ACNB (NASDAQ:ACNB) Reaches New 1-Year High After Earnings Beat

ACNB Corporation (NASDAQ:ACNB) reached a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $62.46 and last traded at $62.0870, with a volume of 16224 shares. The stock had previously closed at $60.53.

The bank reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.11. ACNB had a return on equity of 13.15% and a net margin of 25.66%.

ACNB Increases Dividend

The firm 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 is a boost from ACNB’s previous quarterly dividend of $0.38. The ex-dividend date was Monday, June 1st. This represents a $1.68 annualized dividend and a dividend yield of 2.7%. ACNB’s dividend payout ratio (DPR) is presently 34.36%.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On ACNB

Several hedge funds have recently made changes to their positions in the business. Equitable Trust Co. lifted its position in shares of ACNB by 2.3% in the first quarter. Equitable Trust Co. now owns 9,470 shares of the bank’s stock worth $453,000 after purchasing an additional 210 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in ACNB by 5.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,942 shares of the bank’s stock valued at $203,000 after purchasing an additional 234 shares in the last quarter. First Trust Advisors LP increased its stake in ACNB by 5.2% in the 2nd quarter. First Trust Advisors LP now owns 6,725 shares of the bank’s stock valued at $288,000 after buying an additional 334 shares during the last quarter. BNP Paribas Financial Markets increased 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 valued at $44,000 after buying an additional 374 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in ACNB by 37.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,219 shares of the bank’s stock worth $107,000 after buying an additional 600 shares in the last quarter. 32.35% of the stock is owned by institutional investors.

ACNB Stock Up 2.2%

The firm’s 50-day simple moving average is $57.14 and its 200 day simple moving average is $52.42. 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 $631.50 million, a P/E ratio of 12.61 and a beta of 0.87.

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.