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

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 shares of the company are sold short. Based on an average trading volume of 130,000 shares, the short-interest ratio is presently 1.3 days.

Orrstown Financial Services Stock Performance

NASDAQ ORRF traded down $0.03 on Wednesday, hitting $29.65. 85,842 shares of the company traded hands, compared to its average volume of 106,743. The business’s 50 day moving average price is $32.94 and its 200-day moving average price is $35.78. Orrstown Financial Services has a 52-week low of $24.70 and a 52-week 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 company has a market capitalization of $574.79 million, a price-to-earnings ratio of 16.11 and a beta of 0.87.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings data on Friday, January 31st. The bank reported $0.87 earnings per share 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%. Equities analysts expect that Orrstown Financial Services will post 4.23 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Friday, February 14th were given a $0.26 dividend. This is a positive change 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 3.51%. The ex-dividend date was Friday, February 14th. Orrstown Financial Services’s dividend payout ratio is presently 56.52%.

Analysts Set New Price Targets

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

Insider Buying and Selling at Orrstown Financial Services

In related news, Director John W. Giambalvo bought 1,000 shares of the firm’s stock in a transaction on 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 purchase, the director now owns 40,562 shares in the company, valued at approximately $1,249,309.60. This represents a 2.53 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Scott V. Fainor purchased 3,000 shares of the stock in a transaction dated Monday, March 24th. The shares were purchased at an average cost of $31.17 per share, for a total transaction of $93,510.00. Following the completion of the acquisition, the director now directly owns 13,396 shares in the company, valued at approximately $417,553.32. This trade represents a 28.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 6,800 shares of company stock worth $211,892. Company insiders own 5.30% of the company’s stock.

Institutional Trading of Orrstown Financial Services

Several institutional investors and hedge funds have recently modified their holdings of ORRF. Comprehensive Financial Planning Inc. PA bought a new position in Orrstown Financial Services in the 4th quarter worth $38,000. R Squared Ltd purchased a new position in shares of Orrstown Financial Services in the fourth quarter valued at about $42,000. VSM Wealth Advisory LLC bought a new position in shares of Orrstown Financial Services in the fourth quarter worth about $47,000. Summit Investment Advisors Inc. grew 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 purchasing an additional 349 shares in the last quarter. Finally, Stonebridge Financial Group LLC bought a new stake in Orrstown Financial Services during the 4th quarter valued at approximately $92,000. 44.27% of the stock is currently 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.