Brookwood Investment Group LLC Takes $588,000 Position in Orrstown Financial Services Inc (NASDAQ:ORRF)

Key Points

• Brookwood Investment Group LLC has acquired a new stake in Orrstown Financial Services Inc, purchasing 19,609 shares valued at approximately $588,000, representing about 0.10% of the bank's stock.
• Orrstown Financial Services has seen several institutional investors increase their stakes, with hedge funds and institutional investors collectively owning 44.27% of the stock.
• The company recently announced a quarterly dividend increase to $0.27 per share, reflecting a 3.13% dividend yield and a payout ratio of 46.43%.

Brookwood Investment Group LLC acquired a new stake in Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 19,609 shares of the bank's stock, valued at approximately $588,000. Brookwood Investment Group LLC owned about 0.10% of Orrstown Financial Services at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of ORRF. Summit Investment Advisors Inc. increased its holdings in shares of Orrstown Financial Services by 21.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank's stock worth $71,000 after buying an additional 349 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Orrstown Financial Services during the 4th quarter worth approximately $127,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Orrstown Financial Services during the 4th quarter worth approximately $132,000. GAMMA Investing LLC increased its holdings in Orrstown Financial Services by 3,994.9% in the 1st quarter. GAMMA Investing LLC now owns 4,832 shares of the bank's stock valued at $161,000 after purchasing an additional 4,714 shares during the last quarter. Finally, Sei Investments Co. acquired a new stake in Orrstown Financial Services in the 4th quarter valued at approximately $213,000. Institutional investors and hedge funds own 44.27% of the company's stock.

Orrstown Financial Services Stock Down 0.2%

Shares of Orrstown Financial Services stock traded down $0.07 during trading on Monday, hitting $34.48. 44,614 shares of the stock were exchanged, compared to its average volume of 148,966. The firm's 50-day moving average price is $31.72 and its 200 day moving average price is $31.59. Orrstown Financial Services Inc has a 12-month low of $25.57 and a 12-month high of $41.99. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market cap of $672.70 million, a price-to-earnings ratio of 15.39 and a beta of 0.79.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The bank reported $1.04 EPS for the quarter, topping the consensus estimate of $0.99 by $0.05. The firm had revenue of $62.43 million for the quarter, compared to analyst estimates of $51.98 million. Orrstown Financial Services had a net margin of 11.97% and a return on equity of 14.88%. As a group, analysts forecast that Orrstown Financial Services Inc will post 4.23 earnings per share for the current fiscal year.

Orrstown Financial Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 12th. Shareholders of record on Tuesday, August 5th will be paid a $0.27 dividend. The ex-dividend date of this dividend is Tuesday, August 5th. This is a positive change from Orrstown Financial Services's previous quarterly dividend of $0.26. This represents a $1.08 dividend on an annualized basis and a yield of 3.13%. Orrstown Financial Services's payout ratio is currently 46.43%.

Analyst Ratings Changes

ORRF has been the subject of several research reports. Wall Street Zen upgraded shares of Orrstown Financial Services from a "hold" rating to a "buy" rating in a report on Saturday. Keefe, Bruyette & Woods reiterated an "outperform" rating and issued a $42.00 target price (up previously from $39.00) on shares of Orrstown Financial Services in a report on Thursday. Hovde Group lifted their target price on shares of Orrstown Financial Services from $35.00 to $37.00 and gave the company an "outperform" rating in a report on Wednesday, May 14th. Finally, Raymond James Financial initiated coverage on shares of Orrstown Financial Services in a research report on Thursday, April 10th. They issued an "outperform" rating and a $35.00 price target for the company. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $39.25.

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.