Assenagon Asset Management S.A. Takes Position in Orrstown Financial Services Inc $ORRF

Assenagon Asset Management S.A. purchased a new position in Orrstown Financial Services Inc (NASDAQ:ORRF) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 195,055 shares of the bank’s stock, valued at approximately $6,628,000. Assenagon Asset Management S.A. owned 1.00% of Orrstown Financial Services at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Marshall Wace LLP acquired a new stake in Orrstown Financial Services in the second quarter valued at approximately $7,424,000. Millennium Management LLC grew its stake in Orrstown Financial Services by 123.8% in the 1st quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock valued at $9,913,000 after acquiring an additional 182,709 shares during the period. Kennedy Capital Management LLC acquired a new stake in Orrstown Financial Services in the 2nd quarter valued at $1,335,000. Jane Street Group LLC purchased a new stake in Orrstown Financial Services in the 1st quarter worth $1,080,000. Finally, Nuveen LLC acquired a new position in Orrstown Financial Services during the first quarter worth $1,058,000. Hedge funds and other institutional investors own 44.27% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Zacks Research downgraded shares of Orrstown Financial Services from a “strong-buy” rating to a “hold” rating in a report on Friday, October 3rd. Weiss Ratings restated a “hold (c+)” rating on shares of Orrstown Financial Services in a research report on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Orrstown Financial Services currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.25.

Orrstown Financial Services Trading Down 2.8%

Shares of Orrstown Financial Services stock opened at $36.61 on Monday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.87 and a quick ratio of 0.87. The stock’s 50 day simple moving average is $35.02 and its 200-day simple moving average is $33.92. The stock has a market cap of $713.90 million, a P/E ratio of 9.69 and a beta of 0.82. Orrstown Financial Services Inc has a 1-year low of $25.57 and a 1-year high of $38.38.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings data on Tuesday, November 8th. The bank reported $0.65 EPS for the quarter. The firm had revenue of $28.27 million for the quarter. Orrstown Financial Services had a return on equity of 14.39% and a net margin of 20.48%. Analysts predict that Orrstown Financial Services Inc will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 12th. Stockholders of record on Wednesday, November 5th were issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Wednesday, November 5th. Orrstown Financial Services’s payout ratio is currently 28.57%.

Orrstown Financial Services Profile

Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank, a community banking organization headquartered in Shippensburg, Pennsylvania. The roots of Orrstown Bank date back to 1865, and the holding company structure was established to support its growth and diversification. As a regional financial institution, Orrstown Financial Services focuses on delivering personalized banking solutions to individuals, families and businesses across Central Pennsylvania.

The company’s core offerings include a full suite of deposit products such as checking and savings accounts, money market accounts and certificates of deposit.