GAMMA Investing LLC Grows Holdings in ACNB Corporation (NASDAQ:ACNB)

GAMMA Investing LLC boosted its position in ACNB Corporation (NASDAQ:ACNB - Free Report) by 13,556.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,621 shares of the bank's stock after buying an additional 20,470 shares during the period. GAMMA Investing LLC owned approximately 0.20% of ACNB worth $849,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Tower Research Capital LLC TRC increased its stake in ACNB by 431.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,505 shares of the bank's stock valued at $60,000 after purchasing an additional 1,222 shares in the last quarter. Wells Fargo & Company MN increased its stake in ACNB by 29.7% in the fourth quarter. Wells Fargo & Company MN now owns 5,004 shares of the bank's stock valued at $199,000 after purchasing an additional 1,147 shares in the last quarter. First Trust Advisors LP bought a new stake in ACNB in the fourth quarter valued at $207,000. Voya Investment Management LLC bought a new stake in ACNB in the fourth quarter valued at $271,000. Finally, Millennium Management LLC increased its stake in ACNB by 34.9% in the fourth quarter. Millennium Management LLC now owns 7,627 shares of the bank's stock valued at $304,000 after purchasing an additional 1,972 shares in the last quarter. Institutional investors and hedge funds own 32.35% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Raymond James Financial assumed coverage on shares of ACNB in a research note on Friday, March 21st. They issued an "outperform" rating and a $47.00 price target for the company. Wall Street Zen raised shares of ACNB from a "sell" rating to a "hold" rating in a research report on Monday, May 12th. Piper Sandler raised shares of ACNB from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $37.00 to $50.00 in a research report on Monday, March 3rd. Finally, UBS Group set a $47.00 target price on shares of ACNB in a research report on Friday, March 21st. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, ACNB presently has a consensus rating of "Moderate Buy" and an average price target of $48.40.

ACNB Stock Up 0.4%

Shares of NASDAQ:ACNB traded up $0.18 during midday trading on Friday, hitting $41.29. 37,466 shares of the company's stock were exchanged, compared to its average volume of 24,575. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.95 and a quick ratio of 0.94. The stock has a 50 day moving average price of $41.93 and a 200-day moving average price of $41.27. The company has a market cap of $432.31 million, a PE ratio of 14.24 and a beta of 0.85. ACNB Corporation has a 12 month low of $32.10 and a 12 month high of $50.72.

ACNB (NASDAQ:ACNB - Get Free Report) last posted its earnings results on Thursday, April 24th. The bank reported $1.03 EPS for the quarter, topping the consensus estimate of $0.94 by $0.09. The company had revenue of $34.27 million during the quarter, compared to the consensus estimate of $32.65 million. ACNB had a net margin of 17.22% and a return on equity of 10.95%. On average, sell-side analysts anticipate that ACNB Corporation will post 3.22 EPS for the current fiscal year.

ACNB Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 30th were issued a dividend of $0.34 per share. The ex-dividend date was Friday, May 30th. This is a boost from ACNB's previous quarterly dividend of $0.32. This represents a $1.36 annualized dividend and a yield of 3.29%. ACNB's payout ratio is 46.90%.

ACNB 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.