Bank of America Corp DE Purchases 27,301 Shares of Orrstown Financial Services Inc $ORRF

Key Points

• Bank of America increased its Orrstown Financial Services stake by 24.2%, purchasing 27,301 shares to hold 139,990 shares worth approximately $5.05 million. Institutional investors collectively own 44.27% of the company.
• Analyst sentiment is moderately bullish, with a consensus “Moderate Buy” rating and an average price target of $44.33, compared with the stock’s reported price of $42.17.
• Orrstown exceeded quarterly EPS expectations, reporting $1.09 versus the $1.03 consensus estimate, and declared a quarterly dividend of $0.30 per share, representing a 2.8% annualized yield. EVP Amy Doll separately sold 3,002 shares.

Bank of America Corp DE boosted its holdings in shares of Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) by 24.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 139,990 shares of the bank's stock after buying an additional 27,301 shares during the quarter. Bank of America Corp DE owned approximately 0.71% of Orrstown Financial Services worth $5,051,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Quarry LP acquired a new position in shares of Orrstown Financial Services during the 3rd quarter worth approximately $42,000. Raymond James Financial Inc. acquired a new stake in Orrstown Financial Services during the 2nd quarter valued at $45,000. Tower Research Capital LLC TRC lifted its holdings in Orrstown Financial Services by 86.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,748 shares of the bank's stock valued at $56,000 after purchasing an additional 810 shares during the last quarter. Russell Investments Group Ltd. boosted its position in Orrstown Financial Services by 220.4% during the third quarter. Russell Investments Group Ltd. now owns 2,070 shares of the bank's stock worth $70,000 after purchasing an additional 1,424 shares during the period. Finally, BNP Paribas Financial Markets boosted its position in Orrstown Financial Services by 120.7% during the third quarter. BNP Paribas Financial Markets now owns 4,061 shares of the bank's stock worth $138,000 after purchasing an additional 2,221 shares during the period. Institutional investors own 44.27% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other news, EVP Amy Doll sold 3,002 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $41.61, for a total value of $124,913.22. Following the completion of the transaction, the executive vice president directly owned 25,669 shares in the company, valued at approximately $1,068,087.09. This represents a 10.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.30% of the company's stock.

Orrstown Financial Services Price Performance

Orrstown Financial Services stock opened at $42.17 on Friday. 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 Inc has a 52 week low of $31.87 and a 52 week high of $43.81. The stock has a market capitalization of $829.48 million, a P/E ratio of 9.48 and a beta of 0.69. The stock has a fifty day moving average of $41.74 and a 200-day moving average of $38.56.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.03 by $0.06. The business had revenue of $62.67 million during the quarter, compared to analysts' expectations of $64.10 million. Orrstown Financial Services had a net margin of 24.00% and a return on equity of 14.46%. On average, sell-side analysts expect that Orrstown Financial Services Inc will post 4.41 earnings per share for the current fiscal year.

Orrstown Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Tuesday, August 4th were issued a dividend of $0.30 per share. The ex-dividend date was Tuesday, August 4th. This represents a $1.20 annualized dividend and a dividend yield of 2.8%. Orrstown Financial Services's dividend payout ratio is 26.97%.

Orrstown Financial Services Profile

Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank, a community banking organization headquartered in Shippensburg, Pennsylvania. The roots of Orrstown Bank date back to 1865, and the holding company structure was established to support its growth and diversification. As a regional financial institution, Orrstown Financial Services focuses on delivering personalized banking solutions to individuals, families and businesses across Central Pennsylvania.

The company's core offerings include a full suite of deposit products such as checking and savings accounts, money market accounts and certificates of deposit.

Want to see what other hedge funds are holding ORRF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source