Barclays PLC Purchases 40,201 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Barclays PLC raised its position in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 119.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 73,922 shares of the bank's stock after purchasing an additional 40,201 shares during the period. Barclays PLC owned about 0.38% of Orrstown Financial Services worth $2,707,000 as of its most recent filing with the Securities & Exchange Commission.

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ORRF. Keefe, Bruyette & Woods decreased their price objective 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 initiated coverage on shares of Orrstown Financial Services in a research report on Thursday, April 10th. They issued an "outperform" rating and a $35.00 target price on the stock. Finally, Piper Sandler began coverage on Orrstown Financial Services in a report on Wednesday, January 8th. They issued an "overweight" rating and a $43.00 price objective on the stock. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $37.80.

Insiders Place Their Bets

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

Orrstown Financial Services Stock Performance

Orrstown Financial Services stock opened at $29.77 on Wednesday. The company has a market capitalization of $580.66 million, a price-to-earnings ratio of 16.18 and a beta of 0.78. The stock has a fifty day moving average of $29.66 and a two-hundred day moving average of $34.56. Orrstown Financial Services, Inc. has a fifty-two week low of $24.91 and a fifty-two week high of $41.99. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The bank reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.05. Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. The company had revenue of $60.39 million during the quarter, compared to the consensus estimate of $51.83 million. During the same period in the previous year, the firm earned $0.88 earnings per share. On average, analysts anticipate that Orrstown Financial Services, Inc. will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 13th. Investors of record on Tuesday, May 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date of this dividend is Tuesday, May 6th. Orrstown Financial Services's dividend payout ratio is currently 53.06%.

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.

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