Orrstown Financial Services, Inc. (NASDAQ:ORRF) was the recipient of a large decline in short interest in the month of January. As of January 31st, there was short interest totalling 26,800 shares, a decline of 12.4% from the January 15th total of 30,600 shares. Approximately 0.3% of the company’s shares are sold short. Based on an average daily trading volume, of 13,300 shares, the days-to-cover ratio is presently 2.0 days.
A number of hedge funds and other institutional investors have recently made changes to their positions in ORRF. BlackRock Inc. raised its position in Orrstown Financial Services by 29.4% in the second quarter. BlackRock Inc. now owns 699,867 shares of the bank’s stock valued at $15,390,000 after purchasing an additional 159,215 shares during the period. FMR LLC raised its position in Orrstown Financial Services by 5,382.4% in the first quarter. FMR LLC now owns 60,690 shares of the bank’s stock valued at $1,128,000 after purchasing an additional 59,583 shares during the period. Vanguard Group Inc. raised its position in Orrstown Financial Services by 15.8% in the second quarter. Vanguard Group Inc. now owns 431,077 shares of the bank’s stock valued at $9,480,000 after purchasing an additional 58,699 shares during the period. Renaissance Technologies LLC raised its position in Orrstown Financial Services by 10.7% in the fourth quarter. Renaissance Technologies LLC now owns 287,801 shares of the bank’s stock valued at $6,510,000 after purchasing an additional 27,724 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Orrstown Financial Services by 41.9% in the fourth quarter. Bank of New York Mellon Corp now owns 88,201 shares of the bank’s stock valued at $1,995,000 after purchasing an additional 26,060 shares during the period. 41.83% of the stock is currently owned by institutional investors.
NASDAQ ORRF traded down $0.86 on Friday, reaching $20.71. The stock had a trading volume of 10,500 shares, compared to its average volume of 15,961. The firm has a market capitalization of $243.38 million, a price-to-earnings ratio of 13.03 and a beta of 0.62. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.43. Orrstown Financial Services has a 12-month low of $18.09 and a 12-month high of $23.48. The stock has a fifty day moving average price of $21.84 and a two-hundred day moving average price of $21.91.
Orrstown Financial Services (NASDAQ:ORRF) last announced its earnings results on Tuesday, January 21st. The bank reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.08. The company had revenue of $24.97 million for the quarter, compared to analyst estimates of $22.94 million. Orrstown Financial Services had a return on equity of 9.40% and a net margin of 13.93%. Sell-side analysts forecast that Orrstown Financial Services will post 1.92 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, February 10th. Shareholders of record on Monday, February 3rd were given a $0.17 dividend. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Friday, January 31st. This represents a $0.68 dividend on an annualized basis and a yield of 3.28%. Orrstown Financial Services’s payout ratio is presently 36.96%.
Several analysts have recently commented on ORRF shares. ValuEngine raised shares of Orrstown Financial Services from a “sell” rating to a “hold” rating in a research report on Wednesday. Zacks Investment Research lowered shares of Orrstown Financial Services from a “hold” rating to a “sell” rating in a research report on Saturday, January 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $23.83.
Orrstown Financial Services Company Profile
Orrstown Financial Services, Inc operates as the holding company for Orrstown Bank that provides commercial banking and trust services in the United States. The company accepts various deposits, including checking, savings, time, demand, and money market deposits. It also offers commercial loans, such as commercial real estate, equipment, working capital, and other commercial purpose loans; consumer loans comprising home equity and other consumer loans, as well as home equity lines of credit; residential mortgage loans; agribusiness loans; acquisition and development loans; municipal loans; and installment and other loans.
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