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

Orrstown Financial Services, Inc. (NASDAQ:ORRF) was the recipient of a significant decrease in short interest in 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 trading volume, of 114,300 shares, the short-interest ratio is currently 1.4 days.

Orrstown Financial Services Stock Performance

NASDAQ ORRF traded down $0.27 during trading hours on Friday, hitting $36.34. The company’s stock had a trading volume of 159,615 shares, compared to its average volume of 100,259. Orrstown Financial Services has a 12 month low of $24.70 and a 12 month high of $41.99. The company’s 50 day simple moving average is $37.17 and its two-hundred day simple moving average is $36.18. The company has a market cap of $704.49 million, a P/E ratio of 19.54 and a beta of 0.91. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.88 and a quick ratio of 0.88.

Orrstown Financial Services (NASDAQ:ORRF) last announced its earnings results on Friday, January 31st. The bank reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.17). Orrstown Financial Services had a return on equity of 14.41% and a net margin of 6.63%. As a group, sell-side analysts expect that Orrstown Financial Services will post 4 EPS 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 dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.86%. This is an increase from Orrstown Financial Services’s previous quarterly dividend of $0.23. Orrstown Financial Services’s payout ratio is currently 56.52%.

Hedge Funds Weigh In On Orrstown Financial Services

Several large investors have recently modified their holdings of ORRF. Comprehensive Financial Planning Inc. PA purchased a new stake in shares of Orrstown Financial Services during the 4th quarter worth $38,000. R Squared Ltd acquired a new position in shares of Orrstown Financial Services in the fourth quarter valued at about $42,000. CWM LLC increased its holdings in shares of Orrstown Financial Services by 31.0% in the third quarter. CWM LLC now owns 2,217 shares of the bank’s stock valued at $80,000 after purchasing an additional 525 shares during the period. Stonebridge Financial Group LLC acquired a new position in shares of Orrstown Financial Services in the fourth quarter valued at about $92,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Orrstown Financial Services in the fourth quarter valued at about $123,000. Institutional investors own 44.27% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Hovde Group cut shares of Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Piper Sandler assumed coverage on Orrstown Financial Services in a research note on Wednesday, January 8th. They set an “overweight” rating and a $43.00 price objective for the company.

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.