Dimensional Fund Advisors LP Grows Holdings in Orrstown Financial Services Inc $ORRF

Key Points

• Institutional ownership increased: Dimensional Fund Advisors raised its Orrstown Financial Services position by 8.3% to 900,674 shares, while institutional investors collectively own 44.27% of the stock.
• Analyst sentiment is moderately bullish: Hovde Group and Keefe, Bruyette & Woods raised their price targets to $46 and maintained outperform ratings. The stock has an average “Moderate Buy” rating and a consensus target of $44.33.
• Quarterly results and dividend: Orrstown reported earnings of $1.09 per share, beating estimates by $0.06, on revenue of $64.30 million. It declared a quarterly dividend of $0.30, representing a 2.8% annualized yield.

Dimensional Fund Advisors LP grew its position in Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) by 8.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 900,674 shares of the bank's stock after purchasing an additional 68,935 shares during the quarter. Dimensional Fund Advisors LP owned approximately 4.59% of Orrstown Financial Services worth $32,496,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Assenagon Asset Management S.A. bought a new position in Orrstown Financial Services in the 1st quarter worth $10,743,000. Kennedy Capital Management LLC increased its stake in Orrstown Financial Services by 569.5% in the 3rd quarter. Kennedy Capital Management LLC now owns 280,723 shares of the bank's stock worth $9,539,000 after buying an additional 238,790 shares in the last quarter. Marshall Wace LLP bought a new stake in Orrstown Financial Services during the second quarter valued at about $7,424,000. Millennium Management LLC raised 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 valued at $9,913,000 after acquiring an additional 182,709 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in shares of Orrstown Financial Services by 170.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 278,649 shares of the bank's stock valued at $9,870,000 after acquiring an additional 175,682 shares in the last quarter. 44.27% of the stock is currently owned by institutional investors.

Insider Transactions at Orrstown Financial Services

In other Orrstown Financial Services news, EVP Amy Doll sold 3,002 shares of the stock in a transaction on Monday, July 27th. The shares were sold at an average price of $41.61, for a total transaction of $124,913.22. Following the completion of the transaction, the executive vice president owned 25,669 shares in the company, valued at $1,068,087.09. This trade represents a 10.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

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

Orrstown Financial Services Trading Down 0.8%

Shares of Orrstown Financial Services stock opened at $43.36 on Wednesday. Orrstown Financial Services Inc has a twelve month low of $31.51 and a twelve month high of $43.81. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.06. The business has a 50-day moving average price of $40.19 and a 200-day moving average price of $37.89. The firm has a market cap of $852.02 million, a price-to-earnings ratio of 9.74 and a beta of 0.69.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last posted its earnings results on Tuesday, July 21st. The bank reported $1.09 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.06. The company had revenue of $64.30 million for the quarter, compared to the consensus estimate of $64.10 million. Orrstown Financial Services had a return on equity of 14.66% and a net margin of 24.00%. Equities research analysts anticipate that Orrstown Financial Services Inc will post 4.41 EPS for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 11th. Investors of record on Tuesday, August 4th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, August 4th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.8%. Orrstown Financial Services's dividend payout ratio (DPR) is 26.97%.

Orrstown Financial Services Profile

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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