18,388 Shares in Orrstown Financial Services Inc $ORRF Purchased by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC purchased 18,388 shares of Orrstown Financial Services Inc, valued at approximately $552,000, during the first quarter.
• Orrstown Financial Services recently increased its quarterly dividend to $0.27 per share, representing a 3.1% yield.
• Hovde Group raised its target price for the company's shares from $35.00 to $37.00, maintaining an "outperform" rating.

Rafferty Asset Management LLC purchased a new position in Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 18,388 shares of the bank's stock, valued at approximately $552,000. Rafferty Asset Management LLC owned approximately 0.09% of Orrstown Financial Services at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. GAMMA Investing LLC lifted its stake in Orrstown Financial Services by 3,994.9% during the 1st quarter. GAMMA Investing LLC now owns 4,832 shares of the bank's stock valued at $161,000 after acquiring an additional 4,714 shares during the period. Entropy Technologies LP bought a new position in Orrstown Financial Services during the 1st quarter valued at about $270,000. Price T Rowe Associates Inc. MD lifted its stake in Orrstown Financial Services by 24.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,456 shares of the bank's stock valued at $273,000 after acquiring an additional 1,441 shares during the period. EntryPoint Capital LLC bought a new position in Orrstown Financial Services during the 1st quarter valued at about $342,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Orrstown Financial Services by 4.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,519 shares of the bank's stock valued at $385,000 after acquiring an additional 456 shares during the period. Institutional investors own 44.27% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ORRF. Hovde Group upped their target price on shares of Orrstown Financial Services from $35.00 to $37.00 and gave the company an "outperform" rating in a research note on Wednesday, May 14th. Keefe, Bruyette & Woods restated an "outperform" rating and set a $42.00 target price (up previously from $39.00) on shares of Orrstown Financial Services in a research note on Thursday, July 24th. Finally, Wall Street Zen cut shares of Orrstown Financial Services from a "buy" rating to a "hold" rating in a research note on Saturday, August 16th. Four investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $39.25.

Orrstown Financial Services Stock Performance

ORRF opened at $34.70 on Wednesday. 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 cap of $676.30 million, a price-to-earnings ratio of 15.49 and a beta of 0.86. The company's 50 day moving average is $33.46 and its 200 day moving average is $31.28. Orrstown Financial Services Inc has a 12-month low of $25.57 and a 12-month high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The bank reported $1.04 earnings per share (EPS) for the quarter, topping 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 company had revenue of $62.43 million for the quarter, compared to the consensus estimate of $51.98 million. On average, equities research analysts predict that Orrstown Financial Services Inc will post 4.23 EPS for the current year.

Orrstown Financial Services Increases Dividend

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

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