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

Orrstown Financial Services, Inc. (NASDAQ:ORRF) saw a significant decline in short interest in the month of January. As of January 15th, there was short interest totalling 154,600 shares, a decline 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 currently 1.4 days.

Institutional Trading of Orrstown Financial Services

Institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its holdings in shares of Orrstown Financial Services by 1.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 499,814 shares of the bank’s stock valued at $13,674,000 after buying an additional 7,465 shares during the period. Squarepoint Ops LLC acquired a new stake in Orrstown Financial Services in the second quarter valued at approximately $791,000. AQR Capital Management LLC purchased a new stake in shares of Orrstown Financial Services during the second quarter valued at approximately $1,048,000. SG Americas Securities LLC lifted its position in shares of Orrstown Financial Services by 65.3% during the third quarter. SG Americas Securities LLC now owns 9,318 shares of the bank’s stock worth $335,000 after purchasing an additional 3,682 shares in the last quarter. Finally, Fulton Bank N.A. purchased a new position in shares of Orrstown Financial Services in the third quarter valued at $209,000. Hedge funds and other institutional investors own 44.27% of the company’s stock.

Analyst Ratings Changes

ORRF has been the subject of a number of analyst reports. Hovde Group downgraded shares of Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Piper Sandler initiated coverage on Orrstown Financial Services in a research note on Wednesday, January 8th. They set an “overweight” rating and a $43.00 price target on the stock.

Orrstown Financial Services Price Performance

Orrstown Financial Services stock traded down $0.27 during mid-day trading on Friday, hitting $36.34. 159,615 shares of the company were exchanged, compared to its average volume of 100,259. The business’s 50 day simple moving average is $37.17 and its two-hundred day simple moving average is $36.21. Orrstown Financial Services has a 12-month low of $24.70 and a 12-month high of $41.99. The company has a market capitalization of $704.63 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 posted its quarterly earnings data 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%. Analysts forecast that Orrstown Financial Services will post 4 earnings per share for the current fiscal year.

Orrstown Financial Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 21st. Investors 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. This represents a $1.04 annualized dividend and a dividend yield of 2.86%. Orrstown Financial Services’s dividend payout ratio (DPR) is 49.46%.

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.