Short Interest in ACNB Co. (NASDAQ:ACNB) Drops By 6.0%

ACNB Co. (NASDAQ:ACNB) saw a significant drop in short interest in the month of April. As of April 15th, there was short interest totalling 62,900 shares, a drop of 6.0% from the March 31st total of 66,900 shares. Based on an average daily trading volume, of 14,400 shares, the short-interest ratio is currently 4.4 days. Approximately 0.8% of the shares of the stock are short sold.

Institutional Trading of ACNB

A number of hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets lifted its position in ACNB by 83.3% in the 1st quarter. BNP Paribas Financial Markets now owns 4,091 shares of the bank’s stock valued at $154,000 after acquiring an additional 1,859 shares in the last quarter. Haverford Trust Co bought a new position in ACNB in the 4th quarter valued at approximately $1,521,000. Savant Capital LLC bought a new position in ACNB in the 4th quarter valued at approximately $264,000. RKL Wealth Management LLC bought a new position in ACNB in the 4th quarter valued at approximately $434,000. Finally, Allworth Financial LP bought a new position in ACNB in the 4th quarter valued at approximately $31,000. 32.35% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the company. Piper Sandler cut their price objective on ACNB from $40.00 to $37.00 and set a “neutral” rating on the stock in a research report on Wednesday. StockNews.com raised ACNB from a “sell” rating to a “hold” rating in a research report on Tuesday.

ACNB Stock Performance

Shares of ACNB opened at $33.13 on Thursday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. The business’s 50 day moving average price is $34.75 and its 200-day moving average price is $38.10. ACNB has a 52 week low of $27.00 and a 52 week high of $48.55. The stock has a market cap of $281.94 million, a P/E ratio of 9.58 and a beta of 0.60.

ACNB (NASDAQ:ACNB) last issued its quarterly earnings results on Thursday, April 25th. The bank reported $0.80 EPS for the quarter, hitting analysts’ consensus estimates of $0.80. ACNB had a return on equity of 11.18% and a net margin of 24.98%. The firm had revenue of $31.64 million for the quarter, compared to analysts’ expectations of $26.28 million. Equities research analysts anticipate that ACNB will post 3.4 earnings per share for the current fiscal year.

ACNB Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be given a $0.32 dividend. This is a boost from ACNB’s previous quarterly dividend of $0.30. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date is Friday, May 31st. ACNB’s payout ratio is currently 34.68%.

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.