Connor Clark & Lunn Investment Management Ltd. Sells 34,332 Shares of Orrstown Financial Services Inc $ORRF

Connor Clark & Lunn Investment Management Ltd. decreased its position in Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) by 56.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,769 shares of the bank's stock after selling 34,332 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.14% of Orrstown Financial Services worth $803,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Summit Investment Advisors Inc. boosted its stake in Orrstown Financial Services by 21.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank's stock worth $71,000 after purchasing an additional 349 shares in the last quarter. GAMMA Investing LLC lifted its stake in Orrstown Financial Services by 3,994.9% during the 1st quarter. GAMMA Investing LLC now owns 4,832 shares of the bank's stock valued at $161,000 after acquiring an additional 4,714 shares during the period. Zacks Investment Management bought a new position in Orrstown Financial Services during the 4th quarter valued at about $244,000. Aquatic Capital Management LLC bought a new position in Orrstown Financial Services during the 4th quarter valued at about $256,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in Orrstown Financial Services by 24.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,456 shares of the bank's stock valued at $273,000 after acquiring an additional 1,441 shares during the period. Institutional investors own 44.27% of the company's stock.

Orrstown Financial Services Stock Performance

Shares of NASDAQ:ORRF traded down $0.04 during trading on Wednesday, hitting $33.14. The company's stock had a trading volume of 136,472 shares, compared to its average volume of 148,928. The company has a 50-day moving average of $32.65 and a 200-day moving average of $31.27. 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 firm has a market cap of $645.90 million, a price-to-earnings ratio of 14.79 and a beta of 0.83.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The bank reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.05. Orrstown Financial Services had a net margin of 11.97% and a return on equity of 14.69%. The firm had revenue of $62.43 million for the quarter, compared to analysts' expectations of $51.98 million. On average, sell-side analysts expect that Orrstown Financial Services Inc will post 4.23 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 12th. Stockholders of record on Tuesday, August 5th were paid a $0.27 dividend. This is a boost from Orrstown Financial Services's previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, August 5th. This represents a $1.08 annualized dividend and a dividend yield of 3.3%. Orrstown Financial Services's dividend payout ratio (DPR) is currently 48.21%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Wall Street Zen cut shares of Orrstown Financial Services from a "buy" rating to a "hold" rating in a research note on Saturday. Hovde Group upped their target price on shares of Orrstown Financial Services from $35.00 to $37.00 and gave the company an "outperform" rating in a research note on Wednesday, May 14th. Finally, Keefe, Bruyette & Woods restated an "outperform" rating and set a $42.00 target price (up previously from $39.00) on shares of Orrstown Financial Services in a research note on Thursday, July 24th. Four analysts have rated the stock with a Buy rating, According to data from MarketBeat, Orrstown Financial Services currently has an average rating of "Buy" and an average price target of $39.25.

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.