ACNB (NASDAQ:ACNB) Releases Quarterly Earnings Results

ACNB (NASDAQ:ACNB) issued its quarterly earnings results on Thursday. The bank reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.11, Zacks reports. ACNB had a net margin of 25.66% and a return on equity of 13.15%.

ACNB Trading Up 1.4%

Shares of ACNB stock traded up $0.88 on Thursday, reaching $61.41. 10,072 shares of the stock were exchanged, compared to its average volume of 55,542. ACNB has a 1-year low of $40.80 and a 1-year high of $62.07. The stock has a market cap of $626.96 million, a P/E ratio of 12.50 and a beta of 0.87. 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 firm has a 50 day moving average of $57.14 and a two-hundred day moving average of $52.42.

ACNB Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Monday, June 1st. This is a positive change from ACNB’s previous quarterly dividend of $0.38. ACNB’s 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. Cubist Systematic Strategies LLC acquired a new stake in shares of ACNB in the first quarter worth $213,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in ACNB by 5.0% during 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 increased its holdings in ACNB by 31.9% in the 2nd quarter. Rhumbline Advisers now owns 15,515 shares of the bank’s stock valued at $665,000 after purchasing an additional 3,749 shares in the last quarter. First Trust Advisors LP raised its position in ACNB by 5.2% in the second quarter. First Trust Advisors LP now owns 6,725 shares of the bank’s stock valued at $288,000 after purchasing an additional 334 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of ACNB by 0.8% during the second 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 institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on ACNB. Hovde Group cut shares of ACNB from an “outperform” rating to a “market perform” rating and lifted their target price for the stock from $56.00 to $57.00 in a research note on Wednesday, May 27th. Piper Sandler raised their price objective on ACNB from $58.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Wall Street Zen downgraded ACNB from a “buy” rating to a “hold” rating in a research report on Sunday, April 12th. Finally, Weiss Ratings upgraded ACNB from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, April 24th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, ACNB currently has an average rating of “Hold” and an average price target of $61.00.

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.