ACNB (NASDAQ:ACNB) Hits New 12-Month High – Still a Buy?

ACNB Corporation (NASDAQ:ACNB)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $49.85 and last traded at $49.7740, with a volume of 944 shares traded. The stock had previously closed at $49.45.

Analysts Set New Price Targets

Several research firms have issued reports on ACNB. Zacks Research upgraded shares of ACNB from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 30th. Piper Sandler upped their target price on ACNB from $50.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Raymond James Financial downgraded ACNB from an “outperform” rating to a “market perform” rating in a research note on Tuesday, October 7th. Weiss Ratings reiterated a “buy (b-)” rating on shares of ACNB in a research note on Monday. Finally, Wall Street Zen raised ACNB from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $48.67.

ACNB Price Performance

The company has a 50-day moving average of $45.89 and a 200-day moving average of $44.27. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.95 and a current ratio of 0.96. The stock has a market cap of $510.77 million, a price-to-earnings ratio of 15.03 and a beta of 0.87.

ACNB (NASDAQ:ACNB) last announced its earnings results on Thursday, October 23rd. The bank reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.22. The company had revenue of $40.54 million for the quarter, compared to the consensus estimate of $39.83 million. ACNB had a return on equity of 11.58% and a net margin of 18.47%. As a group, equities research analysts predict that ACNB Corporation will post 3.22 earnings per share for the current year.

ACNB Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be given a $0.38 dividend. This is a positive change from ACNB’s previous quarterly dividend of $0.34. The ex-dividend date is Monday, December 1st. This represents a $1.52 dividend on an annualized basis and a yield of 3.1%. ACNB’s payout ratio is 46.48%.

Hedge Funds Weigh In On ACNB

A number of large investors have recently bought and sold shares of ACNB. Turning Point Benefit Group Inc. acquired a new position in ACNB during the third quarter worth about $198,000. Private Capital Management LLC lifted its position in shares of ACNB by 9.9% during the 3rd quarter. Private Capital Management LLC now owns 345,626 shares of the bank’s stock valued at $15,221,000 after acquiring an additional 31,113 shares during the period. Maltese Capital Management LLC boosted its stake in shares of ACNB by 112.3% during the 3rd quarter. Maltese Capital Management LLC now owns 50,700 shares of the bank’s stock worth $2,233,000 after acquiring an additional 26,820 shares in the last quarter. Millennium Management LLC acquired a new stake in shares of ACNB in the 3rd quarter worth approximately $414,000. Finally, Equitable Holdings Inc. grew its holdings in shares of ACNB by 15.1% in the 3rd quarter. Equitable Holdings Inc. now owns 6,214 shares of the bank’s stock worth $274,000 after acquiring an additional 814 shares during the period. Hedge funds and other institutional investors own 32.35% of the company’s stock.

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.