Orrstown Financial Services Inc (NASDAQ:ORRF) Shares Sold by Emerald Mutual Fund Advisers Trust

Emerald Mutual Fund Advisers Trust lowered its stake in Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) by 32.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 48,861 shares of the bank's stock after selling 23,445 shares during the quarter. Emerald Mutual Fund Advisers Trust owned about 0.25% of Orrstown Financial Services worth $1,466,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Principal Financial Group Inc. increased its holdings in shares of Orrstown Financial Services by 3.2% in the 1st quarter. Principal Financial Group Inc. now owns 14,997 shares of the bank's stock worth $450,000 after buying an additional 462 shares during the last quarter. SG Americas Securities LLC grew its holdings in Orrstown Financial Services by 198.8% during the 1st quarter. SG Americas Securities LLC now owns 24,399 shares of the bank's stock valued at $732,000 after purchasing an additional 16,232 shares during the last quarter. GAMMA Investing LLC grew its holdings 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 purchasing an additional 4,714 shares during the last quarter. California State Teachers Retirement System grew its holdings in Orrstown Financial Services by 1,257.1% during the 4th quarter. California State Teachers Retirement System now owns 18,022 shares of the bank's stock valued at $660,000 after purchasing an additional 16,694 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Orrstown Financial Services during the 4th quarter valued at about $833,000. Hedge funds and other institutional investors own 44.27% of the company's stock.

Orrstown Financial Services Stock Down 1.2%

Shares of ORRF traded down $0.42 during mid-day trading on Friday, hitting $33.37. The company's stock had a trading volume of 75,684 shares, compared to its average volume of 122,153. The company's 50-day moving average is $31.05 and its 200-day moving average is $31.72. Orrstown Financial Services Inc has a 52-week low of $25.57 and a 52-week high of $41.99. The firm has a market capitalization of $651.05 million, a price-to-earnings ratio of 17.03 and a beta of 0.79. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.13.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The bank reported $1.00 EPS for the quarter, beating analysts' consensus estimates of $0.95 by $0.05. The company had revenue of $60.39 million during the quarter, compared to analysts' expectations of $51.83 million. Orrstown Financial Services had a net margin of 9.74% and a return on equity of 14.35%. During the same quarter in the prior year, the company posted $0.88 earnings per share. On average, equities research analysts forecast that Orrstown Financial Services Inc will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 13th. Stockholders of record on Tuesday, May 6th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.12%. The ex-dividend date of this dividend was Tuesday, May 6th. Orrstown Financial Services's dividend payout ratio is currently 53.06%.

Analyst Upgrades and Downgrades

ORRF has been the subject of several research reports. Hovde Group boosted their price objective on shares of Orrstown Financial Services from $35.00 to $37.00 and gave the company an "outperform" rating in a research report on Wednesday, May 14th. Keefe, Bruyette & Woods boosted their price objective on shares of Orrstown Financial Services from $37.00 to $39.00 and gave the company an "outperform" rating in a research report on Friday. Finally, Raymond James Financial initiated coverage on shares of Orrstown Financial Services in a research report on Thursday, April 10th. They issued an "outperform" rating and a $35.00 price objective for the company.

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.