ACNB (NASDAQ:ACNB) Hits New 12-Month High – Here’s Why

Shares of ACNB Corporation (NASDAQ:ACNB) reached a new 52-week high during trading on Wednesday . The stock 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.

Analysts Set New Price Targets

A number of research analysts have weighed in on ACNB shares. Piper Sandler reissued an “overweight” rating and set a $58.00 price target (up from $57.00) on shares of ACNB in a research note on Tuesday, April 28th. Hovde Group lowered 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 research note on Wednesday, May 27th. Zacks Research downgraded ACNB from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 9th. Wall Street Zen lowered 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 given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $57.50.

ACNB Stock Up 0.4%

The stock has a market cap of $597.32 million, a price-to-earnings ratio of 12.01 and a beta of 0.88. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.51. The stock has a fifty day moving average of $53.56 and a two-hundred day moving average of $51.01.

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, beating analysts’ consensus estimates of $1.26 by $0.06. The firm had revenue of $40.79 million during the quarter, compared to the consensus estimate of $41.07 million. ACNB had a return on equity of 13.15% and a net margin of 25.66%. As a group, analysts predict that ACNB Corporation will post 5.49 EPS for the current fiscal year.

ACNB Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.42 per share. This is a boost 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 yield of 2.9%. ACNB’s dividend payout ratio is currently 34.36%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets increased its position in shares of ACNB by 56.5% in the second quarter. BNP Paribas Financial Markets now owns 1,036 shares of the bank’s stock worth $44,000 after acquiring an additional 374 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in shares of ACNB during the 3rd quarter valued at $45,000. First United Bank & Trust acquired a new position in shares of ACNB during the 1st quarter valued at $47,000. Cassaday & Co Wealth Management LLC purchased a new stake in ACNB during the 1st quarter worth $71,000. Finally, Tower Research Capital LLC TRC boosted its position in ACNB by 98.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,727 shares of the bank’s stock worth $74,000 after purchasing an additional 856 shares during the period. 32.35% of the stock is owned by institutional investors and hedge funds.

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.