Short Interest in Orrstown Financial Services, Inc. (NASDAQ:ORRF) Declines By 80.1%

Orrstown Financial Services, Inc. (NASDAQ:ORRF) was the recipient of a significant drop in short interest in July. As of July 15th, there was short interest totalling 197,800 shares, a drop of 80.1% from the June 30th total of 992,400 shares. Based on an average daily volume of 105,600 shares, the days-to-cover ratio is currently 1.9 days.

Wall Street Analyst Weigh In

ORRF has been the subject of several research analyst reports. Janney Montgomery Scott initiated coverage on Orrstown Financial Services in a research report on Friday, June 28th. They set a “buy” rating and a $32.00 target price for the company. Hovde Group increased their target price on Orrstown Financial Services from $33.00 to $37.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $32.00 target price on shares of Orrstown Financial Services in a research report on Tuesday, June 18th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $31.50.

Orrstown Financial Services Price Performance

NASDAQ ORRF traded up $1.03 during trading on Thursday, hitting $34.78. 161,836 shares of the stock traded hands, compared to its average volume of 71,773. The company has a market capitalization of $372.84 million, a P/E ratio of 10.37 and a beta of 0.91. The firm has a 50-day simple moving average of $27.15 and a 200-day simple moving average of $26.86. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.12. Orrstown Financial Services has a 12-month low of $19.30 and a 12-month high of $35.23.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.10. The business had revenue of $50.45 million during the quarter, compared to analysts’ expectations of $31.60 million. Orrstown Financial Services had a return on equity of 13.69% and a net margin of 17.26%. As a group, analysts predict that Orrstown Financial Services will post 3.55 EPS for the current year.

Orrstown Financial Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Thursday, August 8th will be paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.65%. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.20. The ex-dividend date is Thursday, August 8th. Orrstown Financial Services’s dividend payout ratio (DPR) is presently 23.88%.

Institutional Investors Weigh In On Orrstown Financial Services

Several institutional investors have recently modified their holdings of ORRF. Quadrature Capital Ltd lifted its stake in shares of Orrstown Financial Services by 273.6% in the 1st quarter. Quadrature Capital Ltd now owns 29,666 shares of the bank’s stock valued at $793,000 after purchasing an additional 21,725 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Orrstown Financial Services by 89.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 20,598 shares of the bank’s stock worth $608,000 after acquiring an additional 9,729 shares during the last quarter. Pacific Ridge Capital Partners LLC boosted its holdings 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 acquiring an additional 8,564 shares during the period. Brown Advisory Inc. purchased a new position in Orrstown Financial Services during the 4th quarter valued at $236,000. Finally, Vista Investment Management purchased a new position in Orrstown Financial Services during the 4th quarter valued at $229,000. 44.27% of the stock is owned by institutional investors.

About Orrstown Financial Services

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.