Orrstown Financial Services Inc (NASDAQ:ORRF) Short Interest Up 99.1% in March

Key Points

• Short interest up 99.1% — short interest jumped to 808,753 shares as of March 31, equal to 4.3% of shares outstanding and a days-to-cover of about 3.2.
• Director bought shares — Director Brian D. Brunner purchased 1,000 shares at $34.02, raising his holding to 50,529 shares; corporate insiders own 4.30% of the company.
• Dividend raised — the company increased its quarterly dividend to $0.30 (annualized $1.20), yielding about 3.1% with a payout ratio near 28.7%.

Orrstown Financial Services Inc (NASDAQ:ORRF - Get Free Report) was the recipient of a large 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. Currently, 4.3% of the company's shares are sold short. Based on an average daily trading volume, of 253,968 shares, the days-to-cover ratio is presently 3.2 days.

Insider Buying and Selling at Orrstown Financial Services

In other news, Director Brian D. Brunner purchased 1,000 shares of the company's stock in a transaction that occurred on Wednesday, March 18th. The shares were bought at an average cost of $34.02 per share, for a total transaction of $34,020.00. Following the completion of the transaction, the director directly owned 50,529 shares of the company's stock, valued at $1,718,996.58. This trade represents a 2.02% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.30% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ORRF. Caldwell Trust Co purchased a new position in shares of Orrstown Financial Services in the second quarter worth $25,000. State of Alaska Department of Revenue purchased a new position in shares of Orrstown Financial Services in the third quarter worth $26,000. Financial Consulate Inc. purchased a new position in shares of Orrstown Financial Services in the third quarter worth $36,000. Quarry LP purchased a new stake in Orrstown Financial Services during the third quarter valued at $42,000. Finally, Raymond James Financial Inc. purchased a new stake in Orrstown Financial Services during the second quarter valued at $45,000. Hedge funds and other institutional investors own 44.27% of the company's stock.

Orrstown Financial Services Stock Down 1.4%

Shares of ORRF stock traded down $0.56 during mid-day trading on Friday, hitting $38.39. The company's stock had a trading volume of 108,872 shares, compared to its average volume of 201,451. Orrstown Financial Services has a 52-week low of $25.68 and a 52-week high of $40.72. The business has a 50-day moving average price of $36.52 and a 200 day moving average price of $35.65. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.86 and a current ratio of 0.87. The stock 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 posted its quarterly earnings results on Wednesday, January 28th. The bank reported $1.12 earnings per share for the quarter, topping 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 firm had revenue of $73.89 million during the quarter, compared to analysts' expectations of $51.54 million. Research analysts predict that Orrstown Financial Services will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 17th. Stockholders of record on Tuesday, February 10th were paid a $0.30 dividend. This is an increase from Orrstown Financial Services's previous quarterly dividend of $0.27. This represents a $1.20 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Tuesday, February 10th. Orrstown Financial Services's dividend payout ratio (DPR) is presently 28.71%.

Analyst Ratings Changes

Several research firms recently weighed in on ORRF. Hovde Group lifted their price target 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 research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $42.00.

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.

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