Short Interest in Orrstown Financial Services, Inc. (NASDAQ:ORRF) Declines By 16.4%

Orrstown Financial Services, Inc. (NASDAQ:ORRF) was the recipient of a significant decrease in short interest during the month of January. As of January 15th, there was short interest totalling 154,600 shares, a decrease of 16.4% from the December 31st total of 184,900 shares. Based on an average daily volume of 114,300 shares, the days-to-cover ratio is presently 1.4 days.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Hovde Group lowered Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. 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 report on Monday. Finally, Piper Sandler initiated coverage on Orrstown Financial Services in a research note on Wednesday, January 8th. They issued an “overweight” rating and a $43.00 target price on the stock.

Orrstown Financial Services Trading Down 4.7 %

Orrstown Financial Services stock traded down $1.70 during midday trading on Monday, reaching $34.64. The stock had a trading volume of 171,534 shares, compared to its average volume of 115,316. 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 firm has a market cap of $671.67 million, a price-to-earnings ratio of 18.83 and a beta of 0.90. The company has a fifty day moving average of $37.06 and a 200 day moving average of $36.27. Orrstown Financial Services has a 52-week low of $24.70 and a 52-week high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings results on Friday, January 31st. The bank reported $0.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.17). Orrstown Financial Services had a return on equity of 15.77% and a net margin of 7.70%. On average, analysts anticipate that Orrstown Financial Services will post 4.37 earnings per share for the current fiscal year.

Orrstown Financial Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 21st. Stockholders of record on Friday, February 14th will be given a $0.26 dividend. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.04 annualized dividend and a dividend yield of 3.00%. Orrstown Financial Services’s dividend payout ratio (DPR) is 50.00%.

Institutional Trading of Orrstown Financial Services

Large investors have recently bought and sold shares of the business. Fourthstone LLC lifted its holdings in Orrstown Financial Services by 223.8% during the 3rd quarter. Fourthstone LLC now owns 1,811,825 shares of the bank’s stock worth $65,153,000 after buying an additional 1,252,356 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of Orrstown Financial Services in the 3rd quarter valued at $8,734,000. Petiole USA ltd purchased a new position in shares of Orrstown Financial Services in the 3rd quarter valued at $6,543,000. Charles Schwab Investment Management Inc. grew its position in shares of Orrstown Financial Services by 503.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 158,029 shares of the bank’s stock valued at $5,683,000 after buying an additional 131,845 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Orrstown Financial Services by 32.2% during the 3rd quarter. Geode Capital Management LLC now owns 434,228 shares of the bank’s stock worth $15,617,000 after purchasing an additional 105,735 shares during the last quarter. Hedge funds and other institutional investors own 44.27% of the company’s stock.

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.