Raymond James Initiates Coverage on ACNB (NASDAQ:ACNB)

Raymond James began coverage on shares of ACNB (NASDAQ:ACNB) in a report released on Friday, MarketBeat reports. The brokerage issued an outperform rating and a $47.00 price target on the bank’s stock.

Separately, Piper Sandler upgraded ACNB from a “neutral” rating to an “overweight” rating and upped their target price for the company from $37.00 to $50.00 in a research note on Monday, March 3rd. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, ACNB has an average rating of “Moderate Buy” and a consensus price target of $48.75.

ACNB Stock Up 1.8 %

ACNB opened at $42.01 on Friday. ACNB has a 1-year low of $30.24 and a 1-year high of $50.72. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $359.14 million, a price-to-earnings ratio of 11.26 and a beta of 0.65. The business has a 50 day moving average of $40.63 and a 200-day moving average of $42.37.

ACNB (NASDAQ:ACNB) last issued its earnings results on Thursday, January 23rd. The bank reported $0.77 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.06). ACNB had a net margin of 24.09% and a return on equity of 10.91%. As a group, sell-side analysts anticipate that ACNB will post 3.22 earnings per share for the current year.

ACNB Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.28 annualized dividend and a yield of 3.05%. ACNB’s dividend payout ratio is currently 34.32%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Stonebridge Financial Group LLC acquired a new position in ACNB during the fourth quarter worth $42,000. Tower Research Capital LLC TRC raised its stake in ACNB by 431.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,505 shares of the bank’s stock worth $60,000 after acquiring an additional 1,222 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in ACNB during the fourth quarter worth $92,000. SG Americas Securities LLC raised its stake in ACNB by 35.3% during the fourth quarter. SG Americas Securities LLC now owns 3,963 shares of the bank’s stock worth $158,000 after acquiring an additional 1,035 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in ACNB by 29.7% during the fourth quarter. Wells Fargo & Company MN now owns 5,004 shares of the bank’s stock worth $199,000 after acquiring an additional 1,147 shares in the last quarter. 32.35% of the stock is currently owned by institutional investors and hedge funds.

ACNB Company 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.