Deutsche Bank AG Purchases New Stake in Orrstown Financial Services Inc $ORRF

Key Points

• Deutsche Bank AG acquired 24,503 shares of Orrstown Financial Services in the second quarter, worth approximately $1 million and representing about 0.12% of the company. Institutional investors collectively own 44.27% of ORRF.
• Analysts maintain a generally positive outlook, with an average rating of “Moderate Buy” and an average price target of $44.33; Hovde Group and Keefe, Bruyette & Woods raised their targets to $46.
• Orrstown reported quarterly EPS of $1.09, exceeding estimates of $1.03, and recently paid a $0.30 quarterly dividend, equivalent to a 2.9% annualized yield.

Deutsche Bank AG acquired a new position in Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 24,503 shares of the bank's stock, valued at approximately $1,000,000. Deutsche Bank AG owned approximately 0.12% of Orrstown Financial Services at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of ORRF. Vanguard Group Inc. increased its holdings in shares of Orrstown Financial Services by 2.5% in the 3rd quarter. Vanguard Group Inc. now owns 1,115,128 shares of the bank's stock valued at $37,892,000 after purchasing an additional 27,125 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Orrstown Financial Services by 8.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 900,674 shares of the bank's stock valued at $32,496,000 after acquiring an additional 68,935 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Orrstown Financial Services by 9.2% during the 3rd quarter. Wellington Management Group LLP now owns 608,402 shares of the bank's stock valued at $20,674,000 after acquiring an additional 51,140 shares in the last quarter. Millennium Management LLC increased its stake in shares of Orrstown Financial Services by 123.8% in the first quarter. Millennium Management LLC now owns 330,322 shares of the bank's stock worth $9,913,000 after acquiring an additional 182,709 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Orrstown Financial Services in the first quarter worth $10,743,000. Hedge funds and other institutional investors own 44.27% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. DA Davidson reaffirmed a "neutral" rating and issued a $41.00 target price on shares of Orrstown Financial Services in a research report on Wednesday, July 22nd. Hovde Group lifted their price target on Orrstown Financial Services from $42.00 to $46.00 and gave the company an "outperform" rating in a report on Monday, July 27th. Weiss Ratings reissued a "buy (b)" rating on shares of Orrstown Financial Services in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods increased their price target on shares of Orrstown Financial Services from $44.00 to $46.00 and gave the stock an "outperform" rating in a research note on Thursday, July 23rd. Finally, Raymond James Financial assumed coverage on shares of Orrstown Financial Services in a research note on Thursday, July 9th. They set a "market perform" rating on the stock. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $44.33.

Insider Transactions at Orrstown Financial Services

In other Orrstown Financial Services news, EVP Amy Doll sold 3,002 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 25,669 shares in the company, valued at approximately $1,068,087.09. This trade represents a 10.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.30% of the stock is owned by corporate insiders.

Orrstown Financial Services Price Performance

ORRF opened at $41.96 on Monday. The business has a 50 day moving average price of $41.80 and a 200 day moving average price of $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. The firm has a market cap of $825.35 million, a P/E ratio of 9.43 and a beta of 0.69.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.03 by $0.06. The business had revenue of $62.67 million for 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%. Research analysts forecast that Orrstown Financial Services Inc will post 4.41 EPS for the current year.

Orrstown Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Tuesday, August 4th were issued a dividend of $0.30 per share. The ex-dividend date was Tuesday, August 4th. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. Orrstown Financial Services's payout ratio is presently 26.97%.

About Orrstown Financial Services

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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