ACNB Corporation
US ˙ NasdaqCM ˙ US0008681092

Introduction

This page provides a comprehensive analysis of the known insider trading history of Marian B Schultz. Insiders are officers, directors, or significant investors in a company. It is illegal for insiders to make trades in their companies based on specific, non-public information. This does not mean it is illegal for them to make any trades in their own companies. However, they must report all trades to the SEC via a Form 4. Despite these restrictions, academic research suggests that insiders - in general - tend to outperform the market in their own companies.

Average Trade Profitability

The average trade profitability is the average return of all the open market purchases made by the insider in the last three years. To calculate this, we examine every open-market, unplanned purchase made by the insider, excluding all trades that were marked as part of a 10b5-1 trading plan. We then calculate the average performance of those trades over 3, 6, and 12 months, averaging each of those durations to generate a final performance metric for each trade. Finally, we average all of the performance metrics to calculate a performance metric for the insider. This list only includes insiders that have made at least three trades in the last two years.

If this insiders trade profitability is "N/A", then the insider either has not made any open-market purchases in the last three years, or the trades they’ve made are too recent to calculate a reliable performance metric.

Update Frequency: Daily

See the list of most profitable insider traders.

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Companies with Reported Insider Positions

The SEC filings indicate Marian B Schultz has reported holdings or trades in the following companies:

Security Title Latest Reported Holdings
US:ACNB / ACNB Corporation Director 6,235
How to Interpret the Charts

The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Marian B Schultz. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. The stock performance is charted as cumulative percent change in share price. For example, if an insider trade was made on January 1, 2019, the chart will show the daily percent change of the security to the present day. If the share price were to go from $10 to $15 during this time, the cumulative percent change in share price would be 50%. A change in price from $10 to $20 would be 100%, and a change in price of $10 to $5 would be -50%.

Ultimately, we are trying to determine how closely the insider’s trades correlate to excess returns (positive or negative) in the share price in order to see if the insider is timing their trades to profit from insider information. Consider the situation where an insider was doing this. In this situation, we would expect either (a) positive returns after purchases, or (b) negative returns after sales. In the case of (a), the PURCHASE chart would show a series of upwardly sloping curves, indicating positive returns after each purchase transaction. In the case of (b), the SALE chart would show a series of downward sloping curves, indicating negative returns after each sale transaction.

However, this alone is not enough to draw conclusions. If, for example, the share price of the company was in a non-cyclical climb over many years, then we would expect all the post-purchase plots to be upwardly sloping. Likewise, non-cyclical declines over many years would result in downward sloping post-trade plots. Neither of these charts would suggest insider trading activity.

The strongest indicator would be a situation where the share price was extremely cyclical, and there were both positive signals in the PURCHASE chart and negative plots on the SALE chart. This situation would be highly suggestive of an insider that was timing trades to their financial advantage.

Insider Purchases ACNB / ACNB Corporation - Short Term Profit Analysis

In this section, we analyze the profitability of every unplanned, open-market insider purchase made in ACNB / ACNB Corporation. This analysis helps to understand if the insider consistently generates abnormal returns, and is worth following. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market purchases that were not part of an automatic trading plan.

Trade Date Ticker Insider Reported
Shares		 Reported
Price		 Adjusted
Shares		 Adjusted
Price		 Cost Basis Days to
Max		 Price at
Max		 Max
Profit ($)		 Max Return (%)
2020-12-21 ACNB SCHULTZ MARIAN B 200 25.0850 200 25.0850 5,017 81 33.4900 1,681 33.51
2020-12-21 ACNB SCHULTZ MARIAN B 300 25.1600 300 25.1600 7,548
2018-09-14 ACNB SCHULTZ MARIAN B 57 39.3750 57 39.3750 2,250
2018-06-15 ACNB SCHULTZ MARIAN B 71 31.6250 71 31.6250 2,250
2018-03-15 ACNB SCHULTZ MARIAN B 77 29.3750 77 29.3750 2,250
2017-12-15 ACNB SCHULTZ MARIAN B 78 28.8750 78 28.8750 2,250
2017-09-15 ACNB SCHULTZ MARIAN B 83 26.9750 83 26.9750 2,250
2017-08-23 ACNB SCHULTZ MARIAN B 166 26.5500 166 26.5500 4,407
2017-06-15 ACNB SCHULTZ MARIAN B 77 29.2750 77 29.2750 2,250
2017-03-15 ACNB SCHULTZ MARIAN B 69 30.6750 69 30.6750 2,125
2016-12-15 ACNB SCHULTZ MARIAN B 66 32.1000 66 32.1000 2,125
2016-09-15 ACNB SCHULTZ MARIAN B 78 27.0850 78 27.0850 2,125
2016-06-15 ACNB SCHULTZ MARIAN B 89 23.9950 89 23.9950 2,125
2016-03-15 ACNB SCHULTZ MARIAN B 68 22.1850 68 22.1850 1,500
2015-12-15 ACNB SCHULTZ MARIAN B 70 21.4750 70 21.4750 1,500
2015-09-15 ACNB SCHULTZ MARIAN B 73 20.5000 73 20.5000 1,500
2015-06-15 ACNB SCHULTZ MARIAN B 73 20.5700 73 20.5700 1,500
2015-03-13 ACNB SCHULTZ MARIAN B 67 20.5150 67 20.5150 1,375
2014-12-15 ACNB SCHULTZ MARIAN B 65 21.2700 65 21.2700 1,375
2014-09-15 ACNB SCHULTZ MARIAN B 72 19.1200 72 19.1200 1,375
2014-06-13 ACNB SCHULTZ MARIAN B 71 19.4100 71 19.4100 1,375
2014-03-14 ACNB SCHULTZ MARIAN B 65 18.2100 65 18.2100 1,187
2013-12-13 ACNB SCHULTZ MARIAN B 66 17.9300 66 17.9300 1,188
2013-09-13 ACNB SCHULTZ MARIAN B 70 16.9250 70 16.9250 1,188
2013-06-14 ACNB SCHULTZ MARIAN B 76 16.4000 76 16.4000 1,250
2013-03-15 ACNB SCHULTZ MARIAN B 68 16.6400 68 16.6400 1,125
2012-12-14 ACNB SCHULTZ MARIAN B 70 16.1800 70 16.1800 1,125
2012-09-14 ACNB SCHULTZ MARIAN B 74 15.1150 74 15.1150 1,125
2012-06-15 ACNB SCHULTZ MARIAN B 78 14.4750 78 14.4750 1,125
2012-05-03 ACNB SCHULTZ MARIAN B 170 14.3700 170 14.3700 2,443

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

ACNB / ACNB Corporation Insider Trades
Insider Sales ACNB / ACNB Corporation - Short Term Loss Analysis

In this section, we analyze the short-term loss avoidance of every unplanned, open-market insider sale made in ACNB / ACNB Corporation. A consistent pattern of loss avoidance may suggest that future sale transactions may predict declines in price. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market sales that were not part of an automatic trading plan.

Trade Date Ticker Insider Reported
Shares		 Reported
Price		 Adjusted
Shares		 Adjusted
Price		 Cost Basis Days to
Min		 Price at
Min		 Max Loss
Avoided ($)		 Max Loss
Avoided (%)
There are no known unplanned open-market trades for this insider and security combination

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

ACNB / ACNB Corporation Insider Trades
Insider Trading History

This table shows the complete list of insider trades made by Marian B Schultz as disclosed to the Securities Exchange Commission (SEC).

File Date Tran Date Form Ticker Security Code 10b5-1 Shares Remaining Shares Percent
Change		 Share
Price		 Tran
Value		 Remaining
Value
2022-03-18 2022-03-15 4 ACNB ACNB CORP
ACNB Corporation Common 		A - Award 450 6,235 7.78 32.74 14,733 204,134
2022-03-18 2022-03-15 4 ACNB ACNB CORP
ACNB Corporation Common 		A - Award 88 5,785 1.54 32.74 2,875 189,401
2021-12-21 2021-12-15 4 ACNB ACNB CORP
ACNB Corporation Common 		A - Award 98 5,660 1.76 29.36 2,875 166,212
2021-09-21 2021-09-15 4 ACNB ACNB CORP
ACNB Corporation Common 		A - Award 104 5,522 1.92 27.63 2,875 152,580
2021-06-21 2021-03-15 4/A ACNB ACNB CORP
ACNB Corporation Common 		A - Award 89 5,236 1.74 32.14 2,875 168,325
2021-06-21 2021-06-15 4 ACNB ACNB CORP
ACNB Corporation Common 		A - Award 102 5,379 1.93 28.27 2,875 152,052
2021-03-19 2021-03-15 4 ACNB ACNB CORP
ACNB Corporation Common 		A - Award 89 5,236 1.74 32.14 2,875 168,325
2020-12-22 2020-12-21 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 300 5,600 5.66 25.16 7,548 140,896
2020-12-22 2020-12-21 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 200 5,300 3.92 25.08 5,017 132,950
2020-12-18 2020-12-15 4 ACNB ACNB CORP
ACNB Corporation Common 		A - Award 104 5,115 2.08 27.58 2,875 141,046
2020-09-21 2020-09-15 4 ACNB ACNB CORP
ACNB Corporation Common 		A - Award 133 4,975 2.75 21.62 2,875 107,553
2020-06-19 2020-06-15 4 ACNB ACNB CORP
ACNB Corporation Common 		A - Award 500 4,798 11.63 25.30 12,652 121,408
2020-06-19 2020-06-15 4 ACNB ACNB CORP
ACNB Corporation Common 		A - Award 114 4,298 2.72 25.30 2,875 108,756
2020-03-20 2020-03-13 4 ACNB ACNB CORP
ACNB Corporation Common 		A - Award 124 4,153 3.07 23.27 2,875 96,655
2019-12-20 2019-12-13 4 ACNB ACNB CORP
ACNB Corporation Common 		A - Award 80 3,997 2.04 35.94 2,875 143,663
2019-09-19 2019-09-13 4 ACNB ACNB CORP
ACNB Corporation Common 		A - Award 81 3,897 2.12 35.48 2,875 138,271
2019-06-20 2019-06-14 4 ACNB ACNB CORP
ACNB Corporation Common 		A - Award 500 3,796 15.17 36.47 18,235 138,455
2019-06-20 2019-06-14 4 ACNB ACNB CORP
ACNB Corporation Common 		A - Award 62 3,296 1.91 36.47 2,250 120,220
2019-03-21 2019-03-15 4 ACNB ACNB CORP
ACNB Corporation Common 		A - Award 61 3,220 1.92 37.10 2,250 119,460
2018-12-20 2018-12-14 4 ACNB ACNB CORP
ACNB Corporation Common 		A - Award 62 3,146 2.01 36.30 2,250 114,200
2018-09-20 2018-09-14 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 57 3,070 1.90 39.38 2,250 120,900
2018-06-21 2018-06-15 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 71 3,002 2.43 31.62 2,250 94,927
2018-03-21 2018-03-15 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 77 2,917 2.70 29.38 2,250 85,674
2017-12-20 2017-12-15 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 78 2,828 2.83 28.88 2,250 81,644
2017-09-20 2017-09-15 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 83 2,738 3.14 26.98 2,250 73,846
2017-08-24 2017-08-23 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 166 5,100 3.36 26.55 4,407 135,405
2017-06-21 2017-06-15 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 77 2,642 3.00 29.28 2,250 77,344
2017-03-21 2017-03-15 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 69 2,554 2.79 30.68 2,125 78,359
2016-12-21 2016-12-15 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 66 2,476 2.75 32.10 2,125 79,467
2016-09-21 2016-09-15 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 78 2,401 3.38 27.08 2,125 65,022
2016-06-21 2016-06-15 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 89 2,313 3.98 24.00 2,125 55,489
2016-03-18 2016-03-15 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 68 2,214 3.15 22.18 1,500 49,114
2015-12-18 2015-12-15 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 70 2,136 3.38 21.48 1,500 45,870
2015-09-18 2015-09-15 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 73 2,056 3.69 20.50 1,500 42,154
2015-06-22 2015-06-15 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 73 1,974 3.84 20.57 1,500 40,598
2015-03-20 2015-03-13 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 67 1,892 3.67 20.52 1,375 38,815
2014-12-18 2014-12-15 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 65 1,817 3.69 21.27 1,375 38,649
2014-09-19 2014-09-15 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 72 1,745 4.30 19.12 1,375 33,372
2014-06-18 2014-06-13 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 71 1,667 4.44 19.41 1,375 32,354
2014-03-19 2014-03-14 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 65 1,590 4.28 18.21 1,187 28,958
2013-12-18 2013-12-13 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 66 1,520 4.56 17.93 1,188 27,247
2013-09-18 2013-09-13 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 70 1,449 5.09 16.92 1,188 24,518
2013-06-19 2013-06-14 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 76 1,374 5.87 16.40 1,250 22,538
2013-03-20 2013-03-15 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 68 1,295 5.51 16.64 1,125 21,543
2012-12-20 2012-12-14 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 70 1,224 6.02 16.18 1,125 19,812
2012-09-19 2012-09-14 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 74 1,153 6.90 15.12 1,125 17,430
2012-06-20 2012-06-15 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 78 1,078 7.77 14.48 1,125 15,600
2012-05-07 2012-05-03 4 ACNB ACNB CORP
ACNB Corporation Common 		P - Purchase 170 4,934 3.57 14.37 2,443 70,902
P
Open market or private purchase of non-derivative or derivative security
S
Open market or private sale of non-derivative or derivative security
A
Grant, award, or other acquisition of securities from the company (such as an option)
C
Conversion of derivative
D
Sale or transfer of securities back to the company
F
Payment of exercise price or tax liability using portion of securities received from the company
G
Gift of securities by or to the insider
K
Equity swaps and similar hedging transactions
M
Exercise or conversion of derivative security received from the company (such as an option)
V
A transaction voluntarily reported on Form 4
J
Other (accompanied by a footnote describing the transaction)