Bank of New York Mellon Corp Acquires New Position in Orrstown Financial Services Inc $ORRF

Key Points

• Bank of New York Mellon acquired 101,177 shares of Orrstown Financial Services worth approximately $4.13 million, while institutional investors collectively own 44.27% of the bank.
• Analyst sentiment is moderately bullish: the stock has an average rating of “Moderate Buy” and an average price target of $44.33, with multiple analysts recently raising targets to $46.
• Orrstown reported quarterly EPS of $1.09, beating estimates of $1.03, and declared a $0.30 quarterly dividend, equivalent to a 2.8% annualized yield.

Bank of New York Mellon Corp acquired a new position in Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 101,177 shares of the bank's stock, valued at approximately $4,131,000. Bank of New York Mellon Corp owned approximately 0.51% of Orrstown Financial Services at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ORRF. Quarry LP purchased a new position in shares of Orrstown Financial Services in the third quarter worth $42,000. Raymond James Financial Inc. purchased a new position in Orrstown Financial Services during the second quarter valued at $45,000. Tower Research Capital LLC TRC increased its holdings in Orrstown Financial Services by 86.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,748 shares of the bank's stock valued at $56,000 after acquiring an additional 810 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in Orrstown Financial Services by 220.4% in the 3rd 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 in the last quarter. Finally, State of Wyoming purchased a new stake in Orrstown Financial Services in the 4th quarter worth $143,000. 44.27% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Amy Doll sold 3,002 shares of the company's stock in a transaction that occurred 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 sale, the executive vice president owned 25,669 shares in the company, valued at $1,068,087.09. This represents a 10.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 4.30% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Keefe, Bruyette & Woods lifted their price objective 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. Hovde Group increased 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. DA Davidson reissued a "neutral" rating and issued a $41.00 target price on shares of Orrstown Financial Services in a report on Wednesday, July 22nd. Weiss Ratings restated a "buy (b)" rating on shares of Orrstown Financial Services in a research report on Tuesday, July 7th. Finally, Raymond James Financial initiated coverage on shares of Orrstown Financial Services in a research note on Thursday, July 9th. They set a "market perform" rating on the stock. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $44.33.

Orrstown Financial Services Trading Up 1.6%

Shares of NASDAQ ORRF opened at $43.13 on Friday. Orrstown Financial Services Inc has a twelve month low of $31.87 and a twelve month high of $43.81. The firm has a market cap of $848.37 million, a PE ratio of 9.69 and a beta of 0.69. The business has a fifty day simple moving average of $41.98 and a two-hundred day simple moving average of $38.73. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.01.

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, beating analysts' consensus estimates of $1.03 by $0.06. The firm had revenue of $62.67 million for the quarter, compared to the consensus estimate of $64.10 million. Orrstown Financial Services had a net margin of 24.00% and a return on equity of 14.46%. 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 company also recently declared a quarterly dividend, which was paid on Tuesday, August 11th. Shareholders of record on Tuesday, August 4th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. Orrstown Financial Services's payout ratio is currently 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.

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