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

Orrstown Financial Services, Inc. (NASDAQ:ORRF - Get Free Report) was the target of a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 170,600 shares, a growth of 33.4% from the February 28th total of 127,900 shares. Approximately 0.9% of the shares of the company are sold short. Based on an average daily trading volume, of 130,000 shares, the short-interest ratio is presently 1.3 days.

Analyst Ratings Changes

ORRF has been the topic of a number of analyst reports. Piper Sandler assumed coverage on Orrstown Financial Services in a report on Wednesday, January 8th. They issued an "overweight" rating and a $43.00 price objective on the stock. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $42.00 price target (down from $46.00) on shares of Orrstown Financial Services in a research note on Monday, February 3rd.

Insider Activity

In other news, Director Scott V. Fainor acquired 3,000 shares of the company's stock in a transaction on Monday, March 24th. The shares were bought at an average cost of $31.17 per share, with a total value of $93,510.00. Following the purchase, the director now owns 13,396 shares of the company's stock, valued at $417,553.32. This represents a 28.86 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John W. Giambalvo bought 1,000 shares of Orrstown Financial Services stock in a transaction dated Monday, March 10th. The stock was purchased at an average price of $30.80 per share, with a total value of $30,800.00. Following the purchase, the director now directly owns 40,562 shares in the company, valued at approximately $1,249,309.60. This trade represents a 2.53 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 6,800 shares of company stock valued at $211,892. Insiders own 5.30% of the company's stock.

Institutional Investors Weigh In On Orrstown Financial Services

Large investors have recently added to or reduced their stakes in the business. Comprehensive Financial Planning Inc. PA purchased a new stake in shares of Orrstown Financial Services in the fourth quarter valued at about $38,000. R Squared Ltd purchased a new stake in Orrstown Financial Services in the 4th quarter valued at approximately $42,000. VSM Wealth Advisory LLC acquired a new stake in Orrstown Financial Services during the 4th quarter valued at $47,000. Summit Investment Advisors Inc. increased its position in Orrstown Financial Services by 21.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank's stock worth $71,000 after buying an additional 349 shares in the last quarter. Finally, Stonebridge Financial Group LLC acquired a new position in shares of Orrstown Financial Services in the fourth quarter worth $92,000. 44.27% of the stock is owned by institutional investors and hedge funds.

Orrstown Financial Services Price Performance

Orrstown Financial Services stock traded down $0.25 during mid-day trading on Friday, reaching $26.71. The company had a trading volume of 185,447 shares, compared to its average volume of 107,348. The stock's 50-day simple moving average is $32.46 and its 200-day simple moving average is $35.62. 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 has a market capitalization of $517.80 million, a P/E ratio of 14.52 and a beta of 0.87.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last released its quarterly earnings data on Friday, January 31st. The bank reported $0.87 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.17). Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. On average, equities analysts predict that Orrstown Financial Services will post 4.23 EPS for the current year.

Orrstown Financial Services Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 21st. Stockholders of record on Friday, February 14th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.89%. The ex-dividend date was Friday, February 14th. This is an increase from Orrstown Financial Services's previous quarterly dividend of $0.23. Orrstown Financial Services's payout ratio is 56.52%.

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.