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

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

Orrstown Financial Services Trading Down 1.1 %

ORRF stock traded down $0.33 during trading on Tuesday, reaching $29.68. 102,689 shares of the stock were exchanged, compared to its average volume of 106,800. The business has a 50 day moving average price of $32.94 and a 200-day moving average price of $35.78. Orrstown Financial Services has a 1 year low of $24.70 and a 1 year high of $41.99. 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 firm has a market capitalization of $575.38 million, a price-to-earnings ratio of 16.13 and a beta of 0.87.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings data on Friday, January 31st. The bank reported $0.87 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.17). Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. On average, research analysts predict that Orrstown Financial Services will post 4.23 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 21st. Stockholders of record on Friday, February 14th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, February 14th. This is a boost from Orrstown Financial Services’s previous quarterly dividend of $0.23. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.50%. Orrstown Financial Services’s dividend payout ratio is currently 56.52%.

Insider Activity

In other Orrstown Financial Services news, Director John W. Giambalvo bought 1,000 shares of Orrstown Financial Services stock in a transaction dated Monday, March 10th. The stock was acquired at an average cost of $30.80 per share, for a total transaction of $30,800.00. Following the completion of the transaction, the director now directly owns 40,562 shares of the company’s stock, valued at approximately $1,249,309.60. This represents a 2.53 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Scott V. Fainor purchased 3,000 shares of the firm’s stock in a transaction dated Monday, March 24th. The stock was acquired at an average cost of $31.17 per share, for a total transaction of $93,510.00. Following the completion of the purchase, the director now owns 13,396 shares of the company’s stock, valued at approximately $417,553.32. This represents a 28.86 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 6,800 shares of company stock worth $211,892 over the last quarter. 5.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Orrstown Financial Services

Several institutional investors and hedge funds have recently bought and sold shares of ORRF. Comprehensive Financial Planning Inc. PA purchased a new position in Orrstown Financial Services during the fourth quarter worth about $38,000. R Squared Ltd purchased a new position in shares of Orrstown Financial Services during the 4th quarter worth approximately $42,000. VSM Wealth Advisory LLC acquired a new position in Orrstown Financial Services during the fourth quarter worth $47,000. Summit Investment Advisors Inc. boosted its position in shares of Orrstown Financial Services by 21.9% during 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 during the period. Finally, Stonebridge Financial Group LLC acquired a new stake in shares of Orrstown Financial Services in the fourth quarter valued at $92,000. 44.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $42.00 target price (down from $46.00) on shares of Orrstown Financial Services in a research note on Monday, February 3rd. Piper Sandler began coverage on 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.

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.