ACNB (NASDAQ:ACNB) Downgraded by Raymond James Financial to Market Perform

Key Points

• ACNB was downgraded by Raymond James Financial from an "outperform" rating to a "market perform," indicating a less favorable outlook for the stock.
• Despite the downgrade, ACNB has a consensus rating of "Moderate Buy" with an average target price of $49.25, as assessed by various analysts.
• ACNB's recent earnings report showed a missed EPS estimate of $1.11 compared to the expected $1.14, though revenue exceeded expectations at $39.69 million.

ACNB (NASDAQ:ACNB - Get Free Report) was downgraded by equities research analysts at Raymond James Financial from an "outperform" rating to a "market perform" rating in a report released on Tuesday,Finviz reports.

Separately, Weiss Ratings reissued a "hold (c+)" rating on shares of ACNB in a report on Saturday, September 27th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $49.25.

ACNB Price Performance

ACNB stock opened at $43.98 on Tuesday. ACNB has a one year low of $35.70 and a one year high of $50.72. The company's fifty day moving average price is $44.30 and its 200-day moving average price is $42.79. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.94 and a current ratio of 0.95. The company has a market capitalization of $460.38 million, a PE ratio of 16.35 and a beta of 0.95.

ACNB (NASDAQ:ACNB - Get Free Report) last released its earnings results on Thursday, July 24th. The bank reported $1.11 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.03). ACNB had a return on equity of 10.22% and a net margin of 15.64%.The company had revenue of $39.69 million during the quarter, compared to analysts' expectations of $38.85 million. On average, equities analysts anticipate that ACNB will post 3.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ACNB. Bank of America Corp DE increased its position in ACNB by 29.8% during the fourth quarter. Bank of America Corp DE now owns 12,321 shares of the bank's stock valued at $491,000 after acquiring an additional 2,832 shares during the last quarter. Millennium Management LLC increased its position in ACNB by 34.9% during the fourth quarter. Millennium Management LLC now owns 7,627 shares of the bank's stock valued at $304,000 after acquiring an additional 1,972 shares during the last quarter. GAMMA Investing LLC increased its position in ACNB by 13,556.3% during the first quarter. GAMMA Investing LLC now owns 20,621 shares of the bank's stock valued at $849,000 after acquiring an additional 20,470 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in ACNB during the first quarter valued at $203,000. Finally, Vanguard Group Inc. increased its position in ACNB by 10.4% during the first quarter. Vanguard Group Inc. now owns 490,884 shares of the bank's stock valued at $20,205,000 after acquiring an additional 46,151 shares during the last quarter. 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.

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