BlackRock Inc. Takes Position in ACNB Corporation $ACNB

Key Points

• BlackRock acquired 705,130 ACNB shares worth approximately $41.9 million, giving it a 6.91% stake. Other institutional investors also increased or initiated positions, with institutions and hedge funds owning 32.35% of the stock.
• ACNB reported quarterly EPS of $1.49, exceeding the $1.38 consensus estimate, while revenue of $42.82 million also surpassed forecasts. The bank posted a 27.15% net margin and 13.78% return on equity.
• ACNB declared a quarterly dividend of $0.42 per share, representing an annualized $1.68 payout and a 2.6% yield. Analysts have a consensus “Hold” rating with a $64.50 target price, near the stock’s $64.99 opening price.

BlackRock Inc. purchased a new position in shares of ACNB Corporation (NASDAQ:ACNB - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 705,130 shares of the bank's stock, valued at approximately $41,871,000. BlackRock Inc. owned about 6.91% of ACNB at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp purchased a new stake in shares of ACNB in the second quarter valued at about $2,461,000. Private Capital Management LLC boosted its stake in shares of 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 period. Informed Momentum Co LLC purchased a new position in shares of ACNB during the fourth quarter worth about $1,053,000. The Manufacturers Life Insurance Company grew its holdings in shares of ACNB by 11.9% during the first quarter. The Manufacturers Life Insurance Company now owns 162,978 shares of the bank's stock worth $7,802,000 after buying an additional 17,337 shares during the last quarter. Finally, Maltese Capital Management LLC increased its position in 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. 32.35% of the stock is currently owned by institutional investors and hedge funds.

ACNB Price Performance

Shares of NASDAQ:ACNB opened at $64.99 on Tuesday. The firm has a market capitalization of $660.95 million, a price-to-earnings ratio of 12.33 and a beta of 0.86. 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's 50 day simple moving average is $62.34 and its 200-day simple moving average is $55.27. ACNB Corporation has a 12 month low of $42.52 and a 12 month high of $66.53.

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

ACNB Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $1.68 annualized dividend and a yield of 2.6%. ACNB's dividend payout ratio (DPR) is presently 31.88%.

Analyst Upgrades and Downgrades

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

ACNB Company Profile

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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