ACNB (NASDAQ:ACNB) Issues Earnings Results, Beats Estimates By $0.11 EPS

ACNB (NASDAQ:ACNB) posted its quarterly earnings data on Thursday. The bank reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.11, Zacks reports. ACNB had a return on equity of 13.15% and a net margin of 25.66%.

ACNB Stock Performance

ACNB stock traded up $1.58 during midday trading on Thursday, reaching $62.12. 21,344 shares of the company traded hands, compared to its average volume of 55,643. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.94 and a quick ratio of 0.93. ACNB has a 12 month low of $40.80 and a 12 month high of $62.50. The firm has a market capitalization of $634.19 million, a price-to-earnings ratio of 12.70 and a beta of 0.87. The business has a 50 day moving average of $57.14 and a two-hundred day moving average of $52.42.

ACNB Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.42 per share. The ex-dividend date of this dividend was Monday, June 1st. This is a positive change from ACNB’s previous quarterly dividend of $0.38. This represents a $1.68 annualized dividend and a dividend yield of 2.7%. ACNB’s dividend payout ratio is presently 34.36%.

Hedge Funds Weigh In On ACNB

A number of institutional investors and hedge funds have recently modified their holdings of ACNB. Private Capital Management LLC increased its position in ACNB by 7.3% during the fourth quarter. Private Capital Management LLC now owns 370,742 shares of the bank’s stock valued at $17,925,000 after acquiring an additional 25,116 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of ACNB by 2.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 320,055 shares of the bank’s stock valued at $15,475,000 after purchasing an additional 8,777 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of ACNB by 0.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 148,523 shares of the bank’s stock valued at $6,363,000 after purchasing an additional 1,224 shares during the last quarter. Bridgeway Capital Management LLC increased its position in shares of ACNB by 5.2% during the 4th quarter. Bridgeway Capital Management LLC now owns 105,905 shares of the bank’s stock valued at $5,121,000 after purchasing an additional 5,218 shares during the last quarter. Finally, Empowered Funds LLC grew its position in ACNB by 10.6% during the fourth quarter. Empowered Funds LLC now owns 54,505 shares of the bank’s stock valued at $2,635,000 after buying an additional 5,218 shares during the period. 32.35% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on ACNB shares. Wall Street Zen cut ACNB from a “buy” rating to a “hold” rating in a research note on Sunday, April 12th. Weiss Ratings raised ACNB from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, April 24th. Hovde Group cut shares of ACNB from an “outperform” rating to a “market perform” rating and upped their price target for the stock from $56.00 to $57.00 in a research note on Wednesday, May 27th. Finally, Piper Sandler increased their price objective on shares of ACNB from $58.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, ACNB has a consensus rating of “Hold” and an average price target of $61.00.

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.