Bank of America Corp DE Has $3.77 Million Stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Bank of America Corp DE lifted its position in Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 11.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 103,032 shares of the bank's stock after buying an additional 10,818 shares during the quarter. Bank of America Corp DE owned about 0.53% of Orrstown Financial Services worth $3,772,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in ORRF. PL Capital Advisors LLC grew its stake in shares of Orrstown Financial Services by 3,561.0% in the 4th quarter. PL Capital Advisors LLC now owns 2,356,073 shares of the bank's stock valued at $86,256,000 after buying an additional 2,291,717 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Orrstown Financial Services by 6.2% in the 4th quarter. Vanguard Group Inc. now owns 1,042,866 shares of the bank's stock valued at $38,179,000 after buying an additional 61,081 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Orrstown Financial Services by 55.6% during the fourth quarter. JPMorgan Chase & Co. now owns 139,081 shares of the bank's stock worth $5,092,000 after purchasing an additional 49,674 shares during the period. Barclays PLC boosted its position in Orrstown Financial Services by 119.2% during the fourth quarter. Barclays PLC now owns 73,922 shares of the bank's stock worth $2,707,000 after purchasing an additional 40,201 shares during the period. Finally, Tudor Investment Corp ET AL bought a new stake in Orrstown Financial Services during the fourth quarter worth approximately $1,457,000. Institutional investors own 44.27% of the company's stock.

Orrstown Financial Services Stock Performance

Orrstown Financial Services stock traded up $0.33 during trading hours on Tuesday, reaching $30.14. 110,473 shares of the company were exchanged, compared to its average volume of 121,561. The firm has a market cap of $587.97 million, a price-to-earnings ratio of 16.38 and a beta of 0.77. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13. The stock has a 50-day moving average of $29.01 and a 200 day moving average of $33.17. Orrstown Financial Services, Inc. has a 12 month low of $24.91 and a 12 month high of $41.99.

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

Orrstown Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 13th. Stockholders of record on Tuesday, May 6th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, May 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.45%. Orrstown Financial Services's dividend payout ratio (DPR) is presently 53.06%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ORRF. Keefe, Bruyette & Woods decreased their target price on Orrstown Financial Services from $40.00 to $37.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Raymond James began coverage on Orrstown Financial Services in a research report on Thursday, April 10th. They set an "outperform" rating and a $35.00 target price for the company. Finally, Hovde Group upped their target price on Orrstown Financial Services from $35.00 to $37.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 14th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Orrstown Financial Services presently has a consensus rating of "Buy" and a consensus target price of $36.80.

Insider Transactions at Orrstown Financial Services

In other Orrstown Financial Services news, Director Scott V. Fainor purchased 3,000 shares of the business's stock in a transaction dated Monday, March 24th. The stock was bought at an average cost of $31.17 per share, for a total transaction of $93,510.00. Following the completion of the acquisition, the director now directly owns 13,396 shares in the company, valued at $417,553.32. This represents a 28.86% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John W. Giambalvo purchased 1,000 shares of the business's stock in a transaction dated Monday, March 10th. The shares were acquired at an average price of $30.80 per share, with a total value of $30,800.00. Following the completion of the acquisition, the director now owns 40,562 shares of the company's stock, valued at approximately $1,249,309.60. The trade was a 2.53% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 6,500 shares of company stock worth $201,485 over the last three months. 4.70% of the stock is currently owned by insiders.

Orrstown Financial Services 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.