Orrstown Financial Services Inc (NASDAQ:ORRF) Shares Sold by Rhumbline Advisers

Rhumbline Advisers trimmed its stake in Orrstown Financial Services Inc (NASDAQ:ORRF) by 6.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 28,131 shares of the bank’s stock after selling 1,956 shares during the quarter. Rhumbline Advisers owned approximately 0.14% of Orrstown Financial Services worth $844,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. VSM Wealth Advisory LLC acquired a new position in shares of Orrstown Financial Services in the 4th quarter worth $47,000. Summit Investment Advisors Inc. grew its holdings in shares of Orrstown Financial Services by 21.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank’s stock worth $71,000 after acquiring an additional 349 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of Orrstown Financial Services during the fourth quarter valued at $127,000. KLP Kapitalforvaltning AS purchased a new position in shares of Orrstown Financial Services during the fourth quarter valued at $132,000. Finally, GAMMA Investing LLC grew its holdings in shares of Orrstown Financial Services by 3,994.9% during the first quarter. GAMMA Investing LLC now owns 4,832 shares of the bank’s stock valued at $161,000 after buying an additional 4,714 shares in the last quarter. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Orrstown Financial Services Stock Performance

Shares of ORRF stock opened at $29.85 on Friday. Orrstown Financial Services Inc has a 1-year low of $25.10 and a 1-year high of $41.99. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $582.37 million, a price-to-earnings ratio of 15.23 and a beta of 0.79. The stock’s fifty day simple moving average is $29.68 and its 200-day simple moving average is $32.36.

Orrstown Financial Services (NASDAQ:ORRF) last issued its earnings results on Tuesday, April 22nd. The bank reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.05. Orrstown Financial Services had a return on equity of 14.35% and a net margin of 9.74%. The firm had revenue of $60.39 million for the quarter, compared to the consensus estimate of $51.83 million. During the same quarter in the previous year, the company posted $0.88 earnings per share. On average, sell-side analysts predict that Orrstown Financial Services Inc will post 4.23 earnings per share for the current fiscal year.

Orrstown Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 13th. Shareholders of record on Tuesday, May 6th were paid a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, May 6th. This represents a $1.04 dividend on an annualized basis and a yield of 3.48%. Orrstown Financial Services’s dividend payout ratio (DPR) is currently 53.06%.

Insider Buying and Selling at Orrstown Financial Services

In other news, Director Scott V. Fainor bought 3,000 shares of the stock in a transaction on Monday, March 24th. The shares were purchased at an average price of $31.17 per share, for a total transaction of $93,510.00. Following the completion of the purchase, the director now directly owns 13,396 shares of the company’s stock, valued at $417,553.32. This trade represents a 28.86% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.70% of the company’s stock.

Analyst Ratings Changes

ORRF has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods lowered their price target on Orrstown Financial Services from $40.00 to $37.00 and set an “outperform” rating on the stock in a report on Thursday, April 24th. Raymond James Financial initiated coverage on Orrstown Financial Services in a report on Thursday, April 10th. They set an “outperform” rating and a $35.00 price target on the stock. Finally, Hovde Group lifted their price target on Orrstown Financial Services from $35.00 to $37.00 and gave the company an “outperform” rating in a report on Wednesday, May 14th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Orrstown Financial Services currently has a consensus rating of “Buy” and a consensus target price of $36.80.

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.