Hovde Group Boosts ACNB (NASDAQ:ACNB) Price Target to $64.00

Key Points

• Hovde Group raised ACNB’s price target from $57 to $64 while maintaining a “market perform” rating, implying approximately 3.06% upside from the prior close.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $64.50; other recent actions included Piper Sandler upgrading the target to $65 with an “overweight” rating.
• ACNB exceeded quarterly expectations, reporting $1.49 in EPS versus the $1.38 consensus and $42.82 million in revenue versus $42.21 million expected. The stock opened at $62.10 and has risen near its 52-week high of $63.67.

ACNB (NASDAQ:ACNB - Get Free Report) had its price objective increased by investment analysts at Hovde Group from $57.00 to $64.00 in a note issued to investors on Monday. The firm presently has a "market perform" rating on the bank's stock. Hovde Group's target price points to a potential upside of 3.06% from the stock's previous close.

ACNB has been the subject of a number of other research reports. Piper Sandler raised their price objective 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. Weiss Ratings reissued a "buy (b)" rating on shares of ACNB in a research note on Tuesday, July 21st. Finally, Wall Street Zen lowered ACNB from a "buy" rating to a "hold" rating in a report on Sunday, April 12th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, ACNB currently has a consensus rating of "Hold" and a consensus price target of $64.50.

ACNB Stock Performance

Shares of ACNB opened at $62.10 on Monday. The business's 50-day moving average price is $57.55 and its 200 day moving average price is $52.63. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $634.04 million, a P/E ratio of 11.78 and a beta of 0.87. ACNB has a 1-year low of $40.80 and a 1-year high of $63.67.

ACNB (NASDAQ:ACNB - Get Free Report) last announced its earnings results on Thursday, July 23rd. The bank reported $1.49 EPS for the quarter, topping the consensus estimate of $1.38 by $0.11. The company had revenue of $42.82 million during the quarter, compared to analysts' expectations of $42.21 million. ACNB had a net margin of 27.15% and a return on equity of 13.83%. Analysts expect that ACNB will post 5.49 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets lifted its position in ACNB by 56.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,036 shares of the bank's stock worth $44,000 after buying an additional 374 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in shares of ACNB in the third quarter worth $45,000. First United Bank & Trust acquired a new position in shares of ACNB in the first quarter worth $47,000. Cassaday & Co Wealth Management LLC purchased a new stake in shares of ACNB during the first quarter worth $71,000. Finally, Tower Research Capital LLC TRC boosted its position in ACNB by 98.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,727 shares of the bank's stock valued at $74,000 after purchasing an additional 856 shares during the last quarter. 32.35% of the stock is owned by hedge funds and other institutional investors.

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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