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

Orrstown Financial Services, Inc. (NASDAQ:ORRF) saw a large increase in short interest in the month of 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 company are short sold. Based on an average trading volume of 130,000 shares, the days-to-cover ratio is presently 1.3 days.

Insiders Place Their Bets

In other news, Director Brian D. Brunner acquired 2,500 shares of Orrstown Financial Services stock in a transaction dated Wednesday, March 19th. The stock was purchased 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 in the company, valued at $1,522,817.10. This trade represents a 5.34 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Scott V. Fainor bought 3,000 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was purchased at an average price of $31.17 per share, for a total transaction of $93,510.00. Following the transaction, the director now owns 13,396 shares of the company’s stock, valued at $417,553.32. The trade was 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 bought 6,800 shares of company stock valued at $211,892. 5.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Orrstown Financial Services

A number of hedge funds have recently bought and sold shares of ORRF. Barclays PLC raised its stake in shares of Orrstown Financial Services by 120.4% during the 3rd quarter. Barclays PLC now owns 33,721 shares of the bank’s stock worth $1,212,000 after buying an additional 18,422 shares during the period. Charles Schwab Investment Management Inc. raised its position in Orrstown Financial Services by 503.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 158,029 shares of the bank’s stock worth $5,683,000 after acquiring an additional 131,845 shares during the period. Geode Capital Management LLC lifted its holdings in Orrstown Financial Services by 32.2% during the third quarter. Geode Capital Management LLC now owns 434,228 shares of the bank’s stock valued at $15,617,000 after purchasing an additional 105,735 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Orrstown Financial Services by 36.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 55,297 shares of the bank’s stock valued at $2,024,000 after purchasing an additional 14,894 shares during the period. Finally, FMR LLC grew its position in shares of Orrstown Financial Services by 9.0% in the third quarter. FMR LLC now owns 178,478 shares of the bank’s stock valued at $6,418,000 after purchasing an additional 14,711 shares during the period. Hedge funds and other institutional investors own 44.27% of the company’s stock.

Orrstown Financial Services Stock Performance

Shares of NASDAQ:ORRF traded down $0.33 during trading on Tuesday, hitting $29.68. 102,689 shares of the stock traded hands, compared to its average volume of 106,800. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The company has a fifty day moving average price of $32.94 and a two-hundred day moving average price of $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 market cap 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 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%. As a group, equities analysts predict that Orrstown Financial Services will post 4.23 EPS for the current year.

Orrstown Financial Services Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Friday, February 14th were issued a $0.26 dividend. 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 3.50%. Orrstown Financial Services’s dividend payout ratio is presently 56.52%.

Analyst Ratings Changes

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

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.