ACNB Co. (NASDAQ:ACNB) Sees Large Drop in Short Interest

ACNB Co. (NASDAQ:ACNB) saw a large decline in short interest during the month of June. As of June 15th, there was short interest totalling 54,500 shares, a decline of 5.4% from the May 31st total of 57,600 shares. Approximately 0.7% of the shares of the stock are sold short. Based on an average daily volume of 11,700 shares, the short-interest ratio is presently 4.7 days.

ACNB Stock Performance

ACNB stock opened at $35.70 on Wednesday. The firm’s 50 day simple moving average is $32.58 and its 200-day simple moving average is $36.62. The company has a market cap of $304.88 million, a P/E ratio of 10.32 and a beta of 0.62. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.92 and a quick ratio of 0.92. ACNB has a fifty-two week low of $30.24 and a fifty-two week high of $48.55.

ACNB (NASDAQ:ACNB) last announced its quarterly earnings data on Thursday, April 25th. The bank reported $0.80 EPS for the quarter, meeting analysts’ consensus estimates of $0.80. ACNB had a net margin of 24.98% and a return on equity of 11.00%. The firm had revenue of $31.64 million for the quarter, compared to the consensus estimate of $26.28 million. As a group, equities research analysts predict that ACNB will post 3.3 EPS for the current year.

ACNB Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, May 31st. This is an increase from ACNB’s previous quarterly dividend of $0.30. This represents a $1.28 dividend on an annualized basis and a yield of 3.59%. ACNB’s payout ratio is presently 36.99%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACNB. Allworth Financial LP purchased a new position in ACNB during the fourth quarter valued at approximately $31,000. BNP Paribas Financial Markets lifted its stake in ACNB by 83.3% in the first 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 during the last quarter. SG Americas Securities LLC lifted its stake in ACNB by 21.0% in the fourth quarter. SG Americas Securities LLC now owns 4,585 shares of the bank’s stock valued at $205,000 after acquiring an additional 795 shares during the last quarter. Savant Capital LLC acquired a new stake in ACNB in the fourth quarter valued at approximately $264,000. Finally, RKL Wealth Management LLC acquired a new stake in ACNB in the fourth quarter valued at approximately $434,000. 32.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ACNB has been the topic of several analyst reports. Piper Sandler dropped their target price on shares of ACNB from $40.00 to $37.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 1st. StockNews.com downgraded shares of ACNB from a “hold” rating to a “sell” rating in a research report on Tuesday, June 11th.

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.