Orrstown Financial Services Inc (NASDAQ:ORRF) Short Interest Up 99.1% in March
by Michael Walen · The Markets DailyOrrstown Financial Services Inc (NASDAQ:ORRF – Get Free Report) saw a significant increase in short interest during the month of March. As of March 31st, there was short interest totaling 808,753 shares, an increase of 99.1% from the March 15th total of 406,299 shares. Approximately 4.3% of the shares of the company are sold short. Based on an average trading volume of 253,968 shares, the days-to-cover ratio is presently 3.2 days.
Wall Street Analysts Forecast Growth
A number of analysts recently commented on the company. Hovde Group upped their price objective on Orrstown Financial Services from $40.00 to $42.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Weiss Ratings upgraded Orrstown Financial Services from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.00.
Read Our Latest Stock Analysis on Orrstown Financial Services
Orrstown Financial Services Stock Performance
NASDAQ:ORRF traded down $0.56 during mid-day trading on Friday, hitting $38.39. 108,872 shares of the company traded hands, compared to its average volume of 201,451. The stock’s fifty day moving average price is $36.52 and its 200-day moving average price is $35.65. Orrstown Financial Services has a one year low of $25.68 and a one year high of $40.72. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.06. The firm has a market cap of $753.21 million, a price-to-earnings ratio of 9.18 and a beta of 0.77.
Orrstown Financial Services (NASDAQ:ORRF – Get Free Report) last released its quarterly earnings results on Wednesday, January 28th. The bank reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.04. Orrstown Financial Services had a return on equity of 14.77% and a net margin of 22.71%.The business had revenue of $73.89 million during the quarter, compared to analyst estimates of $51.54 million. Research analysts anticipate that Orrstown Financial Services will post 4.23 earnings per share for the current fiscal year.
Orrstown Financial Services Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, February 17th. Shareholders of record on Tuesday, February 10th were issued a dividend of $0.30 per share. This is a boost from Orrstown Financial Services’s previous quarterly dividend of $0.27. This represents a $1.20 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Tuesday, February 10th. Orrstown Financial Services’s dividend payout ratio is presently 28.71%.
Insider Buying and Selling
In other news, Director Brian D. Brunner acquired 1,000 shares of Orrstown Financial Services stock in a transaction that occurred on Wednesday, March 18th. The stock was bought at an average price of $34.02 per share, for a total transaction of $34,020.00. Following the completion of the transaction, the director owned 50,529 shares in the company, valued at $1,718,996.58. The trade was a 2.02% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.30% of the company’s stock.
Institutional Trading of Orrstown Financial Services
Several hedge funds have recently bought and sold shares of ORRF. Kennedy Capital Management LLC grew its holdings in Orrstown Financial Services by 569.5% during the third quarter. Kennedy Capital Management LLC now owns 280,723 shares of the bank’s stock valued at $9,539,000 after purchasing an additional 238,790 shares during the period. Marshall Wace LLP bought a new stake in Orrstown Financial Services during the second quarter valued at about $7,424,000. Assenagon Asset Management S.A. bought a new stake in Orrstown Financial Services during the third quarter valued at about $6,628,000. Millennium Management LLC grew its holdings in Orrstown Financial Services by 123.8% during the first quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock valued at $9,913,000 after purchasing an additional 182,709 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in Orrstown Financial Services by 170.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 278,649 shares of the bank’s stock valued at $9,870,000 after purchasing an additional 175,682 shares during the period. Institutional investors own 44.27% of the company’s stock.
Orrstown Financial Services Company Profile
Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank, a community banking organization headquartered in Shippensburg, Pennsylvania. The roots of Orrstown Bank date back to 1865, and the holding company structure was established to support its growth and diversification. As a regional financial institution, Orrstown Financial Services focuses on delivering personalized banking solutions to individuals, families and businesses across Central Pennsylvania.
The company’s core offerings include a full suite of deposit products such as checking and savings accounts, money market accounts and certificates of deposit.