Bank of America Corp DE Purchases 115,978 Shares of Orrstown Financial Services Inc $ORRF

Key Points

• Bank of America acquired 115,978 shares of Orrstown Financial Services in the second quarter, worth approximately $4.735 million and representing 0.59% of the company. Institutional investors collectively own 44.27% of ORRF.
• Analysts maintain a generally positive outlook, with an average rating of “Moderate Buy” and an average price target of $44.33; Hovde Group and Keefe, Bruyette & Woods raised their targets to $46.
• Orrstown reported quarterly EPS of $1.09, exceeding the $1.03 consensus estimate, and pays a quarterly dividend of $0.30, equivalent to a 2.9% yield.

Bank of America Corp DE purchased a new stake in shares of Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 115,978 shares of the bank's stock, valued at approximately $4,735,000. Bank of America Corp DE owned about 0.59% of Orrstown Financial Services at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of ORRF. Royal Bank of Canada raised its holdings in shares of Orrstown Financial Services by 33.2% during the 1st quarter. Royal Bank of Canada now owns 6,612 shares of the bank's stock valued at $239,000 after buying an additional 1,649 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Orrstown Financial Services by 64.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 7,510 shares of the bank's stock valued at $266,000 after acquiring an additional 2,953 shares during the last quarter. Focus Partners Advisor Solutions LLC purchased a new position in shares of Orrstown Financial Services during the second quarter worth approximately $284,000. Canada Pension Plan Investment Board purchased a new position in shares of Orrstown Financial Services during the second quarter worth approximately $290,000. Finally, AXQ Capital LP bought a new stake in shares of Orrstown Financial Services in the 4th quarter worth approximately $314,000. Hedge funds and other institutional investors own 44.27% of the company's stock.

Insider Transactions at Orrstown Financial Services

In related news, EVP Amy Doll sold 3,002 shares of Orrstown Financial Services stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $41.61, for a total transaction of $124,913.22. Following the completion of the transaction, the executive vice president directly owned 25,669 shares of the company's stock, valued at $1,068,087.09. This trade represents a 10.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 4.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

ORRF has been the topic of several recent research reports. Hovde Group increased their target price on shares of Orrstown Financial Services from $42.00 to $46.00 and gave the company an "outperform" rating in a report on Monday, July 27th. DA Davidson restated a "neutral" rating and set a $41.00 price target on shares of Orrstown Financial Services in a research report on Wednesday, July 22nd. Raymond James Financial started coverage on Orrstown Financial Services in a research note on Thursday, July 9th. They set a "market perform" rating on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of Orrstown Financial Services in a research note on Tuesday, July 7th. Finally, Keefe, Bruyette & Woods increased their target price on Orrstown Financial Services from $44.00 to $46.00 and gave the company an "outperform" rating in a report on Thursday, July 23rd. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $44.33.

Orrstown Financial Services Price Performance

Shares of ORRF stock opened at $41.48 on Tuesday. The firm has a market cap of $815.91 million, a P/E ratio of 9.32 and a beta of 0.69. Orrstown Financial Services Inc has a fifty-two week low of $31.87 and a fifty-two week high of $43.81. The business's 50 day moving average price is $42.39 and its 200-day moving average price is $39.36. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.87 and a current ratio of 0.87.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The bank reported $1.09 EPS for the quarter, beating analysts' consensus estimates of $1.03 by $0.06. The company had revenue of $62.67 million during the quarter, compared to the consensus estimate of $64.10 million. Orrstown Financial Services had a return on equity of 14.46% and a net margin of 24.00%. On average, equities research analysts anticipate that Orrstown Financial Services Inc will post 4.41 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, August 11th. Investors of record on Tuesday, August 4th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Tuesday, August 4th. Orrstown Financial Services's dividend payout ratio (DPR) is presently 26.97%.

About Orrstown Financial Services

Orrstown Financial Services Corporation NASDAQ: ORRF is a bank holding company headquartered in Shippensburg, Pennsylvania. Through its principal subsidiary, Orrstown Bank, the company provides banking and financial services to individuals, families, businesses, agricultural customers and nonprofit organizations.

Orrstown Bank offers deposit accounts, consumer and commercial loans, residential mortgage lending, agricultural financing, treasury management and other business banking services.

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