Short Interest in Orrstown Financial Services, Inc. (NASDAQ:ORRF) Decreases By 41.5%

Orrstown Financial Services, Inc. (NASDAQ:ORRF) was the recipient of a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 107,700 shares, a decline of 41.5% from the October 15th total of 184,000 shares. Based on an average daily trading volume, of 91,400 shares, the short-interest ratio is presently 1.2 days.

Insider Transactions at Orrstown Financial Services

In other news, EVP David Todd Hornberger sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $37.82, for a total value of $151,280.00. Following the transaction, the executive vice president now owns 20,877 shares in the company, valued at $789,568.14. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On Orrstown Financial Services

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in Orrstown Financial Services by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 547,755 shares of the bank’s stock valued at $14,663,000 after buying an additional 5,332 shares during the period. Dimensional Fund Advisors LP boosted its position in Orrstown Financial Services by 1.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 499,814 shares of the bank’s stock valued at $13,674,000 after buying an additional 7,465 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in Orrstown Financial Services during the 3rd quarter valued at $8,734,000. Pacific Ridge Capital Partners LLC boosted its position in Orrstown Financial Services by 3.9% during the 1st quarter. Pacific Ridge Capital Partners LLC now owns 228,449 shares of the bank’s stock valued at $6,116,000 after buying an additional 8,564 shares during the period. Finally, Renaissance Technologies LLC boosted its position in Orrstown Financial Services by 42.2% during the 2nd quarter. Renaissance Technologies LLC now owns 223,399 shares of the bank’s stock valued at $6,112,000 after buying an additional 66,300 shares during the period. Hedge funds and other institutional investors own 44.27% of the company’s stock.

Orrstown Financial Services Price Performance

Shares of NASDAQ:ORRF traded down $0.30 during trading on Wednesday, reaching $40.84. The company had a trading volume of 136,515 shares, compared to its average volume of 79,586. The company has a fifty day moving average of $36.42 and a two-hundred day moving average of $31.75. The stock has a market capitalization of $791.07 million, a P/E ratio of 22.34 and a beta of 0.89. Orrstown Financial Services has a 12 month low of $22.44 and a 12 month high of $41.99. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.19. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 17.66%. The company had revenue of $95.37 million during the quarter, compared to analysts’ expectations of $60.90 million. Equities research analysts forecast that Orrstown Financial Services will post 4 earnings per share for the current year.

Orrstown Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Tuesday, November 5th were paid a $0.23 dividend. The ex-dividend date was Tuesday, November 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.25%. Orrstown Financial Services’s dividend payout ratio (DPR) is 49.46%.

Analysts Set New Price Targets

Separately, Hovde Group lowered shares of Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a research report on Wednesday.

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.