Invesco Ltd. Increases Stake in Orrstown Financial Services Inc $ORRF

Invesco Ltd. lifted its stake in shares of Orrstown Financial Services Inc (NASDAQ:ORRF) by 7.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 44,142 shares of the bank’s stock after buying an additional 2,987 shares during the quarter. Invesco Ltd. owned about 0.23% of Orrstown Financial Services worth $1,325,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC increased its position 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 during the period. Price T Rowe Associates Inc. MD grew its holdings in Orrstown Financial Services by 24.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,456 shares of the bank’s stock worth $273,000 after purchasing an additional 1,441 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Orrstown Financial Services by 4.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,519 shares of the bank’s stock worth $385,000 after purchasing an additional 456 shares during the period. Wells Fargo & Company MN grew its holdings in Orrstown Financial Services by 21.1% in the fourth quarter. Wells Fargo & Company MN now owns 11,195 shares of the bank’s stock worth $410,000 after purchasing an additional 1,947 shares during the period. Finally, BNP Paribas Financial Markets grew its holdings in Orrstown Financial Services by 64.0% in the fourth quarter. BNP Paribas Financial Markets now owns 11,537 shares of the bank’s stock worth $422,000 after purchasing an additional 4,502 shares during the period. Hedge funds and other institutional investors own 44.27% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on ORRF. Hovde Group upped their price objective on shares of Orrstown Financial Services from $35.00 to $37.00 and gave the stock an “outperform” rating in a report on Wednesday, May 14th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $42.00 price objective (up previously from $39.00) on shares of Orrstown Financial Services in a report on Thursday, July 24th. Finally, Wall Street Zen cut shares of Orrstown Financial Services from a “buy” rating to a “hold” rating in a report on Saturday, August 16th. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $39.25.

Orrstown Financial Services Trading Up 0.1%

NASDAQ:ORRF opened at $34.85 on Tuesday. The company’s 50 day moving average price is $33.40 and its 200-day moving average price is $31.26. Orrstown Financial Services Inc has a 52 week low of $25.57 and a 52 week high of $41.99. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.13. The stock has a market cap of $679.23 million, a price-to-earnings ratio of 15.56 and a beta of 0.86.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings results on Tuesday, July 22nd. The bank reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. Orrstown Financial Services had a net margin of 11.97% and a return on equity of 14.69%. The firm had revenue of $62.43 million for the quarter, compared to analysts’ expectations of $51.98 million. On average, equities research analysts forecast that Orrstown Financial Services Inc will post 4.23 earnings per share for the current fiscal year.

Orrstown Financial Services Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 12th. Stockholders of record on Tuesday, August 5th were issued a dividend of $0.27 per share. The ex-dividend date was Tuesday, August 5th. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.26. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.1%. Orrstown Financial Services’s dividend payout ratio is currently 48.21%.

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.