James Helt, President and CEO of ACNB Corp (NASDAQ:ACNB), recently acquired shares valued at approximately $2,499. The transaction took place on December 13, 2024, with Helt purchasing 54.8847 shares at a price of $45.55 per share. The stock, currently trading at $45.65, has shown strong momentum with a 45% gain over the past six months. According to InvestingPro analysis, ACNB appears slightly undervalued at current levels. Following this acquisition, Helt's total direct ownership in the company stands at 34,749.1249 shares. This purchase is part of the company's Dividend Reinvestment and Stock Purchase Plan, which allows for the automatic reinvestment of dividends into additional shares. The company, with a market capitalization of $390 million, has maintained dividend payments for 36 consecutive years and currently offers a 2.8% yield. InvestingPro subscribers can access 6 additional key insights about ACNB's financial health and growth prospects.
In other recent news, ACNB Corporation has disclosed additional merger details with Traditions Bancorp, Inc., a move prompted by shareholders' demands for transparency. The merger, which was initially announced in 2024, is set to see Traditions merge into ACNB's wholly-owned subsidiary, with the subsidiary surviving the merger. The Pennsylvania-based commercial bank has also declared a Q4 cash dividend of $0.32 per share, marking a 6.7% increase from the previous year's $0.30 per share.
In addition to these developments, ACNB Corporation has entered into a definitive agreement to merge with Traditions Bancorp, Inc., in an all-stock deal valued at approximately $73.5 million. The merger is expected to culminate in an entity boasting total assets of $3.3 billion, total deposits of $2.6 billion, and total gross loans of $2.4 billion. This merger is slated to close in the first quarter of 2025, pending shareholder and regulatory approvals.
In terms of analyst coverage, Piper Sandler has maintained a neutral rating on ACNB, albeit with a reduced price target from $40.00 to $37.00. This follows ACNB's Q1 2024 earnings report that revealed earnings per share of $0.80. Lastly, ACNB Corporation has expanded its Board of Directors to 11 members with the recent election of Alexandra Chiaruttini. These are the recent developments for ACNB Corporation.
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