Advisory Research Inc. Purchases New Shares in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Advisory Research Inc. bought a new position in Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 14,651 shares of the bank's stock, valued at approximately $536,000. Advisory Research Inc. owned approximately 0.08% of Orrstown Financial Services as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Comprehensive Financial Planning Inc. PA bought a new position in Orrstown Financial Services during the fourth quarter valued at about $38,000. R Squared Ltd acquired a new position in Orrstown Financial Services during the 4th quarter worth $42,000. VSM Wealth Advisory LLC bought a new stake in Orrstown Financial Services during the fourth quarter valued at about $47,000. Summit Investment Advisors Inc. increased its stake in shares of Orrstown Financial Services by 21.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank's stock worth $71,000 after purchasing an additional 349 shares during the period. Finally, Stonebridge Financial Group LLC acquired a new stake in Orrstown Financial Services in the 4th quarter valued at approximately $92,000. 44.27% of the stock is currently owned by hedge funds and other institutional investors.

Orrstown Financial Services Trading Up 1.7 %

ORRF stock traded up $0.47 during midday trading on Tuesday, reaching $27.27. The stock had a trading volume of 40,559 shares, compared to its average volume of 113,116. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. Orrstown Financial Services, Inc. has a twelve month low of $24.91 and a twelve month high of $41.99. The firm has a market cap of $531.82 million, a price-to-earnings ratio of 14.81 and a beta of 0.78. The business has a fifty day simple moving average of $30.26 and a two-hundred day simple moving average of $34.83.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last announced 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 return on equity of 15.77% and a net margin of 7.70%. As a group, research analysts expect that Orrstown Financial Services, Inc. will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Friday, February 14th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, February 14th. This is an increase from Orrstown Financial Services's previous quarterly dividend of $0.23. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.81%. Orrstown Financial Services's dividend payout ratio (DPR) is presently 56.52%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ORRF. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $42.00 price objective (down previously from $46.00) on shares of Orrstown Financial Services in a research note on Monday, February 3rd. Piper Sandler started coverage on Orrstown Financial Services in a research note on Wednesday, January 8th. They set an "overweight" rating and a $43.00 price target on the stock. Finally, Raymond James started coverage on Orrstown Financial Services in a research report on Thursday, April 10th. They set an "outperform" rating and a $35.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $38.80.

Insider Activity at Orrstown Financial Services

In related news, Director Scott V. Fainor purchased 3,000 shares of the firm's stock in a transaction on Monday, March 24th. The stock was purchased at an average cost 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 in the company, valued at $417,553.32. This trade represents a 28.86 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Brian D. Brunner acquired 2,500 shares of the business's stock in a transaction dated Wednesday, March 19th. The stock was bought at an average cost of $30.87 per share, with a total value of $77,175.00. Following the acquisition, the director now owns 49,330 shares in the company, valued at $1,522,817.10. The trade was a 5.34 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 6,800 shares of company stock valued at $211,892. Corporate insiders own 4.70% of the company's stock.

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.