Short Interest in Orrstown Financial Services, Inc. (NASDAQ:ORRF) Grows By 33.4%

Orrstown Financial Services, Inc. (NASDAQ:ORRF) was the target of a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 170,600 shares, a growth of 33.4% from the February 28th total of 127,900 shares. Approximately 0.9% of the company’s shares are sold short. Based on an average daily trading volume, of 130,000 shares, the short-interest ratio is presently 1.3 days.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Piper Sandler started coverage on shares of Orrstown Financial Services in a research report on Wednesday, January 8th. They set an “overweight” rating and a $43.00 price objective on the stock. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $42.00 price target (down previously from $46.00) on shares of Orrstown Financial Services in a research report on Monday, February 3rd.

Orrstown Financial Services Stock Down 0.1 %

ORRF traded down $0.03 during trading on Wednesday, reaching $29.65. The stock had a trading volume of 85,842 shares, compared to its average volume of 106,743. Orrstown Financial Services has a one year low of $24.70 and a one year high of $41.99. The company has a market capitalization of $574.79 million, a price-to-earnings ratio of 16.11 and a beta of 0.87. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13. The stock’s 50 day moving average is $32.94 and its two-hundred day moving average is $35.78.

Orrstown Financial Services (NASDAQ:ORRF) last issued its quarterly earnings results on Friday, January 31st. The bank reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.17). Orrstown Financial Services had a return on equity of 15.77% and a net margin of 7.70%. As a group, analysts expect that Orrstown Financial Services will post 4.23 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Friday, February 14th were paid a dividend of $0.26 per share. This is a boost from Orrstown Financial Services’s previous quarterly dividend of $0.23. The ex-dividend date was Friday, February 14th. This represents a $1.04 dividend on an annualized basis and a yield of 3.51%. Orrstown Financial Services’s payout ratio is presently 56.52%.

Insider Buying and Selling at Orrstown Financial Services

In other Orrstown Financial Services news, Director Scott V. Fainor acquired 3,000 shares of the company’s stock in a transaction on Monday, March 24th. The stock was acquired at an average price of $31.17 per share, for a total transaction of $93,510.00. Following the acquisition, the director now owns 13,396 shares in the company, valued at $417,553.32. This represents a 28.86 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Brian D. Brunner bought 2,500 shares of Orrstown Financial Services stock in a transaction dated Wednesday, March 19th. The shares were acquired at an average cost of $30.87 per share, for a total transaction of $77,175.00. Following the completion of the purchase, the director now directly owns 49,330 shares of the company’s stock, valued at approximately $1,522,817.10. This trade represents a 5.34 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 6,800 shares of company stock valued at $211,892 in the last quarter. Company insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On Orrstown Financial Services

A number of institutional investors have recently modified their holdings of ORRF. Summit Investment Advisors Inc. lifted its stake in shares of Orrstown Financial Services by 21.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank’s stock worth $71,000 after buying an additional 349 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Orrstown Financial Services by 4.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,519 shares of the bank’s stock worth $385,000 after acquiring an additional 456 shares during the last quarter. Sterling Capital Management LLC lifted its position in Orrstown Financial Services by 4.9% in the 4th quarter. Sterling Capital Management LLC now owns 11,258 shares of the bank’s stock valued at $412,000 after acquiring an additional 524 shares in the last quarter. American Century Companies Inc. boosted its stake in Orrstown Financial Services by 0.3% during the 4th quarter. American Century Companies Inc. now owns 228,067 shares of the bank’s stock valued at $8,350,000 after purchasing an additional 755 shares during the last quarter. Finally, Comprehensive Financial Planning Inc. PA bought a new stake in shares of Orrstown Financial Services in the 4th quarter worth $38,000. 44.27% of the stock is owned by hedge funds and other 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.