ACNB (NASDAQ:ACNB) Sees Large Volume Increase Following Dividend Announcement

Shares of ACNB Corporation (NASDAQ:ACNB) saw an uptick in trading volume on Friday after the company announced a dividend. 42,686 shares traded hands during mid-day trading, an increase of 63% from the previous session’s volume of 26,144 shares.The stock last traded at $49.65 and had previously closed at $48.48.

The newly announced dividend which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be given a $0.38 dividend. The ex-dividend date of this dividend is Friday, February 27th. This represents a $1.52 annualized dividend and a dividend yield of 3.0%. ACNB’s dividend payout ratio (DPR) is currently 42.94%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ACNB. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of ACNB in a research report on Monday, December 29th. Raymond James Financial downgraded ACNB from an “outperform” rating to a “market perform” rating in a report on Tuesday, October 7th. Piper Sandler increased their target price on ACNB from $50.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Zacks Research upgraded ACNB from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 30th. Finally, Wall Street Zen raised ACNB from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $48.67.

ACNB Trading Up 1.6%

The firm has a fifty day moving average of $49.52 and a 200-day moving average of $46.29. 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 stock has a market capitalization of $524.90 million, a price-to-earnings ratio of 14.27 and a beta of 0.87.

ACNB (NASDAQ:ACNB) last issued its quarterly earnings data on Thursday, January 22nd. The bank reported $1.35 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.09. ACNB had a return on equity of 12.77% and a net margin of 19.32%.The company had revenue of $40.74 million for the quarter, compared to analysts’ expectations of $39.69 million. As a group, equities analysts predict that ACNB Corporation will post 3.22 earnings per share for the current fiscal year.

Insider Activity at ACNB

In other news, EVP Brett D. Fulk sold 1,486 shares of the company’s stock in a transaction on Monday, January 26th. The shares were sold at an average price of $48.52, for a total value of $72,100.72. Following the completion of the transaction, the executive vice president directly owned 1,048 shares in the company, valued at approximately $50,848.96. This represents a 58.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Donald Arthur Seibel, Jr. sold 5,000 shares of the firm’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $51.00, for a total transaction of $255,000.00. Following the sale, the director directly owned 5,927 shares of the company’s stock, valued at approximately $302,277. The trade was a 45.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 9,259 shares of company stock valued at $472,045 in the last ninety days. 3.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ACNB

A number of institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP grew its stake in shares of ACNB by 42.9% during the second quarter. Allworth Financial LP now owns 1,000 shares of the bank’s stock valued at $43,000 after acquiring an additional 300 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in ACNB by 56.5% in the second quarter. BNP Paribas Financial Markets now owns 1,036 shares of the bank’s stock valued at $44,000 after purchasing an additional 374 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in ACNB in the third quarter valued at about $45,000. Tripletail Wealth Management LLC acquired a new stake in ACNB during the 3rd quarter valued at approximately $46,000. Finally, Tower Research Capital LLC TRC increased its holdings 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 purchasing an additional 856 shares during the last quarter. Institutional investors and hedge funds 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.