California State Teachers Retirement System Raises Stock Holdings in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

California State Teachers Retirement System lifted its position in Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 1,257.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 18,022 shares of the bank's stock after buying an additional 16,694 shares during the period. California State Teachers Retirement System owned approximately 0.09% of Orrstown Financial Services worth $660,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. VSM Wealth Advisory LLC purchased a new position in shares of Orrstown Financial Services in the fourth quarter worth $47,000. Summit Investment Advisors Inc. boosted its holdings in shares of Orrstown Financial Services by 21.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank's stock valued at $71,000 after acquiring an additional 349 shares during the last quarter. Stonebridge Financial Group LLC purchased a new position in shares of Orrstown Financial Services during the fourth quarter worth $92,000. Wilmington Savings Fund Society FSB purchased a new stake in Orrstown Financial Services in the fourth quarter valued at $123,000. Finally, Quantbot Technologies LP acquired a new position in shares of Orrstown Financial Services in the 4th quarter valued at about $127,000. Hedge funds and other institutional investors own 44.27% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ORRF. Keefe, Bruyette & Woods cut their target price on shares of Orrstown Financial Services from $40.00 to $37.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. Raymond James started coverage on Orrstown Financial Services in a research report on Thursday, April 10th. They set an "outperform" rating and a $35.00 price target on the stock. Finally, Hovde Group increased their target price on Orrstown Financial Services from $35.00 to $37.00 and gave the company an "outperform" rating in a research report on Wednesday, May 14th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $36.80.

Insider Buying and Selling at Orrstown Financial Services

In other news, Director Scott V. Fainor bought 3,000 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The shares were purchased at an average price of $31.17 per share, with a total value of $93,510.00. Following the purchase, the director now owns 13,396 shares in the company, valued at approximately $417,553.32. The trade was a 28.86% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Brian D. Brunner bought 2,500 shares of the company's stock in a transaction on Wednesday, March 19th. The stock was purchased at an average cost of $30.87 per share, with a total value of $77,175.00. Following the completion of the transaction, the director now owns 49,330 shares in the company, valued at $1,522,817.10. This represents a 5.34% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 4.70% of the company's stock.

Orrstown Financial Services Trading Up 0.0%

Shares of ORRF traded up $0.01 during midday trading on Thursday, reaching $30.98. The company had a trading volume of 114,737 shares, compared to its average volume of 126,154. The firm has a 50 day simple moving average of $29.22 and a 200-day simple moving average of $32.83. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The stock has a market cap of $604.36 million, a PE ratio of 16.84 and a beta of 0.79. Orrstown Financial Services, Inc. has a 1-year low of $25.06 and a 1-year high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The bank reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.05. Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. The business had revenue of $60.39 million during the quarter, compared to analysts' expectations of $51.83 million. During the same quarter in the prior year, the company posted $0.88 EPS. Research analysts forecast that Orrstown Financial Services, Inc. will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 13th. Shareholders of record on Tuesday, May 6th were given a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, May 6th. This represents a $1.04 dividend on an annualized basis and a yield of 3.36%. Orrstown Financial Services's payout ratio is currently 53.06%.

Orrstown Financial Services Company Profile

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.