Orrstown Financial Services, Inc. (NASDAQ:ORRF) Sees Significant Growth in Short Interest

Orrstown Financial Services, Inc. (NASDAQ:ORRF) saw a significant increase in short interest in the month of December. As of December 31st, there was short interest totalling 184,900 shares, an increase of 23.3% from the December 15th total of 150,000 shares. Based on an average trading volume of 104,200 shares, the days-to-cover ratio is currently 1.8 days.

Orrstown Financial Services Stock Up 0.4 %

ORRF traded up $0.15 during trading on Friday, hitting $36.06. 110,884 shares of the company’s stock were exchanged, compared to its average volume of 72,241. Orrstown Financial Services has a fifty-two week low of $24.70 and a fifty-two week high of $41.99. The stock has a market cap of $699.20 million, a P/E ratio of 19.39 and a beta of 0.91. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The business’s 50 day moving average is $38.00 and its two-hundred day moving average is $35.64.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.19. Orrstown Financial Services had a return on equity of 14.41% and a net margin of 6.63%. The business had revenue of $95.37 million during the quarter, compared to analyst estimates of $60.90 million. As a group, equities analysts expect that Orrstown Financial Services will post 4 earnings per share for the current fiscal year.

Orrstown Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 12th. Shareholders of record on Tuesday, November 5th were paid a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.92 dividend on an annualized basis and a yield of 2.55%. Orrstown Financial Services’s dividend payout ratio (DPR) is presently 49.46%.

Analyst Upgrades and Downgrades

A number of research firms have commented on ORRF. Hovde Group cut shares of Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Piper Sandler assumed coverage on Orrstown Financial Services in a research note on Wednesday, January 8th. They issued an “overweight” rating and a $43.00 target price for the company.

Insider Buying and Selling

In other Orrstown Financial Services news, EVP David Todd Hornberger sold 4,000 shares of the stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $37.82, for a total transaction of $151,280.00. Following the completion of the sale, the executive vice president now directly owns 20,877 shares in the company, valued at approximately $789,568.14. This trade represents a 16.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 6.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Orrstown Financial Services

Hedge funds have recently made changes to their positions in the business. Barclays PLC raised its position in Orrstown Financial Services by 120.4% in the third quarter. Barclays PLC now owns 33,721 shares of the bank’s stock worth $1,212,000 after acquiring an additional 18,422 shares during the period. Empowered Funds LLC raised its holdings in shares of Orrstown Financial Services by 206.0% in the 3rd quarter. Empowered Funds LLC now owns 72,563 shares of the bank’s stock worth $2,609,000 after purchasing an additional 48,851 shares during the period. Principal Financial Group Inc. purchased a new position in Orrstown Financial Services in the third quarter valued at approximately $478,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Orrstown Financial Services by 110.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 44,387 shares of the bank’s stock valued at $1,596,000 after purchasing an additional 23,333 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Orrstown Financial Services by 503.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 158,029 shares of the bank’s stock valued at $5,683,000 after purchasing an additional 131,845 shares during the period. 44.27% of the stock is currently owned by institutional investors.

Orrstown Financial Services Company Profile

Orrstown Financial Services, Inc operates as the financial holding company for Orrstown Bank that provides commercial banking and financial advisory services to retail, commercial, non-profit, and government clients in the United States. It accepts various deposits, including checking, savings, time, demand, and money market deposits, as well as certificates of deposit.