ACNB (NASDAQ:ACNB) Sets New 1-Year High – Here’s What Happened

ACNB Corporation (NASDAQ:ACNB) shares hit a new 52-week high on Wednesday . The company traded as high as $59.06 and last traded at $58.4250, with a volume of 4639 shares traded. The stock had previously closed at $56.81.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ACNB shares. Zacks Research lowered shares of ACNB from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 9th. Hovde Group lowered shares of ACNB from an “outperform” rating to a “market perform” rating and boosted their price objective for the stock from $56.00 to $57.00 in a research note on Wednesday, May 27th. Piper Sandler reaffirmed an “overweight” rating and issued a $58.00 target price (up from $57.00) on shares of ACNB in a report on Tuesday, April 28th. Wall Street Zen downgraded shares of ACNB from a “buy” rating to a “hold” rating in a research note on Sunday, April 12th. Finally, Weiss Ratings upgraded ACNB from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, April 24th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, ACNB presently has a consensus rating of “Hold” and an average price target of $57.50.

ACNB Stock Up 0.0%

The firm has a market cap of $596.16 million, a P/E ratio of 11.94 and a beta of 0.88. The firm’s fifty day moving average is $53.85 and its 200 day moving average is $51.14. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.93 and a current ratio of 0.94.

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

ACNB Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were issued a $0.42 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $1.68 dividend on an annualized basis and a yield of 2.9%. This is a positive change from ACNB’s previous quarterly dividend of $0.38. ACNB’s payout ratio is currently 34.36%.

Institutional Investors Weigh In On ACNB

A number of institutional investors have recently modified their holdings of ACNB. Maltese Capital Management LLC raised its position in shares of ACNB by 112.3% in the third quarter. Maltese Capital Management LLC now owns 50,700 shares of the bank’s stock valued at $2,233,000 after buying an additional 26,820 shares in the last quarter. Empowered Funds LLC grew its position in ACNB by 9.6% during the first quarter. Empowered Funds LLC now owns 59,757 shares of the bank’s stock worth $2,861,000 after buying an additional 5,252 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in ACNB by 11.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 162,978 shares of the bank’s stock worth $7,802,000 after acquiring an additional 17,337 shares during the period. Cassaday & Co Wealth Management LLC bought a new position in ACNB during the 1st quarter worth $71,000. Finally, Equitable Trust Co. raised its holdings in ACNB by 2.3% in the 1st quarter. Equitable Trust Co. now owns 9,470 shares of the bank’s stock valued at $453,000 after acquiring an additional 210 shares in the last quarter. Institutional investors own 32.35% of the company’s stock.

About ACNB

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.