Piper Sandler Cuts ACNB (NASDAQ:ACNB) Price Target to $37.00

ACNB (NASDAQ:ACNB) had its price target reduced by Piper Sandler from $40.00 to $37.00 in a research note released on Wednesday, Benzinga reports. They currently have a neutral rating on the bank’s stock.

Separately, StockNews.com upgraded shares of ACNB from a sell rating to a hold rating in a research report on Tuesday, April 30th.

ACNB Trading Down 0.5 %

Shares of NASDAQ:ACNB opened at $33.24 on Wednesday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.70. The company’s 50 day moving average is $34.58 and its two-hundred day moving average is $38.07. The company has a market cap of $282.71 million, a PE ratio of 9.61 and a beta of 0.64. ACNB has a 52 week low of $27.00 and a 52 week high of $48.55.

ACNB (NASDAQ:ACNB) last released its quarterly earnings data on Thursday, April 25th. The bank reported $0.80 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.80. ACNB had a return on equity of 11.18% and a net margin of 24.98%. The business had revenue of $31.64 million during the quarter, compared to analysts’ expectations of $26.28 million. Equities analysts predict that ACNB will post 3.3 earnings per share for the current fiscal year.

ACNB Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be given a dividend of $0.32 per share. This is a positive change from ACNB’s previous quarterly dividend of $0.30. The ex-dividend date is Friday, May 31st. This represents a $1.28 annualized dividend and a yield of 3.85%. ACNB’s payout ratio is 36.99%.

Institutional Investors Weigh In On ACNB

Large investors have recently modified their holdings of the company. Allworth Financial LP acquired a new position in ACNB in the fourth quarter valued at $31,000. Allspring Global Investments Holdings LLC increased its position in ACNB by 2,578.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,732 shares of the bank’s stock valued at $86,000 after acquiring an additional 2,630 shares during the period. SG Americas Securities LLC purchased a new stake in ACNB during the 3rd quarter valued at approximately $120,000. BNP Paribas Financial Markets lifted its position in ACNB by 83.3% during the 1st quarter. BNP Paribas Financial Markets now owns 4,091 shares of the bank’s stock worth $154,000 after acquiring an additional 1,859 shares during the period. Finally, Savant Capital LLC purchased a new position in shares of ACNB in the 4th quarter valued at approximately $264,000. 32.35% of the stock is owned by institutional investors and hedge funds.

About ACNB

ACNB Corporation, a financial holding company, offers banking, insurance, and financial services to individual, business, and government customers in the United States. The company provides checking, savings, and money market deposit accounts, as well as time deposits and debit cards. It also offers commercial lending products, such as commercial mortgages, real estate development and construction loans, accounts receivable and inventory financing, and agricultural and governmental loans; consumer lending products, including home equity loans and lines of credit, automobile and recreational vehicle loans, manufactured housing loans, and personal lines of credit; and mortgage lending programs include personal residential mortgages, and residential construction and investment mortgage loans.