ACNB (NASDAQ:ACNB) Sees Large Volume Increase Following Dividend Announcement

ACNB Corporation (NASDAQ:ACNB) saw an uptick in trading volume on Friday after the company announced a dividend. 42,686 shares traded hands during mid-day trading, an increase of 63% from the previous session’s volume of 26,144 shares.The stock last traded at $49.65 and had previously closed at $48.48.

The newly announced dividend which will be paid on Friday, March 13th. Stockholders of record on Friday, February 27th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Friday, February 27th. ACNB’s payout ratio is 42.94%.

Analyst Ratings Changes

Several analysts have recently weighed in on ACNB shares. Raymond James Financial cut shares of ACNB from an “outperform” rating to a “market perform” rating in a research report on Tuesday, October 7th. Piper Sandler raised their target price on shares of ACNB from $50.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Zacks Research raised ACNB from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 30th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of ACNB in a report on Monday, December 29th. Finally, Wall Street Zen raised ACNB from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $48.67.

ACNB Stock Up 1.6%

The company has a market cap of $524.90 million, a P/E ratio of 14.27 and a beta of 0.87. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.62. The company has a 50-day simple moving average of $49.52 and a 200 day simple moving average of $46.32.

ACNB (NASDAQ:ACNB) last issued its quarterly earnings results on Thursday, January 22nd. The bank reported $1.35 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.09. ACNB had a return on equity of 12.77% and a net margin of 19.32%.The business had revenue of $40.74 million for the quarter, compared to analyst estimates of $39.69 million. On average, equities analysts anticipate that ACNB Corporation will post 3.22 EPS for the current year.

Insider Buying and Selling

In related news, Director Donald Arthur Seibel, Jr. sold 5,000 shares of the firm’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $51.00, for a total value of $255,000.00. Following the transaction, the director directly owned 5,927 shares of the company’s stock, valued at approximately $302,277. This trade represents a 45.76% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Brett D. Fulk sold 2,773 shares of the firm’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $52.27, for a total value of $144,944.71. Following the completion of the transaction, the executive vice president owned 3,306 shares in the company, valued at $172,804.62. The trade was a 45.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 9,259 shares of company stock worth $472,045 in the last quarter. Insiders own 3.53% of the company’s stock.

Hedge Funds Weigh In On ACNB

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ACNB. Allworth Financial LP boosted its holdings in shares of ACNB by 42.9% in the 2nd quarter. Allworth Financial LP now owns 1,000 shares of the bank’s stock valued at $43,000 after buying an additional 300 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in ACNB during the third quarter worth $45,000. BNP Paribas Financial Markets raised its position in shares of ACNB by 56.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,036 shares of the bank’s stock worth $44,000 after purchasing an additional 374 shares during the last quarter. Tripletail Wealth Management LLC purchased a new stake in shares of ACNB during the third quarter worth about $46,000. Finally, Tower Research Capital LLC TRC grew its holdings in ACNB by 98.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,727 shares of the bank’s stock valued at $74,000 after buying an additional 856 shares during the period. Hedge funds and other 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.