Short Interest in ACNB Co. (NASDAQ:ACNB) Drops By 11.6%

ACNB Co. (NASDAQ:ACNB) saw a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 66,900 shares, a drop of 11.6% from the March 15th total of 75,700 shares. Based on an average daily trading volume, of 16,800 shares, the days-to-cover ratio is presently 4.0 days. Approximately 0.8% of the shares of the company are sold short.

Hedge Funds Weigh In On ACNB

Several hedge funds have recently bought and sold shares of ACNB. State Street Corp increased its holdings in ACNB by 221.1% in the 2nd quarter. State Street Corp now owns 85,049 shares of the bank’s stock valued at $2,525,000 after buying an additional 58,562 shares during the period. Northern Trust Corp grew its holdings in shares of ACNB by 355.1% during the 2nd quarter. Northern Trust Corp now owns 71,138 shares of the bank’s stock valued at $2,112,000 after purchasing an additional 55,508 shares during the last quarter. Haverford Trust Co bought a new stake in shares of ACNB during the 4th quarter valued at approximately $1,521,000. FMR LLC grew its holdings in shares of ACNB by 7.4% during the 1st quarter. FMR LLC now owns 464,081 shares of the bank’s stock valued at $15,106,000 after purchasing an additional 32,098 shares during the last quarter. Finally, Fourthstone LLC grew its holdings in shares of ACNB by 13.3% during the 1st quarter. Fourthstone LLC now owns 261,263 shares of the bank’s stock valued at $9,131,000 after purchasing an additional 30,728 shares during the last quarter. 32.35% of the stock is owned by institutional investors.

ACNB Price Performance

NASDAQ:ACNB opened at $32.65 on Friday. ACNB has a 52 week low of $27.00 and a 52 week high of $48.55. The firm has a market cap of $277.85 million, a price-to-earnings ratio of 8.78 and a beta of 0.60. The firm’s 50-day simple moving average is $35.78 and its 200 day simple moving average is $38.01. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.87 and a current ratio of 0.87.

ACNB (NASDAQ:ACNB) last released its earnings results on Thursday, January 25th. The bank reported $0.48 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.48). ACNB had a net margin of 27.53% and a return on equity of 12.12%. The firm had revenue of $22.46 million during the quarter, compared to the consensus estimate of $27.75 million. As a group, sell-side analysts predict that ACNB will post 3.4 earnings per share for the current year.

ACNB Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.68%. The ex-dividend date was Thursday, February 29th. ACNB’s dividend payout ratio is currently 32.26%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Hovde Group cut shares of ACNB from an “outperform” rating to a “market perform” rating and raised their target price for the stock from $40.00 to $47.00 in a research note on Monday, December 18th. Piper Sandler raised their target price on shares of ACNB from $43.00 to $49.00 and gave the stock a “neutral” rating in a research note on Monday, December 18th. Finally, StockNews.com cut shares of ACNB from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th.

ACNB Company Profile

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.