ACNB (NASDAQ:ACNB) Sets New 1-Year High – Here’s Why

ACNB Corporation (NASDAQ:ACNB)’s share price hit a new 52-week high on Thursday . The stock traded as high as $61.86 and last traded at $61.82, with a volume of 31536 shares changing hands. The stock had previously closed at $60.32.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ACNB. Hovde Group cut shares of ACNB from an “outperform” rating to a “market perform” rating and lifted their price objective for the company from $56.00 to $57.00 in a research note on Wednesday, May 27th. Wall Street Zen lowered shares of ACNB from a “buy” rating to a “hold” rating in a research report on Sunday, April 12th. Piper Sandler boosted 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, Weiss Ratings raised shares of ACNB from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, April 24th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $61.00.

ACNB Stock Down 2.4%

The stock has a fifty day moving average of $56.64 and a 200-day moving average of $52.14. The firm has a market capitalization of $617.19 million, a price-to-earnings ratio of 12.36 and a beta of 0.87. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.51.

ACNB (NASDAQ:ACNB) last announced its earnings results on Thursday, April 23rd. The bank reported $1.32 EPS for the quarter, beating the consensus estimate of $1.26 by $0.06. The business 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, sell-side analysts expect that ACNB Corporation will post 5.49 EPS for the current year.

ACNB Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid 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 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Monday, June 1st. ACNB’s payout ratio is currently 34.36%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Cubist Systematic Strategies LLC acquired a new stake in shares of ACNB during the first quarter valued at approximately $213,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in ACNB by 5.0% in the 1st 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 period. Rhumbline Advisers grew its position in ACNB by 31.9% during the 2nd quarter. Rhumbline Advisers now owns 15,515 shares of the bank’s stock worth $665,000 after purchasing an additional 3,749 shares in the last quarter. First Trust Advisors LP grew its position in ACNB by 5.2% during the 2nd quarter. First Trust Advisors LP now owns 6,725 shares of the bank’s stock worth $288,000 after purchasing an additional 334 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in ACNB by 0.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 148,523 shares of the bank’s stock worth $6,363,000 after purchasing an additional 1,224 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.