ACNB (NASDAQ:ACNB) Hits New 52-Week High on Strong Earnings

Key Points

• ACNB shares hit a new 52-week high after the bank reported stronger-than-expected quarterly earnings, with the stock reaching $62.46 intraday.
• The company posted EPS of $1.49, beating analyst estimates of $1.38, and also raised its quarterly dividend to $0.42 per share from $0.38 previously.
• Analysts remain mixed on the stock, with an average rating of Hold and an average price target of $61, while Piper Sandler recently lifted its target to $65 and kept an overweight rating.

ACNB Corporation (NASDAQ:ACNB - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $62.46 and last traded at $62.0870, with a volume of 16224 shares traded. The stock had previously closed at $60.53.

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

ACNB Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a $0.42 dividend. This is a boost from ACNB's previous quarterly dividend of $0.38. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Monday, June 1st. ACNB's payout ratio is presently 34.36%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Piper Sandler increased their price target on shares of ACNB from $58.00 to $65.00 and gave the company an "overweight" rating in a research note 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. Weiss Ratings raised ACNB from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, April 24th. Finally, Hovde Group lowered ACNB from an "outperform" rating to a "market perform" rating and increased their price objective for the company from $56.00 to $57.00 in a research report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, ACNB presently has an average rating of "Hold" and an average price target of $61.00.

Institutional Investors Weigh In On ACNB

A number of institutional investors have recently made changes to their positions in ACNB. Private Capital Management LLC boosted its holdings in ACNB by 9.9% during the third quarter. Private Capital Management LLC now owns 345,626 shares of the bank's stock worth $15,221,000 after buying an additional 31,113 shares during the last quarter. Informed Momentum Co LLC bought a new stake in shares of ACNB in the 4th quarter valued at about $1,053,000. The Manufacturers Life Insurance Company increased its stake in shares of ACNB by 11.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 162,978 shares of the bank's stock valued at $7,802,000 after acquiring an additional 17,337 shares during the last quarter. Maltese Capital Management LLC raised its position in shares of ACNB by 30.5% in the 4th quarter. Maltese Capital Management LLC now owns 66,164 shares of the bank's stock valued at $3,199,000 after acquiring an additional 15,464 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in ACNB by 4.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 334,844 shares of the bank's stock worth $16,029,000 after acquiring an additional 14,789 shares during the last quarter. 32.35% of the stock is owned by institutional investors and hedge funds.

ACNB Stock Performance

The stock has a market cap of $631.50 million, a price-to-earnings ratio of 12.61 and a beta of 0.87. The stock's fifty day moving average is $57.14 and its 200-day moving average is $52.42. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.51.

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.

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