Orrstown Financial Services, Inc. (NASDAQ:ORRF) Holdings Cut by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership lowered its stake in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 94.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,147 shares of the bank’s stock after selling 149,879 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Orrstown Financial Services were worth $298,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Barclays PLC boosted its position in Orrstown Financial Services by 120.4% during the third quarter. Barclays PLC now owns 33,721 shares of the bank’s stock valued at $1,212,000 after purchasing an additional 18,422 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Orrstown Financial Services by 36.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 55,297 shares of the bank’s stock worth $2,024,000 after purchasing an additional 14,894 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Orrstown Financial Services by 32.2% during the 3rd quarter. Geode Capital Management LLC now owns 434,228 shares of the bank’s stock valued at $15,617,000 after buying an additional 105,735 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Orrstown Financial Services by 36.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 89,407 shares of the bank’s stock valued at $3,215,000 after buying an additional 23,819 shares in the last quarter. Finally, Jane Street Group LLC increased its holdings in Orrstown Financial Services by 21.5% in the third quarter. Jane Street Group LLC now owns 20,768 shares of the bank’s stock worth $747,000 after buying an additional 3,680 shares during the last quarter. 44.27% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Orrstown Financial Services

In related news, Director John W. Giambalvo bought 1,000 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were acquired at an average price of $30.80 per share, with a total value of $30,800.00. Following the completion of the transaction, the director now owns 40,562 shares of the company’s stock, valued at $1,249,309.60. The trade was a 2.53 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Scott V. Fainor purchased 3,000 shares of Orrstown Financial Services stock in a transaction on Monday, March 24th. The stock was bought at an average cost of $31.17 per share, with a total value of $93,510.00. Following the completion of the acquisition, the director now owns 13,396 shares in the company, valued at approximately $417,553.32. This trade represents a 28.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 6,800 shares of company stock worth $211,892 over the last three months. 5.30% of the stock is currently owned by insiders.

Orrstown Financial Services Price Performance

NASDAQ ORRF opened at $26.16 on Monday. Orrstown Financial Services, Inc. has a 1 year low of $24.70 and a 1 year high of $41.99. The company has a fifty day simple moving average of $31.17 and a 200 day simple moving average of $35.18. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13. The company has a market cap of $510.25 million, a P/E ratio of 14.22 and a beta of 0.78.

Orrstown Financial Services (NASDAQ:ORRF) last issued its quarterly earnings results 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 net margin of 7.70% and a return on equity of 15.77%. On average, sell-side analysts predict that Orrstown Financial Services, Inc. will post 4.23 EPS for the current year.

Orrstown Financial Services Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Friday, February 14th were given a $0.26 dividend. This is an increase from Orrstown Financial Services’s previous quarterly dividend of $0.23. This represents a $1.04 annualized dividend and a yield of 3.98%. The ex-dividend date of this dividend was Friday, February 14th. Orrstown Financial Services’s payout ratio is currently 56.52%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on ORRF shares. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $42.00 target price (down from $46.00) on shares of Orrstown Financial Services in a research note on Monday, February 3rd. Piper Sandler assumed coverage on shares of Orrstown Financial Services in a report on Wednesday, January 8th. They issued an “overweight” rating and a $43.00 price objective for the company. Finally, Raymond James began coverage on Orrstown Financial Services in a report on Thursday. They set an “outperform” rating and a $35.00 target price on the stock. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $38.80.

Orrstown Financial Services 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.