ACNB (NASDAQ:ACNB) Reaches New 1-Year High – Still a Buy?

ACNB Corporation (NASDAQ:ACNB) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $60.89 and last traded at $60.9950, with a volume of 31933 shares trading hands. The stock had previously closed at $59.38.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ACNB. Weiss Ratings upgraded shares of ACNB from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, April 24th. Piper Sandler lifted their target price on shares of ACNB from $58.00 to $65.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Hovde Group cut ACNB from an “outperform” rating to a “market perform” rating and boosted their price target for the stock from $56.00 to $57.00 in a research report on Wednesday, May 27th. Zacks Research lowered ACNB from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 9th. Finally, Wall Street Zen lowered shares of ACNB from a “buy” rating to a “hold” rating in a research note on Sunday, April 12th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $61.00.

ACNB Price Performance

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 moving average price is $54.38 and its 200 day moving average price is $51.34. The stock has a market capitalization of $622.42 million, a P/E ratio of 12.47 and a beta of 0.88.

ACNB (NASDAQ:ACNB) last issued its quarterly earnings data on Thursday, April 23rd. The bank reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.06. ACNB had a net margin of 25.66% and a return on equity of 13.15%. The company had revenue of $40.79 million for the quarter, compared to the consensus estimate of $41.07 million. Sell-side analysts forecast that ACNB Corporation will post 5.49 EPS for the current year.

ACNB Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a dividend of $0.42 per share. The ex-dividend date was Monday, June 1st. This represents a $1.68 dividend on an annualized basis and a yield of 2.8%. This is a boost from ACNB’s previous quarterly dividend of $0.38. ACNB’s dividend payout ratio (DPR) is presently 34.36%.

Institutional Trading of ACNB

Hedge funds have recently bought and sold shares of the company. Segall Bryant & Hamill LLC bought a new position in ACNB in the first quarter valued at about $548,000. Bank of America Corp DE boosted its position in ACNB by 10.0% in the first quarter. Bank of America Corp DE now owns 33,187 shares of the bank’s stock worth $1,589,000 after purchasing an additional 3,021 shares during the last quarter. Empowered Funds LLC grew its stake in shares of ACNB by 9.6% during the 1st quarter. Empowered Funds LLC now owns 59,757 shares of the bank’s stock valued at $2,861,000 after purchasing an additional 5,252 shares during the period. The Manufacturers Life Insurance Company grew its stake 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 period. Finally, Quantinno Capital Management LP increased its position in shares of ACNB by 23.7% during the 1st quarter. Quantinno Capital Management LP now owns 13,012 shares of the bank’s stock valued at $623,000 after purchasing an additional 2,490 shares during the last quarter. Hedge funds and other institutional investors own 32.35% of the company’s stock.

About ACNB

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.