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

Orrstown Financial Services, Inc. (NASDAQ:ORRF) was the recipient of a large 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 presently 1.8 days.

Orrstown Financial Services Price Performance

Shares of NASDAQ:ORRF traded up $0.15 during trading hours on Friday, hitting $36.06. 110,884 shares of the company’s stock traded hands, compared to its average volume of 72,241. The company’s fifty day simple moving average is $38.00 and its two-hundred day simple moving average is $35.64. The company has a market cap of $699.20 million, a price-to-earnings ratio of 19.39 and a beta of 0.91. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88. Orrstown Financial Services has a 52 week low of $24.70 and a 52 week high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF) last issued its earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share for the quarter, topping 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 14.41%. The firm had revenue of $95.37 million during the quarter, compared to analysts’ expectations of $60.90 million. As a group, equities analysts anticipate that Orrstown Financial Services will post 4 EPS for the current fiscal year.

Orrstown Financial Services Announces Dividend

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

Analyst Upgrades and Downgrades

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

Insider Activity at Orrstown Financial Services

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

Hedge Funds Weigh In On Orrstown Financial Services

A number of hedge funds and other institutional investors have recently modified their holdings of ORRF. Bank of New York Mellon Corp lifted its stake in Orrstown Financial Services by 9.1% during the second quarter. Bank of New York Mellon Corp now owns 74,528 shares of the bank’s stock valued at $2,039,000 after buying an additional 6,200 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Orrstown Financial Services by 32.9% in the 2nd quarter. Rhumbline Advisers now owns 21,942 shares of the bank’s stock valued at $600,000 after acquiring an additional 5,427 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Orrstown Financial Services by 37.9% in the 2nd quarter. American Century Companies Inc. now owns 149,259 shares of the bank’s stock valued at $4,084,000 after acquiring an additional 41,016 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Orrstown Financial Services by 1.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 499,814 shares of the bank’s stock worth $13,674,000 after purchasing an additional 7,465 shares during the period. Finally, Renaissance Technologies LLC grew 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 worth $6,112,000 after purchasing an additional 66,300 shares in the last quarter. Institutional investors and hedge funds own 44.27% of the company’s stock.

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.