Bank of New York Mellon Corp Raises Holdings in ACNB Co. (NASDAQ:ACNB)

Bank of New York Mellon Corp lifted its position in shares of ACNB Co. (NASDAQ:ACNB) by 3.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,524 shares of the bank’s stock after buying an additional 785 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.29% of ACNB worth $977,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Stonebridge Financial Group LLC bought a new position in ACNB during the 4th quarter worth about $42,000. Wilmington Savings Fund Society FSB bought a new position in shares of ACNB during the fourth quarter valued at approximately $92,000. SG Americas Securities LLC increased its holdings in ACNB by 35.3% during the fourth quarter. SG Americas Securities LLC now owns 3,963 shares of the bank’s stock valued at $158,000 after buying an additional 1,035 shares during the period. Martingale Asset Management L P bought a new position in ACNB in the third quarter worth approximately $223,000. Finally, Franklin Resources Inc. purchased a new stake in ACNB during the third quarter worth $221,000. Hedge funds and other institutional investors own 32.35% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on ACNB shares. Piper Sandler upgraded ACNB from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $37.00 to $50.00 in a report on Monday, March 3rd. Raymond James initiated coverage on ACNB in a research note on Friday, March 21st. They issued an “outperform” rating and a $47.00 target price on the stock. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, ACNB currently has a consensus rating of “Moderate Buy” and an average target price of $48.75.

ACNB Stock Performance

Shares of ACNB opened at $41.35 on Wednesday. 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 firm has a market cap of $435.95 million, a PE ratio of 11.09 and a beta of 0.65. ACNB Co. has a 12 month low of $30.24 and a 12 month high of $50.72. The stock has a fifty day moving average price of $40.80 and a 200-day moving average price of $42.42.

ACNB (NASDAQ:ACNB) last released its quarterly 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%. Equities research analysts predict that ACNB Co. will post 3.22 earnings per share for the current fiscal year.

ACNB Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 3.10%. The ex-dividend date was Friday, February 28th. ACNB’s dividend payout ratio is presently 34.32%.

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.