Short-term stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF) increases 50.5%


Orrstown Financial Services, Inc. (NASDAQ:ORRF – Get Rating) experienced a sharp increase in short-term interest in April. As of April 15, there was short interest totaling 195,300 shares, a 50.5% increase from the March 31 total of 129,800 shares. Currently, 1.9% of the company’s shares are sold short. Based on an average trading volume of 26,200 shares, the short interest ratio is currently 7.5 days.

Separately, director Floyd E. Stoner bought 2,464 shares of the company in a trade on Tuesday, February 22. The shares were purchased at an average price of $24.66 per share, for a total transaction of $60,762.24. The purchase was disclosed in a filing with the SEC, which is available on the SEC’s website. 4.83% of the shares are currently held by insiders of the company.

Several hedge funds have recently bought and sold shares of ORRF. Citigroup Inc. increased its holdings of Orrstown Financial Services shares by 144.6% in the third quarter. Citigroup Inc. now owns 1,267 shares of the bank valued at $30,000 after buying an additional 749 shares last quarter. Strs Ohio bought a new stake in Orrstown Financial Services in the fourth quarter worth $30,000. Metropolitan Life Insurance Co NY bought a new stake in Orrstown Financial Services in the third quarter worth $71,000. BNP Paribas Arbitrage SA increased its position in Orrstown Financial Services by 82.2% in the third quarter. BNP Paribas Arbitrage SA now owns 3,126 shares in the bank worth $73,000 after buying an additional 1,410 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Orrstown Financial Services in the third quarter at a value of $171,000. 43.54% of the shares are held by hedge funds and other institutional investors.

A number of brokerages have published reports on ORRF. Boenning Scattergood reaffirmed an “outperform” rating on shares of Orrstown Financial Services in a Wednesday, April 20 report. Zacks Investment Research upgraded shares of Orrstown Financial Services from a “sell” to a “hold” rating and set a price target of $26.00 for the company in a Saturday, March 26 report. Finally, StockNews.com began covering shares of Orrstown Financial Services in a Thursday, March 31 report. They set a “buy” rating for the company.

ORRF stock opened at $23.58 on Friday. The company has a fifty-day moving average price of $23.40 and a 200-day moving average price of $24.11. Orrstown Financial Services has a fifty-two week low of $21.81 and a fifty-two week high of $25.91. The company has a debt ratio of 0.12, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market capitalization of $262.68 million, a PE ratio of 8.42 and a beta of 0.94.

Orrstown Financial Services (NASDAQ:ORRF – Get Rating) last reported results on Tuesday, April 19. The bank reported earnings per share of $0.76 for the quarter, beating consensus analyst estimates of $0.60 by $0.16. Orrstown Financial Services posted a net margin of 25.31% and a return on equity of 11.55%. On average, stock analysts predict Orrstown Financial Services will post an EPS of 2.52 for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, May 9. Investors of record on Monday, May 2 will receive a dividend of $0.19. This represents a dividend of $0.76 on an annualized basis and a dividend yield of 3.22%. The ex-dividend date is Friday, April 29. Orrstown Financial Services’ dividend payout ratio (DPR) is currently 27.14%.

Orrstown Financial Services Company Profile (Get an evaluation)

Orrstown Financial Services, Inc operates as a holding company for Orrstown Bank which provides commercial banking and trust services in the United States. The Company accepts a variety of deposits including checking, savings, term, demand and money market deposits. It also offers commercial loans, such as commercial real estate loans, equipment, buildings, working capital and other loans for commercial purposes, as well as industrial loans; consumer loans including home equity and other consumer loans, as well as home equity lines of credit; residential mortgages; acquisition and development loans; municipal loans; and installment and other loans.

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