Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 61,445 shares of the bank's stock, valued at approximately $2,509,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.31% of Orrstown Financial Services at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Orrstown Financial Services by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,009 shares of the bank's stock valued at $330,000 after purchasing an additional 490 shares during the last quarter. Millennium Management LLC boosted its holdings in Orrstown Financial Services by 123.8% during the first quarter. Millennium Management LLC now owns 330,322 shares of the bank's stock worth $9,913,000 after buying an additional 182,709 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Orrstown Financial Services by 2.9% in the first quarter. Goldman Sachs Group Inc. now owns 85,047 shares of the bank's stock worth $2,552,000 after buying an additional 2,417 shares during the last quarter. Jane Street Group LLC acquired a new position in Orrstown Financial Services in the first quarter worth approximately $1,080,000. Finally, Creative Planning bought a new position in shares of Orrstown Financial Services in the second quarter valued at $365,000. Institutional investors and hedge funds own 44.27% of the company's stock.
Insider Activity at Orrstown Financial Services
In related news, EVP Amy Doll sold 3,002 shares of the business's 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 sale, the executive vice president owned 25,669 shares of the company's stock, valued at $1,068,087.09. The trade was a 10.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.30% of the stock is owned by company insiders.
Orrstown Financial Services Price Performance
Shares of Orrstown Financial Services stock opened at $41.96 on Friday. The firm has a market cap of $825.35 million, a P/E ratio of 9.43 and a beta of 0.69. The firm's 50-day simple moving average is $41.80 and its 200-day simple moving average is $38.58. Orrstown Financial Services Inc has a twelve month low of $31.87 and a twelve month high of $43.81. 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 (NASDAQ:ORRF - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.06. The firm had revenue of $62.67 million during the quarter, compared to analyst estimates of $64.10 million. Orrstown Financial Services had a net margin of 24.00% and a return on equity of 14.46%. As a group, research analysts expect that Orrstown Financial Services Inc will post 4.41 EPS for the current fiscal year.
Orrstown Financial Services Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Tuesday, August 4th were issued a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.9%. Orrstown Financial Services's dividend payout ratio is presently 26.97%.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on ORRF. DA Davidson reissued a "neutral" rating and set a $41.00 price objective on shares of Orrstown Financial Services in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods upped their price objective on shares of Orrstown Financial Services from $44.00 to $46.00 and gave the company an "outperform" rating in a research note on Thursday, July 23rd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Orrstown Financial Services in a research report on Tuesday, July 7th. Hovde Group raised their target price on Orrstown Financial Services from $42.00 to $46.00 and gave the company an "outperform" rating in a report on Monday, July 27th. Finally, Raymond James Financial started coverage on Orrstown Financial Services in a research report on Thursday, July 9th. They issued a "market perform" rating on the stock. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $44.33.
Read Our Latest Stock Report on ORRF
About Orrstown Financial Services
(
Free Report)
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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