ACNB (NASDAQ:ACNB) Posts Quarterly Earnings Results, Beats Expectations By $0.11 EPS

ACNB (NASDAQ:ACNB) posted its quarterly earnings data on Thursday. The bank reported $1.49 EPS for the quarter, beating the consensus estimate of $1.38 by $0.11, Zacks reports. ACNB had a return on equity of 13.15% and a net margin of 25.66%.

ACNB Price Performance

ACNB stock traded up $0.88 during midday trading on Thursday, hitting $61.41. 10,072 shares of the stock were exchanged, compared to its average volume of 55,542. The stock’s 50-day moving average price is $57.14 and its 200-day moving average price is $52.42. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.93 and a current ratio of 0.94. The stock has a market cap of $626.96 million, a price-to-earnings ratio of 12.50 and a beta of 0.87. ACNB has a fifty-two week low of $40.80 and a fifty-two week high of $62.07.

ACNB Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a dividend of $0.42 per share. This is a boost from ACNB’s previous quarterly dividend of $0.38. This represents a $1.68 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Monday, June 1st. ACNB’s payout ratio is presently 34.36%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BNP Paribas Financial Markets increased its holdings in ACNB by 56.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,036 shares of the bank’s stock valued at $44,000 after acquiring an additional 374 shares in the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of ACNB in the third quarter valued at approximately $45,000. Tower Research Capital LLC TRC grew its position in shares of ACNB by 98.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,727 shares of the bank’s stock valued at $74,000 after purchasing an additional 856 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of ACNB during the 2nd quarter worth approximately $80,000. Finally, PNC Financial Services Group Inc. increased its stake in shares of ACNB by 37.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,219 shares of the bank’s stock worth $107,000 after purchasing an additional 600 shares in the last quarter. Institutional investors and hedge funds own 32.35% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on ACNB shares. Piper Sandler boosted their price objective on shares of ACNB from $58.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Hovde Group lowered shares of ACNB from an “outperform” rating to a “market perform” rating and boosted their price target for the stock from $56.00 to $57.00 in a research note on Wednesday, May 27th. Wall Street Zen cut shares of ACNB from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Finally, Weiss Ratings upgraded ACNB from a “buy (b-)” rating to a “buy (b)” rating in a research 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’s stock. According to MarketBeat.com, ACNB has a consensus rating of “Hold” and a consensus target price of $61.00.

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.