional 26,820 shares in the last quarter. Millennium Management LLC bought a new position in shares of ACNB in the 3rd quarter worth about $414,000. Finally, Equitable Holdings Inc. lifted its stake in shares of ACNB by 15.1% in the 3rd quarter. Equitable Holdings Inc. now owns 6,214 shares of the bank’s stock valued at $274,000 after purchasing an additional 814 shares during the period. Institutional investors own 32.35% of the company’s stock.

ACNB Company Profile

ACNB Corporation, a financial holding company, offers banking, insurance, and financial services to individual, business, and government customers in the United States. The company provides checking, savings, and money market deposit accounts, as well as time deposits and debit cards. It also offers commercial lending products, such as commercial mortgages, real estate development and construction loans, accounts receivable and inventory financing, and agricultural and governmental loans; consumer lending products, including home equity loans and lines of credit, automobile and recreational vehicle loans, manufactured housing loans, and personal lines of credit; and mortgage lending programs include personal residential mortgages, and residential construction and investment mortgage loans.