ACNB Corporation $ACNB Shares Newly Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 31,104 ACNB shares worth approximately $1.85 million, representing about 0.31% of the bank. BlackRock and other institutional investors also increased or initiated positions, with institutions collectively owning 32.35% of ACNB.
• Analysts remain generally neutral but raised their price targets, with a consensus target of $64.50 versus ACNB’s reported opening price of $62.30. The stock has a “Hold” consensus rating, alongside two Buy and three Hold recommendations.
• ACNB exceeded quarterly earnings expectations, reporting $1.49 in EPS versus the $1.38 consensus and revenue of $42.82 million. The company also maintains a quarterly dividend of $0.42 per share, equivalent to a 2.7% yield.

Bank of America Corp DE purchased a new stake in shares of ACNB Corporation (NASDAQ:ACNB - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 31,104 shares of the bank's stock, valued at approximately $1,847,000. Bank of America Corp DE owned about 0.31% of ACNB as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. bought a new position in shares of ACNB during the 2nd quarter worth approximately $41,871,000. Dimensional Fund Advisors LP increased its position in shares of ACNB by 4.6% during the first quarter. Dimensional Fund Advisors LP now owns 334,844 shares of the bank's stock worth $16,029,000 after purchasing an additional 14,789 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of ACNB by 11.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 162,978 shares of the bank's stock valued at $7,802,000 after purchasing an additional 17,337 shares during the last quarter. Maltese Capital Management LLC lifted its holdings in shares of ACNB by 30.5% during the 4th quarter. Maltese Capital Management LLC now owns 66,164 shares of the bank's stock valued at $3,199,000 after purchasing an additional 15,464 shares during the last quarter. Finally, Empowered Funds LLC boosted its position in shares of ACNB by 9.6% in the 1st quarter. Empowered Funds LLC now owns 59,757 shares of the bank's stock worth $2,861,000 after purchasing an additional 5,252 shares in the last quarter. 32.35% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ACNB has been the topic of several research analyst reports. Hovde Group boosted their target price on ACNB from $57.00 to $64.00 and gave the stock a "market perform" rating in a research note on Monday, July 27th. Piper Sandler increased their price target on ACNB from $58.00 to $65.00 and gave the company an "overweight" rating in a research note on Friday, June 26th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of ACNB in a report on Tuesday, July 21st. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $64.50.

ACNB Stock Performance

Shares of ACNB stock opened at $62.30 on Thursday. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.94 and a quick ratio of 0.93. The business has a fifty day moving average of $64.31 and a 200 day moving average of $57.46. The firm has a market capitalization of $633.59 million, a price-to-earnings ratio of 11.82 and a beta of 0.86. ACNB Corporation has a 1 year low of $42.52 and a 1 year high of $67.60.

ACNB (NASDAQ:ACNB - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $1.49 earnings per share for the quarter, beating analysts' consensus estimates of $1.38 by $0.11. The business had revenue of $42.82 million for the quarter, compared to analyst estimates of $42.21 million. ACNB had a return on equity of 13.78% and a net margin of 27.15%. As a group, research analysts expect that ACNB Corporation will post 5.72 earnings per share for the current year.

ACNB Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.7%. The ex-dividend date was Tuesday, September 1st. ACNB's payout ratio is presently 31.88%.

ACNB Company Profile

ACNB Corporation is a financial holding company headquartered in Gettysburg, Pennsylvania. Its principal subsidiary, ACNB Bank, provides community banking services to individuals, families, farmers and businesses.

ACNB Bank offers deposit accounts, residential and commercial real estate loans, consumer and business lending, treasury management, online and mobile banking, and wealth management services. The bank serves customers through branches and other delivery channels in south-central Pennsylvania and parts of northern Maryland.

ACNB Corporation also operates Russell Insurance Group, a full-service insurance agency providing personal, commercial and employee-benefits insurance products.

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