BlackRock Inc. Purchases Shares of 1,680,316 Orrstown Financial Services Inc $ORRF

Key Points

• BlackRock acquired 1.68 million shares of Orrstown Financial Services during the second quarter, worth approximately $68.6 million and representing an 8.55% stake. Institutional investors collectively own 44.27% of the company.
• Orrstown reported quarterly earnings of $1.09 per share, exceeding analyst expectations of $1.03, while revenue of $62.67 million fell short of estimates. The company also maintains a quarterly dividend of $0.30 per share, yielding about 2.9% annually.
• Analysts have a “Moderate Buy” consensus with an average price target of $44.33; shares recently opened at $41.96, near their 52-week high of $43.81.

BlackRock Inc. acquired a new stake in Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 1,680,316 shares of the bank's stock, valued at approximately $68,607,000. BlackRock Inc. owned about 8.55% of Orrstown Financial Services as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Orrstown Financial Services by 2.5% during the third quarter. Vanguard Group Inc. now owns 1,115,128 shares of the bank's stock worth $37,892,000 after buying an additional 27,125 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Orrstown Financial Services by 8.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 900,674 shares of the bank's stock valued at $32,496,000 after acquiring an additional 68,935 shares during the period. Wellington Management Group LLP boosted its position in Orrstown Financial Services by 9.2% during the third quarter. Wellington Management Group LLP now owns 608,402 shares of the bank's stock worth $20,674,000 after purchasing an additional 51,140 shares during the period. Millennium Management LLC increased its holdings in shares of Orrstown Financial Services by 123.8% in the first quarter. Millennium Management LLC now owns 330,322 shares of the bank's stock valued at $9,913,000 after purchasing an additional 182,709 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Orrstown Financial Services in the first quarter valued at $10,743,000. Institutional investors own 44.27% of the company's stock.

Orrstown Financial Services Stock Performance

Shares of NASDAQ:ORRF opened at $41.96 on Monday. Orrstown Financial Services Inc has a 1 year low of $31.87 and a 1 year high of $43.81. The stock has a market capitalization of $825.35 million, a price-to-earnings ratio of 9.43 and a beta of 0.69. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.87 and a quick ratio of 0.87. The company's 50 day simple moving average is $41.80 and its 200 day simple moving average is $38.58.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The bank reported $1.09 earnings per share for the quarter, beating analysts' consensus estimates of $1.03 by $0.06. Orrstown Financial Services had a net margin of 24.00% and a return on equity of 14.46%. The firm had revenue of $62.67 million for the quarter, compared to analyst estimates of $64.10 million. As a group, research analysts predict that Orrstown Financial Services Inc will post 4.41 EPS for the current fiscal year.

Orrstown Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 11th. Investors of record on Tuesday, August 4th were given 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 2.9%. Orrstown Financial Services's dividend payout ratio is presently 26.97%.

Insider Buying and Selling

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

Analysts Set New Price Targets

Several brokerages recently commented on ORRF. Hovde Group lifted their target price on shares of Orrstown Financial Services from $42.00 to $46.00 and gave the stock an "outperform" rating in a report on Monday, July 27th. DA Davidson reissued a "neutral" rating and issued a $41.00 price target on shares of Orrstown Financial Services in a report on Wednesday, July 22nd. Raymond James Financial initiated coverage on shares of Orrstown Financial Services in a research report on Thursday, July 9th. They set a "market perform" rating for the company. Keefe, Bruyette & Woods boosted their price objective on Orrstown Financial Services from $44.00 to $46.00 and gave the stock an "outperform" rating in a report on Thursday, July 23rd. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Orrstown Financial Services in a research report on Tuesday, July 7th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Orrstown Financial Services has an average rating of "Moderate Buy" and an average target price of $44.33.

Orrstown Financial Services Company 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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