ACNB (NASDAQ:ACNB) Downgraded to “Market Perform” Rating by Raymond James Financial

Raymond James Financial cut shares of ACNB (NASDAQ:ACNB) from an outperform rating to a market perform rating in a research note released on Tuesday morning, MarketBeat reports.

Separately, Weiss Ratings reiterated a “hold (c+)” rating on shares of ACNB in a research report on Saturday, September 27th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, ACNB currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.25.

ACNB Stock Down 1.0%

ACNB opened at $43.52 on Tuesday. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.65. ACNB has a 1-year low of $35.70 and a 1-year high of $50.72. The company has a market capitalization of $455.65 million, a PE ratio of 16.18 and a beta of 0.95. The firm’s 50 day simple moving average is $44.31 and its two-hundred day simple moving average is $42.79.

ACNB (NASDAQ:ACNB) last released its quarterly earnings results on Thursday, July 24th. The bank reported $1.11 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.03). ACNB had a return on equity of 10.22% and a net margin of 15.64%.The business had revenue of $39.69 million during the quarter, compared to the consensus estimate of $38.85 million. As a group, equities analysts forecast that ACNB will post 3.22 EPS for the current year.

ACNB Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 1st were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Friday, August 29th. ACNB’s dividend payout ratio (DPR) is presently 50.56%.

Institutional Trading of ACNB

Several institutional investors and hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC raised its position in shares of ACNB by 98.3% during the 2nd 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 period. Captrust Financial Advisors grew its stake in ACNB by 20.4% during the second quarter. Captrust Financial Advisors now owns 13,103 shares of the bank’s stock valued at $561,000 after acquiring an additional 2,223 shares in the last quarter. BNP Paribas Financial Markets grew its stake in ACNB by 56.5% during the second quarter. BNP Paribas Financial Markets now owns 1,036 shares of the bank’s stock valued at $44,000 after acquiring an additional 374 shares in the last quarter. Bridgeway Capital Management LLC grew its stake in ACNB by 3.6% during the second quarter. Bridgeway Capital Management LLC now owns 100,511 shares of the bank’s stock valued at $4,306,000 after acquiring an additional 3,455 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in ACNB during the second quarter valued at $80,000. 32.35% of the stock is currently owned by institutional investors.

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.