ACNB (NASDAQ:ACNB) Sets New 52-Week High – What’s Next?

ACNB Corporation (NASDAQ:ACNB) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $52.99 and last traded at $52.61, with a volume of 33925 shares trading hands. The stock had previously closed at $51.66.

Analyst Upgrades and Downgrades

ACNB has been the subject of several research analyst reports. Wall Street Zen upgraded shares of ACNB from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Piper Sandler upped their price objective on ACNB from $50.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Raymond James Financial cut ACNB from an “outperform” rating to a “market perform” rating in a report on Tuesday, October 7th. Weiss Ratings downgraded ACNB from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, December 8th. Finally, Zacks Research upgraded ACNB from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.67.

ACNB Trading Up 1.8%

The stock has a market capitalization of $546.62 million, a P/E ratio of 16.09 and a beta of 0.86. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.95 and a current ratio of 0.96. The firm’s fifty day simple moving average is $46.79 and its 200 day simple moving average is $44.66.

ACNB (NASDAQ:ACNB) last released its earnings results on Thursday, October 23rd. The bank reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.22. ACNB had a return on equity of 11.58% and a net margin of 18.47%.The firm had revenue of $40.54 million during the quarter, compared to analysts’ expectations of $39.83 million. As a group, equities research analysts forecast that ACNB Corporation will post 3.22 EPS for the current fiscal year.

ACNB Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were given a $0.38 dividend. This is a boost from ACNB’s previous quarterly dividend of $0.34. This represents a $1.52 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Monday, December 1st. ACNB’s dividend payout ratio (DPR) is presently 46.48%.

Insider Activity at ACNB

In other news, Director Donald Arthur Seibel, Jr. sold 5,000 shares of the stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $51.00, for a total value of $255,000.00. Following the completion of the transaction, the director owned 5,927 shares of the company’s stock, valued at approximately $302,277. This represents a 45.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.53% of the company’s stock.

Hedge Funds Weigh In On ACNB

A number of institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP lifted its stake in ACNB by 42.9% in the 2nd quarter. Allworth Financial LP now owns 1,000 shares of the bank’s stock valued at $43,000 after purchasing an additional 300 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in shares of ACNB by 56.5% during the second 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. bought a new position in shares of ACNB in the 3rd quarter valued at $45,000. Tripletail Wealth Management LLC acquired a new stake in shares of ACNB during the 3rd quarter valued at $46,000. Finally, Tower Research Capital LLC TRC grew its position in ACNB by 98.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,727 shares of the bank’s stock worth $74,000 after acquiring an additional 856 shares during the last quarter. 32.35% of the stock is currently owned by institutional investors and hedge funds.

About ACNB

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.