ACNB (NASDAQ:ACNB) Issues Earnings Results, Beats Expectations By $0.22 EPS

Key Points

• ACNB reported a quarterly earnings per share (EPS) of $1.42, exceeding expectations by $0.22.
• The company announced a quarterly dividend increase to $0.38, up from $0.34, with an upcoming ex-dividend date of December 1st.
• Despite a recent downgrade from Raymond James, ACNB has a consensus rating of "Moderate Buy" among analysts, with a target price of $49.25.

ACNB (NASDAQ:ACNB - Get Free Report) posted its quarterly earnings results on Thursday. The bank reported $1.42 EPS for the quarter, beating analysts' consensus estimates of $1.20 by $0.22, Zacks reports. ACNB had a net margin of 15.64% and a return on equity of 10.22%.

ACNB Trading Up 1.7%

ACNB stock traded up $0.76 during trading on Thursday, hitting $45.15. The company had a trading volume of 2,156 shares, compared to its average volume of 28,290. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.65. The company has a 50 day simple moving average of $44.55 and a 200-day simple moving average of $42.99. The firm has a market capitalization of $472.67 million, a P/E ratio of 16.78 and a beta of 0.95. ACNB has a 52-week low of $35.70 and a 52-week high of $50.72.

ACNB Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be paid a $0.38 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.52 annualized dividend and a yield of 3.4%. This is a boost from ACNB's previous quarterly dividend of $0.34. ACNB's payout ratio is 50.56%.

Hedge Funds Weigh In On ACNB

Several hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company boosted its position in ACNB by 0.8% in the second quarter. The Manufacturers Life Insurance Company now owns 148,523 shares of the bank's stock valued at $6,363,000 after buying an additional 1,224 shares during the last quarter. Bridgeway Capital Management LLC increased its stake in shares of ACNB by 3.6% in the 2nd quarter. Bridgeway Capital Management LLC now owns 100,511 shares of the bank's stock worth $4,306,000 after acquiring an additional 3,455 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of ACNB by 31.9% during the 2nd quarter. Rhumbline Advisers now owns 15,515 shares of the bank's stock worth $665,000 after purchasing an additional 3,749 shares during the period. Captrust Financial Advisors boosted its holdings in ACNB by 20.4% during the 2nd quarter. Captrust Financial Advisors now owns 13,103 shares of the bank's stock valued at $561,000 after acquiring an additional 2,223 shares during the period. Finally, First Trust Advisors LP boosted its holdings in ACNB by 5.2% during the 2nd quarter. First Trust Advisors LP now owns 6,725 shares of the bank's stock valued at $288,000 after acquiring an additional 334 shares during the period. Institutional investors and hedge funds own 32.35% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ACNB shares. Raymond James Financial downgraded shares of ACNB from an "outperform" rating to a "market perform" rating in a research report on Tuesday, October 7th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of ACNB in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $49.25.

ACNB Company Profile

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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