ACNB (NASDAQ:ACNB) Hits New 12-Month High After Dividend Announcement

ACNB Corporation (NASDAQ:ACNB) shares hit a new 52-week high during trading on Wednesday after the company announced a dividend. The stock traded as high as $65.27 and last traded at $64.56, with a volume of 96067 shares. The stock had previously closed at $64.00.

The newly announced dividend which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 1st. ACNB’s dividend payout ratio is presently 31.88%.

Wall Street Analyst Weigh In

ACNB has been the subject of a number of research reports. Hovde Group increased their price objective on ACNB from $57.00 to $64.00 and gave the stock a “market perform” rating in a report on Monday. Piper Sandler boosted their target price on shares of ACNB from $58.00 to $65.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of ACNB in a research report on Tuesday, July 21st. Finally, Wall Street Zen downgraded shares of ACNB from a “buy” rating to a “hold” rating in a research report on Sunday, April 12th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, ACNB has a consensus rating of “Hold” and an average target price of $64.50.

ACNB Stock Performance

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 capitalization of $651.70 million, a P/E ratio of 12.11 and a beta of 0.87. The business has a 50-day moving average price of $58.35 and a 200 day moving average price of $53.07.

ACNB (NASDAQ:ACNB) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.11. The company had revenue of $42.82 million during the quarter, compared to analyst estimates of $42.21 million. ACNB had a return on equity of 13.83% and a net margin of 27.15%. As a group, sell-side analysts forecast that ACNB Corporation will post 5.72 EPS for the current fiscal year.

Hedge Funds Weigh In On ACNB

Several large investors have recently modified their holdings of ACNB. BNP Paribas Financial Markets boosted its stake in ACNB by 56.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,036 shares of the bank’s stock worth $44,000 after purchasing an additional 374 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in ACNB during the 3rd quarter valued at about $45,000. First United Bank & Trust purchased a new position in ACNB in the first quarter worth about $47,000. Cassaday & Co Wealth Management LLC purchased a new position in ACNB in the first quarter worth about $71,000. Finally, Tower Research Capital LLC TRC lifted its stake 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 worth $74,000 after buying an additional 856 shares in the last quarter. Hedge funds and other institutional investors own 32.35% of the company’s stock.

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.