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

ACNB Corporation (NASDAQ:ACNB)’s stock price hit a new 52-week high during trading on Friday . The company traded as high as $55.57 and last traded at $55.48, with a volume of 32086 shares trading hands. The stock had previously closed at $54.13.

Analysts Set New Price Targets

ACNB has been the subject of a number of research reports. 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 cut shares of ACNB from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Hovde Group cut shares of ACNB from an “outperform” rating to a “market perform” rating and upped their target price for the company from $56.00 to $57.00 in a report on Wednesday, May 27th. Zacks Research cut shares of ACNB from a “strong-buy” rating to a “hold” rating in a report on Monday, March 9th. Finally, Weiss Ratings raised shares of ACNB from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, April 24th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $57.50.

ACNB Stock Up 1.4%

The stock has a market capitalization of $560.64 million, a PE ratio of 11.23 and a beta of 0.88. The firm’s fifty day moving average is $51.50 and its 200-day moving average is $50.21. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.51.

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

ACNB Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.1%. This is a boost from ACNB’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Monday, June 1st. ACNB’s dividend payout ratio is 34.36%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Segall Bryant & Hamill LLC purchased a new position in ACNB in the first quarter valued at about $548,000. Bank of America Corp DE increased its holdings in ACNB by 10.0% in the first quarter. Bank of America Corp DE now owns 33,187 shares of the bank’s stock valued at $1,589,000 after buying an additional 3,021 shares in the last quarter. Empowered Funds LLC increased its holdings in ACNB by 9.6% in the first quarter. Empowered Funds LLC now owns 59,757 shares of the bank’s stock valued at $2,861,000 after buying an additional 5,252 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in ACNB by 11.9% in the first quarter. The Manufacturers Life Insurance Company now owns 162,978 shares of the bank’s stock valued at $7,802,000 after buying an additional 17,337 shares in the last quarter. Finally, Quantinno Capital Management LP increased its holdings in ACNB by 23.7% in the first quarter. Quantinno Capital Management LP now owns 13,012 shares of the bank’s stock valued at $623,000 after buying an additional 2,490 shares in the last quarter. 32.35% of the stock is owned by hedge funds and other institutional investors.

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.