Orrstown Financial Services, Inc. (NASDAQ:ORRF) Sees Large Decline in Short Interest

Orrstown Financial Services, Inc. (NASDAQ:ORRF) was the recipient of a large decrease in short interest during the month of September. As of September 15th, there was short interest totalling 64,300 shares, a decrease of 15.5% from the August 31st total of 76,100 shares. Based on an average daily volume of 18,500 shares, the short-interest ratio is currently 3.5 days. Currently, 0.6% of the shares of the stock are sold short.

Shares of ORRF stock traded up $0.10 on Thursday, hitting $12.90. 14,419 shares of the stock traded hands, compared to its average volume of 21,496. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.85 and a current ratio of 0.85. Orrstown Financial Services has a twelve month low of $11.40 and a twelve month high of $23.31. The firm’s 50-day moving average price is $13.93 and its two-hundred day moving average price is $13.60. The stock has a market capitalization of $143.48 million, a PE ratio of 6.27 and a beta of 0.89.

Orrstown Financial Services (NASDAQ:ORRF) last posted its earnings results on Wednesday, July 22nd. The bank reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.26. Orrstown Financial Services had a net margin of 17.66% and a return on equity of 9.65%. The company had revenue of $27.99 million for the quarter, compared to analyst estimates of $26.59 million. On average, equities research analysts anticipate that Orrstown Financial Services will post 2.09 EPS for the current fiscal year.

A number of analysts have recently issued reports on ORRF shares. Zacks Investment Research lowered Orrstown Financial Services from a “buy” rating to a “hold” rating in a research note on Tuesday, September 22nd. Piper Sandler reduced their target price on shares of Orrstown Financial Services from $14.50 to $13.50 and set a “neutral” rating for the company in a research report on Monday. ValuEngine lowered shares of Orrstown Financial Services from a “sell” rating to a “strong sell” rating in a research report on Monday, August 3rd. Finally, Boenning Scattergood assumed coverage on Orrstown Financial Services in a research report on Thursday, September 24th. They issued an “outperform” rating for the company.

Institutional investors have recently modified their holdings of the stock. FMR LLC lifted its stake in shares of Orrstown Financial Services by 5,382.4% in the 1st quarter. FMR LLC now owns 60,690 shares of the bank’s stock valued at $1,128,000 after purchasing an additional 59,583 shares during the last quarter. BlackRock Inc. raised its holdings in Orrstown Financial Services by 0.3% in the 1st quarter. BlackRock Inc. now owns 713,927 shares of the bank’s stock valued at $9,830,000 after buying an additional 2,432 shares during the period. Rhumbline Advisers lifted its position in Orrstown Financial Services by 45.6% in the first quarter. Rhumbline Advisers now owns 20,445 shares of the bank’s stock valued at $282,000 after buying an additional 6,400 shares during the last quarter. State Street Corp boosted its stake in Orrstown Financial Services by 4.9% during the first quarter. State Street Corp now owns 178,849 shares of the bank’s stock worth $2,463,000 after buying an additional 8,413 shares during the period. Finally, Citigroup Inc. increased its position in shares of Orrstown Financial Services by 44.9% during the first quarter. Citigroup Inc. now owns 2,941 shares of the bank’s stock valued at $40,000 after acquiring an additional 912 shares during the last quarter. Institutional investors own 41.75% of the company’s stock.

Orrstown Financial Services Company Profile

Orrstown Financial Services, Inc operates as the holding company for Orrstown Bank that provides commercial banking and trust services in the United States. The company accepts various deposits, including checking, savings, time, demand, and money market deposits. It also offers commercial loans, such as commercial real estate, equipment, working capital, and other commercial purpose loans; consumer loans comprising home equity and other consumer loans, as well as home equity lines of credit; residential mortgage loans; agribusiness loans; acquisition and development loans; municipal loans; and installment and other loans.

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