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GETTYSBURG, Pa. - ACNB Corporation (NASDAQ: ACNB), currently trading near its InvestingPro Fair Value, announced Wednesday that its Board of Directors has approved a plan to repurchase up to 314,000 shares of its common stock, representing approximately 3% of outstanding shares.
The financial holding company for ACNB Bank and ACNB Insurance Services said the repurchases will be conducted through open market transactions at prevailing market prices. Management will determine the timing and amount of shares to be repurchased based on several factors, including the company’s capital position, liquidity, financial performance, and market conditions. According to InvestingPro data, the company has maintained dividend payments for 37 consecutive years and currently offers a 3.38% dividend yield.
The new program replaces all previously announced repurchase plans and will be funded using available capital.
ACNB Corporation, headquartered in Gettysburg, Pennsylvania, is an independent financial holding company with $3.27 billion in assets and a market capitalization of $422 million. Its subsidiaries include ACNB Bank, which operates through a network of 33 community banking offices and one loan office across several Pennsylvania and Maryland counties, and ACNB Insurance Services, which offers insurance products in 46 states. The company has demonstrated solid performance with 8.66% revenue growth and maintains a P/E ratio of 15.56.
The company noted that the exact number of shares to be repurchased is not guaranteed and will depend on various market and economic conditions, as well as regulatory requirements.
This announcement is based on a press release statement from the company.
In other recent news, ACNB Corporation announced a 6.25% increase in its regular quarterly cash dividend, raising it to $0.34 per share. This marks the fifth consecutive annual increase, reflecting the company’s commitment to shareholder value. Additionally, Raymond James analysts reaffirmed their Outperform rating for ACNB, maintaining a $47 price target. The analysts highlighted ACNB’s strong profitability and robust capital position, suggesting these factors justify a premium relative to peers.
Raymond James also initiated coverage on ACNB, emphasizing the bank’s strong net interest margin and profitability, which have surpassed peers in recent years. The bank’s acquisition of Traditions Bancorp earlier this year aligns with its strategy to be an active acquirer in the banking industry. Furthermore, ACNB Corporation awarded restricted stock to five key executives, aligning their interests with shareholders. This move is part of the company’s variable compensation plan and aims to drive performance and growth.
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