Legal & General Group Plc Has $569,000 Stock Position in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Legal & General Group Plc grew its stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 819.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,543 shares of the bank’s stock after buying an additional 13,853 shares during the quarter. Legal & General Group Plc owned 0.08% of Orrstown Financial Services worth $569,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Jane Street Group LLC raised its stake in shares of Orrstown Financial Services by 21.5% in the 3rd quarter. Jane Street Group LLC now owns 20,768 shares of the bank’s stock valued at $747,000 after purchasing an additional 3,680 shares during the period. Barclays PLC lifted its stake in Orrstown Financial Services by 120.4% in the 3rd quarter. Barclays PLC now owns 33,721 shares of the bank’s stock valued at $1,212,000 after acquiring an additional 18,422 shares in the last quarter. Geode Capital Management LLC boosted its position in Orrstown Financial Services by 32.2% during the 3rd quarter. Geode Capital Management LLC now owns 434,228 shares of the bank’s stock worth $15,617,000 after acquiring an additional 105,735 shares during the last quarter. Principal Financial Group Inc. bought a new position in shares of Orrstown Financial Services during the 3rd quarter worth approximately $478,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of Orrstown Financial Services by 36.3% in the third quarter. JPMorgan Chase & Co. now owns 89,407 shares of the bank’s stock valued at $3,215,000 after purchasing an additional 23,819 shares during the last quarter. Institutional investors own 44.27% of the company’s stock.

Orrstown Financial Services Trading Up 0.5 %

Shares of Orrstown Financial Services stock opened at $28.90 on Tuesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $563.69 million, a price-to-earnings ratio of 15.71 and a beta of 0.78. The firm’s 50-day moving average price is $29.74 and its two-hundred day moving average price is $34.60. Orrstown Financial Services, Inc. has a 12-month low of $24.91 and a 12-month high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings results on Tuesday, April 22nd. The bank reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.05. The company had revenue of $60.39 million for the quarter, compared to the consensus estimate of $51.83 million. Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. During the same period last year, the company posted $0.88 EPS. On average, analysts forecast that Orrstown Financial Services, Inc. will post 4.23 earnings per share for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 13th. Shareholders of record on Tuesday, May 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date of this dividend is Tuesday, May 6th. Orrstown Financial Services’s dividend payout ratio is presently 53.06%.

Insider Transactions at Orrstown Financial Services

In related news, Director Scott V. Fainor acquired 3,000 shares of the stock in a transaction dated Monday, March 24th. The stock was bought at an average price of $31.17 per share, for a total transaction of $93,510.00. Following the purchase, the director now directly owns 13,396 shares of the company’s stock, valued at $417,553.32. The trade was a 28.86 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John W. Giambalvo purchased 1,000 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were purchased at an average cost of $30.80 per share, for a total transaction of $30,800.00. Following the completion of the purchase, the director now owns 40,562 shares in the company, valued at $1,249,309.60. This trade represents a 2.53 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 6,800 shares of company stock worth $211,892 over the last three months. 4.70% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently commented on ORRF. Piper Sandler initiated coverage on shares of Orrstown Financial Services in a research note on Wednesday, January 8th. They set an “overweight” rating and a $43.00 price objective for the company. Raymond James began coverage on Orrstown Financial Services in a research report on Thursday, April 10th. They set an “outperform” rating and a $35.00 price target on the stock. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Orrstown Financial Services from $40.00 to $37.00 and set an “outperform” rating for the company in a research note on Thursday, April 24th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Orrstown Financial Services currently has an average rating of “Moderate Buy” and an average target price of $37.80.

About Orrstown Financial Services

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.