Bank of America Corp DE Increases Stock Holdings in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Bank of America Corp DE boosted 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 disclosure with the Securities and Exchange Commission (SEC). The fund owned 103,032 shares of the bank's stock after purchasing an additional 10,818 shares during the period. Bank of America Corp DE owned approximately 0.53% of Orrstown Financial Services worth $3,772,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the company. Comprehensive Financial Planning Inc. PA bought a new stake in shares of Orrstown Financial Services during the fourth quarter valued at approximately $38,000. R Squared Ltd bought a new stake in shares of Orrstown Financial Services during the fourth quarter valued at approximately $42,000. VSM Wealth Advisory LLC bought a new stake in shares of Orrstown Financial Services during the fourth quarter valued at approximately $47,000. Summit Investment Advisors Inc. raised its stake in shares of Orrstown Financial Services by 21.9% during the fourth 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 in the last quarter. Finally, Stonebridge Financial Group LLC bought a new stake in shares of Orrstown Financial Services during the fourth quarter valued at approximately $92,000. Institutional investors own 44.27% of the company's stock.

Orrstown Financial Services Price Performance

Shares of Orrstown Financial Services stock traded up $0.19 during trading hours on Friday, reaching $30.12. The stock had a trading volume of 253,795 shares, compared to its average volume of 121,283. The stock's 50 day moving average is $29.03 and its 200 day moving average is $33.32. The company has a current ratio of 0.88, a quick 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 capitalization of $587.58 million, a PE ratio of 16.37 and a beta of 0.77.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The bank reported $1.00 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $51.83 million. During the same period last year, the company earned $0.88 earnings per share. Equities analysts expect that Orrstown Financial Services, Inc. will post 4.23 earnings per share for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 13th. Investors of record on Tuesday, May 6th were given a dividend of $0.26 per share. The ex-dividend date was Tuesday, May 6th. This represents a $1.04 dividend on an annualized basis and a yield of 3.45%. Orrstown Financial Services's payout ratio is 53.06%.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other Orrstown Financial Services news, Director Scott V. Fainor purchased 3,000 shares of the stock in a transaction dated Monday, March 24th. The stock was acquired at an average cost of $31.17 per share, for a total transaction of $93,510.00. Following the acquisition, the director now owns 13,396 shares in the company, valued at $417,553.32. This trade represents a 28.86% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Brian D. Brunner acquired 2,500 shares of the business's stock in a transaction that occurred on Wednesday, March 19th. The shares were acquired at an average cost of $30.87 per share, with a total value of $77,175.00. Following the completion of the transaction, the director now directly owns 49,330 shares in the company, valued at approximately $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 have purchased 6,500 shares of company stock valued at $201,485. Insiders own 4.70% of the company's stock.

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.