Piper Sandler Cuts ACNB (NASDAQ:ACNB) Price Target to $37.00

ACNB (NASDAQ:ACNB) had its target price lowered by Piper Sandler from $40.00 to $37.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a neutral rating on the bank’s stock.

Separately, StockNews.com raised ACNB from a sell rating to a hold rating in a research report on Tuesday.

ACNB Stock Performance

NASDAQ ACNB opened at $33.24 on Wednesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market cap of $282.87 million, a P/E ratio of 9.66 and a beta of 0.64. The stock has a 50-day moving average of $34.64 and a two-hundred day moving average of $38.03. ACNB has a 1-year low of $27.00 and a 1-year high of $48.55.

ACNB (NASDAQ:ACNB) last posted its quarterly earnings data on Thursday, April 25th. The bank reported $0.80 EPS for the quarter, meeting the consensus estimate of $0.80. ACNB had a net margin of 24.98% and a return on equity of 11.18%. The business had revenue of $31.64 million during the quarter, compared to analyst estimates of $26.28 million. As a group, analysts anticipate that ACNB will post 3.3 EPS for the current year.

ACNB Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.85%. This is a positive change from ACNB’s previous quarterly dividend of $0.30. The ex-dividend date is Friday, May 31st. ACNB’s dividend payout ratio is presently 34.68%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ACNB. Allworth Financial LP acquired a new stake in shares of ACNB in the 4th quarter valued at $31,000. Allspring Global Investments Holdings LLC raised its stake in ACNB by 2,578.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,732 shares of the bank’s stock valued at $86,000 after buying an additional 2,630 shares in the last quarter. SG Americas Securities LLC purchased a new stake in ACNB during the 3rd quarter worth about $120,000. BNP Paribas Financial Markets lifted its holdings in ACNB by 83.3% during the 1st quarter. BNP Paribas Financial Markets now owns 4,091 shares of the bank’s stock worth $154,000 after buying an additional 1,859 shares during the last quarter. Finally, Savant Capital LLC acquired a new position in shares of ACNB during the 4th quarter worth about $264,000. Hedge funds and other institutional investors own 32.35% of the company’s stock.

About ACNB

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.