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

Orrstown Financial Services, Inc. (NASDAQ:ORRF) was the target of a significant increase in short interest in 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 short-interest ratio is presently 1.8 days.

Orrstown Financial Services Stock Performance

ORRF traded up $0.15 on Friday, hitting $36.06. The company had a trading volume of 110,884 shares, compared to its average volume of 72,241. Orrstown Financial Services has a 1-year low of $24.70 and a 1-year high of $41.99. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.88 and a quick ratio of 0.88. The company’s fifty day moving average price is $38.00 and its 200 day moving average price is $35.64. The stock has a market cap of $699.20 million, a price-to-earnings ratio of 19.39 and a beta of 0.91.

Orrstown Financial Services (NASDAQ:ORRF) last issued its quarterly earnings data 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 business had revenue of $95.37 million during the quarter, compared to analysts’ expectations of $60.90 million. Equities analysts predict that Orrstown Financial Services will post 4 earnings per share for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Tuesday, November 5th were given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.55%. The ex-dividend date of this dividend was Tuesday, November 5th. Orrstown Financial Services’s dividend payout ratio is currently 49.46%.

Wall Street Analysts Forecast Growth

ORRF has been the topic of several analyst reports. Piper Sandler started coverage on shares of Orrstown Financial Services in a research note on Wednesday, January 8th. They set an “overweight” rating and a $43.00 price target on the stock. Hovde Group cut shares of Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th.

Insider Buying and Selling

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

Hedge Funds Weigh In On Orrstown Financial Services

A number of institutional investors have recently made changes to their positions in ORRF. Assenagon Asset Management S.A. grew its holdings in Orrstown Financial Services by 36.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 55,297 shares of the bank’s stock valued at $2,024,000 after buying an additional 14,894 shares during the last quarter. Johnson & White Wealth Management LLC acquired a new stake in shares of Orrstown Financial Services in the fourth quarter worth $331,000. JPMorgan Chase & Co. grew its stake in shares of Orrstown Financial Services by 36.3% in the third quarter. JPMorgan Chase & Co. now owns 89,407 shares of the bank’s stock worth $3,215,000 after acquiring an additional 23,819 shares during the last quarter. Principal Financial Group Inc. bought a new position in Orrstown Financial Services during the third quarter worth $478,000. Finally, Barclays PLC raised its stake in Orrstown Financial Services by 120.4% during the 3rd quarter. Barclays PLC now owns 33,721 shares of the bank’s stock valued at $1,212,000 after purchasing an additional 18,422 shares during the last quarter. 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.