ACNB (NASDAQ:ACNB) Shares Gap Down – Here’s What Happened

ACNB Corporation (NASDAQ:ACNB) gapped down prior to trading on Thursday . The stock had previously closed at $47.86, but opened at $44.82. ACNB shares last traded at $48.19, with a volume of 375 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on ACNB shares. Zacks Research upgraded ACNB from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 30th. Piper Sandler boosted their target price on ACNB from $50.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Weiss Ratings raised ACNB from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. Finally, Raymond James Financial lowered ACNB from an “outperform” rating to a “market perform” rating in a research note on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $49.75.

ACNB Stock Performance

The stock has a market cap of $498.84 million, a price-to-earnings ratio of 14.69 and a beta of 0.95. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.65. The firm has a fifty day simple moving average of $44.79 and a 200-day simple moving average of $43.67.

ACNB (NASDAQ:ACNB) last issued its quarterly earnings results on Thursday, October 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.22. The business had revenue of $40.55 million for the quarter, compared to analyst estimates of $39.83 million. ACNB had a return on equity of 11.95% and a net margin of 18.47%. 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 will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be paid a $0.38 dividend. This is a boost from ACNB’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.52 annualized dividend and a dividend yield of 3.2%. ACNB’s payout ratio is 46.48%.

Hedge Funds Weigh In On ACNB

A number of hedge funds and other institutional investors have recently bought and sold shares of ACNB. Nuveen LLC acquired a new position in shares of ACNB in the 1st quarter valued at $717,000. American Century Companies Inc. lifted its stake in ACNB by 7.4% in the first quarter. American Century Companies Inc. now owns 108,900 shares of the bank’s stock valued at $4,482,000 after buying an additional 7,463 shares during the period. Bare Financial Services Inc bought a new position in ACNB during the first quarter worth about $347,000. Vanguard Group Inc. grew its position in shares of ACNB by 10.4% during the 1st quarter. Vanguard Group Inc. now owns 490,884 shares of the bank’s stock worth $20,205,000 after buying an additional 46,151 shares during the period. Finally, Equitable Trust Co. bought a new stake in shares of ACNB in the 2nd quarter valued at about $355,000. 32.35% of the stock is owned by institutional investors.

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.