ACNB (NASDAQ:ACNB) Sets New 52-Week High After Earnings Beat

ACNB Corporation (NASDAQ:ACNB)’s share price reached a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $62.46 and last traded at $62.0870, with a volume of 16224 shares changing hands. The stock had previously closed at $60.53.

The bank reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.11. The firm had revenue of $42.82 million during the quarter, compared to analysts’ expectations of $42.21 million. ACNB had a return on equity of 13.83% and a net margin of 27.15%.

ACNB Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.42 per share. This is an increase from ACNB’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Monday, June 1st. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.7%. ACNB’s payout ratio is presently 31.88%.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On ACNB

A number of hedge funds and other institutional investors have recently bought and sold shares of ACNB. Cubist Systematic Strategies LLC bought a new position in ACNB in the first quarter valued at about $213,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of ACNB by 5.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,942 shares of the bank’s stock worth $203,000 after purchasing an additional 234 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of ACNB by 31.9% during the second quarter. Rhumbline Advisers now owns 15,515 shares of the bank’s stock worth $665,000 after purchasing an additional 3,749 shares during the last quarter. First Trust Advisors LP raised its holdings in ACNB by 5.2% in the 2nd quarter. First Trust Advisors LP now owns 6,725 shares of the bank’s stock valued at $288,000 after buying an additional 334 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in ACNB by 0.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 148,523 shares of the bank’s stock valued at $6,363,000 after buying an additional 1,224 shares during the last quarter. Institutional investors own 32.35% of the company’s stock.

ACNB Trading Down 1.2%

The firm’s 50-day moving average is $57.55 and its 200 day moving average is $52.60. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $634.04 million, a price-to-earnings ratio of 11.78 and a beta of 0.87.

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.