American Century Companies Inc. Purchases 41,016 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

American Century Companies Inc. increased its position in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 37.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 149,259 shares of the bank’s stock after buying an additional 41,016 shares during the period. American Century Companies Inc. owned 1.39% of Orrstown Financial Services worth $4,084,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of ORRF. Vanguard Group Inc. lifted its holdings in shares of Orrstown Financial Services by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 547,755 shares of the bank’s stock worth $14,663,000 after purchasing an additional 5,332 shares in the last quarter. Pacific Ridge Capital Partners LLC lifted its stake in shares of Orrstown Financial Services by 3.9% in the first quarter. Pacific Ridge Capital Partners LLC now owns 228,449 shares of the bank’s stock valued at $6,116,000 after buying an additional 8,564 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Orrstown Financial Services by 9.1% during the second quarter. Bank of New York Mellon Corp now owns 74,528 shares of the bank’s stock valued at $2,039,000 after buying an additional 6,200 shares during the last quarter. Quadrature Capital Ltd grew its holdings in shares of Orrstown Financial Services by 273.6% during the first quarter. Quadrature Capital Ltd now owns 29,666 shares of the bank’s stock valued at $793,000 after buying an additional 21,725 shares during the last quarter. Finally, Empowered Funds LLC increased its position in shares of Orrstown Financial Services by 7.7% during the first quarter. Empowered Funds LLC now owns 22,092 shares of the bank’s stock worth $591,000 after acquiring an additional 1,575 shares in the last quarter. Institutional investors and hedge funds own 44.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $32.00 price target on shares of Orrstown Financial Services in a research report on Tuesday, June 18th. Hovde Group lifted their target price on shares of Orrstown Financial Services from $33.00 to $37.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Finally, Janney Montgomery Scott began coverage on Orrstown Financial Services in a report on Friday, June 28th. They issued a “buy” rating and a $32.00 target price for the company.

Orrstown Financial Services Price Performance

Shares of NASDAQ ORRF opened at $35.46 on Thursday. Orrstown Financial Services, Inc. has a 1 year low of $20.00 and a 1 year high of $36.65. The stock has a market capitalization of $380.17 million, a P/E ratio of 10.59 and a beta of 0.90. The company’s 50-day moving average is $34.16 and its 200 day moving average is $29.06. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.10. Orrstown Financial Services had a net margin of 17.26% and a return on equity of 13.45%. The business had revenue of $50.45 million during the quarter, compared to analyst estimates of $31.60 million. On average, sell-side analysts expect that Orrstown Financial Services, Inc. will post 3.61 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Thursday, August 8th were paid a $0.23 dividend. This is a boost from Orrstown Financial Services’s previous quarterly dividend of $0.20. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date was Thursday, August 8th. Orrstown Financial Services’s dividend payout ratio (DPR) is presently 27.46%.

Orrstown Financial Services Company Profile

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.