GETTYSBURG, Pa. - ACNB Corporation (NASDAQ: ACNB), the parent company of ACNB Bank and ACNB Insurance Services, Inc., has announced an increase in its quarterly cash dividend. Today, the Board of Directors approved a dividend of $0.32 per share, which is a 14.2% increase from the $0.28 per share paid in the same period last year.
The dividend is payable on June 14, 2024, to shareholders of record as of May 31, 2024.
The dividend increase also marks a 6.6% rise from the first quarter of 2024's dividend of $0.30 per share. This latest dividend declaration will result in an estimated total payout of approximately $2.72 million to shareholders for the second quarter of 2024.
James P. Helt, President and Chief Executive Officer of ACNB Corporation, expressed confidence in the company's financial health and its prospects for future growth and profitability. He noted that this dividend increase is the second within a year and the fourth consecutive year of increases, underscoring the Board's commitment to delivering shareholder value through regular quarterly dividends.
ACNB Corporation, with a history dating back to 1857, operates through its banking and insurance subsidiaries. ACNB Bank provides banking and wealth management services across a network of community banking offices and loan offices in Pennsylvania and Maryland. ACNB Insurance Services, Inc., operating in both states, offers a wide range of insurance products.
The company's forward-looking statements in the press release indicate a positive outlook but are subject to economic conditions, regulatory changes, and other factors that could impact future results. The announcement of the dividend increase is based on the company's current financial position and market conditions.
Investors and interested parties should note that this article is based on a press release statement from ACNB Corporation.
InvestingPro Insights
ACNB Corporation's recent dividend increase is a testament to its financial stability and commitment to shareholder returns. With a dividend yield of 3.5%, the company's payout is attractive compared to the broader market. This yield is supported by a solid track record of dividend growth, as ACNB has raised its dividend for 6 consecutive years and maintained payments for 36 years, demonstrating a reliable income stream for investors.
The company's price-to-earnings (P/E) ratio stands at 9.3, below the industry average, suggesting that ACNB's shares may be undervalued relative to its earnings. Additionally, a price-to-book (P/B) ratio of 1.06 indicates that the stock is trading at a price relatively close to its book value, which could appeal to value-oriented investors.
Despite some challenges, such as downward earnings revisions by analysts for the upcoming period and weak gross profit margins, ACNB has shown a significant return over the last week. This could signal a rebound in investor sentiment or reflect a short-term market movement.
Investors looking for deeper insights into ACNB's performance and future outlook can find more InvestingPro Tips at Investing.com. There are additional tips available, which could further guide investment decisions. Moreover, those interested in a comprehensive analysis can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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