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

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

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Summit Investment Advisors Inc. raised its holdings in shares of Orrstown Financial Services by 21.9% during the fourth 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 in the last quarter. GAMMA Investing LLC raised its holdings in Orrstown Financial Services by 3,994.9% in the first quarter. GAMMA Investing LLC now owns 4,832 shares of the bank's stock worth $161,000 after purchasing an additional 4,714 shares in the last quarter. Zacks Investment Management bought a new position in Orrstown Financial Services in the fourth quarter worth $244,000. Aquatic Capital Management LLC bought a new position in Orrstown Financial Services in the fourth quarter worth $256,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in Orrstown Financial Services by 24.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,456 shares of the bank's stock worth $273,000 after purchasing an additional 1,441 shares in the last quarter. Institutional investors own 44.27% of the company's stock.

Wall Street Analysts Forecast Growth

ORRF has been the subject of a number of research reports. Wall Street Zen downgraded Orrstown Financial Services from a "buy" rating to a "hold" rating in a report on Saturday, August 16th. Keefe, Bruyette & Woods restated an "outperform" rating and set a $42.00 price target (up from $39.00) on shares of Orrstown Financial Services in a report on Thursday, July 24th. Finally, Hovde Group raised their price target on Orrstown Financial Services from $35.00 to $37.00 and gave the company an "outperform" rating in a report on Wednesday, May 14th. Four research analysts have rated the stock with a Buy rating, According to MarketBeat, Orrstown Financial Services currently has an average rating of "Buy" and a consensus price target of $39.25.

Orrstown Financial Services Stock Performance

Shares of Orrstown Financial Services stock traded up $1.9150 during trading hours on Friday, reaching $35.0650. 44,884 shares of the stock traded hands, compared to its average volume of 147,910. The company has a 50 day moving average price of $32.74 and a 200 day moving average price of $31.27. The firm has a market capitalization of $683.42 million, a price-to-earnings ratio of 15.60 and a beta of 0.83. Orrstown Financial Services Inc has a one year low of $25.57 and a one year high of $41.99. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.13.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The bank reported $1.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.99 by $0.05. The business had revenue of $62.43 million during the quarter, compared to the consensus estimate of $51.98 million. Orrstown Financial Services had a return on equity of 14.69% and a net margin of 11.97%. On average, equities research analysts expect that Orrstown Financial Services Inc will post 4.23 earnings per share for the current fiscal year.

Orrstown Financial Services Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 12th. Shareholders of record on Tuesday, August 5th were paid a dividend of $0.27 per share. The ex-dividend date was Tuesday, August 5th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.1%. This is an increase from Orrstown Financial Services's previous quarterly dividend of $0.26. Orrstown Financial Services's dividend payout ratio is presently 48.21%.

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.