Orrstown Financial Services Inc (NASDAQ:ORRF) Sees Significant Growth in Short Interest

Orrstown Financial Services Inc (NASDAQ:ORRF) was the target of a large increase in short interest during the month of March. As of March 31st, there was short interest totaling 808,753 shares, an increase of 99.1% from the March 15th total of 406,299 shares. Currently, 4.3% of the shares of the stock are sold short. Based on an average daily volume of 253,968 shares, the short-interest ratio is presently 3.2 days.

Orrstown Financial Services Price Performance

NASDAQ:ORRF traded up $0.03 on Tuesday, hitting $38.45. The company had a trading volume of 104,838 shares, compared to its average volume of 197,464. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.06. Orrstown Financial Services has a 52 week low of $26.25 and a 52 week high of $40.72. The firm has a 50 day moving average of $36.55 and a two-hundred day moving average of $35.70. The stock has a market capitalization of $754.39 million, a price-to-earnings ratio of 9.20 and a beta of 0.77.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings results on Wednesday, January 28th. The bank reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.04. Orrstown Financial Services had a net margin of 22.71% and a return on equity of 14.77%. The firm had revenue of $73.89 million during the quarter, compared to analysts’ expectations of $51.54 million. On average, research analysts anticipate 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 Tuesday, February 17th. Shareholders of record on Tuesday, February 10th were given a $0.30 dividend. This is an increase from Orrstown Financial Services’s previous quarterly dividend of $0.27. The ex-dividend date was Tuesday, February 10th. This represents a $1.20 annualized dividend and a yield of 3.1%. Orrstown Financial Services’s dividend payout ratio is currently 28.71%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on ORRF shares. Hovde Group increased their price objective on shares of Orrstown Financial Services from $40.00 to $42.00 and gave the company an “outperform” rating in a research note on Monday, February 2nd. Weiss Ratings raised shares of Orrstown Financial Services from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Orrstown Financial Services currently has an average rating of “Moderate Buy” and an average price target of $42.00.

Insider Buying and Selling

In related news, Director Brian D. Brunner acquired 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The stock was acquired at an average price of $34.02 per share, with a total value of $34,020.00. Following the purchase, the director directly owned 50,529 shares in the company, valued at approximately $1,718,996.58. This trade represents a 2.02% 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. 4.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Orrstown Financial Services

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Caldwell Trust Co acquired a new position in Orrstown Financial Services in the 2nd quarter valued at approximately $25,000. State of Alaska Department of Revenue acquired a new position in Orrstown Financial Services in the 3rd quarter valued at approximately $26,000. Financial Consulate Inc. acquired a new position in Orrstown Financial Services in the 3rd quarter valued at approximately $36,000. Quarry LP acquired a new position in Orrstown Financial Services in the 3rd quarter valued at approximately $42,000. Finally, Raymond James Financial Inc. acquired a new position in Orrstown Financial Services in the 2nd quarter valued at approximately $45,000. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Orrstown Financial Services Company Profile

Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank, a community banking organization headquartered in Shippensburg, Pennsylvania. The roots of Orrstown Bank date back to 1865, and the holding company structure was established to support its growth and diversification. As a regional financial institution, Orrstown Financial Services focuses on delivering personalized banking solutions to individuals, families and businesses across Central Pennsylvania.

The company’s core offerings include a full suite of deposit products such as checking and savings accounts, money market accounts and certificates of deposit.