Cubist Systematic Strategies LLC Boosts Stock Position in Orrstown Financial Services Inc $ORRF

Key Points

• Cubist Systematic Strategies LLC increased its stake in Orrstown Financial Services Inc by 82.9%, acquiring an additional 24,478 shares, bringing their total holdings to 54,019 shares valued at approximately $1.62 million.
• Orrstown Financial Services announced a quarterly dividend increase from $0.26 to $0.27 per share, providing a 3.1% yield with a payout ratio of 48.21%.
• The bank reported $1.04 earnings per share for the last quarter, surpassing analyst expectations of $0.99 by $0.05, alongside a revenue of $62.43 million.

Cubist Systematic Strategies LLC raised its stake in shares of Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) by 82.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 54,019 shares of the bank's stock after acquiring an additional 24,478 shares during the period. Cubist Systematic Strategies LLC owned approximately 0.28% of Orrstown Financial Services worth $1,621,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ORRF. Millennium Management LLC acquired a new stake in shares of Orrstown Financial Services during the fourth quarter valued at about $5,404,000. Nuveen LLC acquired a new position in Orrstown Financial Services during the first quarter worth $1,058,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Orrstown Financial Services during the fourth quarter worth $833,000. Y Intercept Hong Kong Ltd acquired a new position in Orrstown Financial Services during the first quarter worth $633,000. Finally, Squarepoint Ops LLC lifted its stake in Orrstown Financial Services by 266.1% during the fourth quarter. Squarepoint Ops LLC now owns 27,112 shares of the bank's stock worth $993,000 after purchasing an additional 19,706 shares in the last quarter. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Orrstown Financial Services Stock Down 0.4%

Shares of Orrstown Financial Services stock traded down $0.14 during trading hours on Friday, reaching $35.24. 94,655 shares of the company were exchanged, compared to its average volume of 121,591. Orrstown Financial Services Inc has a 1 year low of $25.57 and a 1 year high of $41.99. The stock's fifty day moving average is $33.85 and its 200 day moving average is $31.39. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market cap of $686.83 million, a PE ratio of 15.73 and a beta of 0.86.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The bank reported $1.04 earnings per share for the quarter, topping analysts' consensus estimates of $0.99 by $0.05. Orrstown Financial Services had a return on equity of 14.69% and a net margin of 11.97%.The business had revenue of $62.43 million for the quarter, compared to analyst estimates of $51.98 million. As a group, equities research analysts forecast that Orrstown Financial Services Inc will post 4.23 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 12th. Investors of record on Tuesday, August 5th were paid a $0.27 dividend. This is an increase 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 3.1%. The ex-dividend date was Tuesday, August 5th. Orrstown Financial Services's payout ratio is presently 48.21%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. 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 research note on Thursday, July 24th. Zacks Research upgraded Orrstown Financial Services from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 4th. Finally, Wall Street Zen cut Orrstown Financial Services from a "buy" rating to a "hold" rating in a research note on Saturday, August 16th. One research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price 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.