Empowered Funds LLC Purchases New Shares in Orrstown Financial Services Inc $ORRF

Key Points

• Empowered Funds LLC initiated a position in Orrstown Financial Services by purchasing 44,329 shares worth approximately $1.81 million, while institutional investors collectively own 44.27% of the company.
• Orrstown reported quarterly earnings of $1.09 per share, beating estimates of $1.03, although revenue of $62.67 million fell short of the $64.10 million consensus forecast.
• The company announced a quarterly dividend of $0.30 per share, equivalent to $1.20 annually and a 2.8% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $44.33.

Empowered Funds LLC purchased a new position in shares of Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 44,329 shares of the bank's stock, valued at approximately $1,810,000. Empowered Funds LLC owned 0.23% of Orrstown Financial Services at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Quarry LP acquired a new position in Orrstown Financial Services in the third quarter valued at $42,000. Raymond James Financial Inc. purchased a new stake in shares of Orrstown Financial Services in the second quarter valued at about $45,000. Tower Research Capital LLC TRC boosted its stake in shares of Orrstown Financial Services by 86.4% during the second quarter. Tower Research Capital LLC TRC now owns 1,748 shares of the bank's stock worth $56,000 after buying an additional 810 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Orrstown Financial Services by 220.4% during the third quarter. Russell Investments Group Ltd. now owns 2,070 shares of the bank's stock worth $70,000 after buying an additional 1,424 shares during the period. Finally, BNP Paribas Financial Markets grew its holdings in shares of Orrstown Financial Services by 120.7% during the third quarter. BNP Paribas Financial Markets now owns 4,061 shares of the bank's stock worth $138,000 after buying an additional 2,221 shares during the last quarter. 44.27% of the stock is owned by hedge funds and other institutional investors.

Orrstown Financial Services Stock Up 0.7%

ORRF stock opened at $42.46 on Friday. Orrstown Financial Services Inc has a one year low of $31.87 and a one year high of $43.81. The stock has a market capitalization of $835.19 million, a PE ratio of 9.54 and a beta of 0.69. 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 company has a fifty day moving average of $41.95 and a 200-day moving average of $38.70.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The bank reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.06. Orrstown Financial Services had a net margin of 24.00% and a return on equity of 14.46%. The business had revenue of $62.67 million for the quarter, compared to the consensus estimate of $64.10 million. As a group, analysts expect that Orrstown Financial Services Inc will post 4.41 EPS for the current year.

Orrstown Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Investors of record on Tuesday, August 4th were given a $0.30 dividend. The ex-dividend date was Tuesday, August 4th. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. Orrstown Financial Services's dividend payout ratio (DPR) is presently 26.97%.

Wall Street Analysts Forecast Growth

ORRF has been the topic of several recent research reports. Weiss Ratings restated a "buy (b)" rating on shares of Orrstown Financial Services in a research report on Tuesday, July 7th. Hovde Group increased their price objective 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. Raymond James Financial initiated coverage on Orrstown Financial Services in a research note on Thursday, July 9th. They issued a "market perform" rating on the stock. Keefe, Bruyette & Woods boosted their target price on Orrstown Financial Services from $44.00 to $46.00 and gave the company an "outperform" rating in a report on Thursday, July 23rd. Finally, DA Davidson reissued a "neutral" rating and issued a $41.00 target price on shares of Orrstown Financial Services in a report on Wednesday, July 22nd. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Orrstown Financial Services has a consensus rating of "Moderate Buy" and a consensus target price of $44.33.

Insiders Place Their Bets

In other Orrstown Financial Services news, EVP Amy Doll sold 3,002 shares of Orrstown Financial Services 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 sale, the executive vice president owned 25,669 shares of the company's stock, valued at approximately $1,068,087.09. The trade was a 10.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.30% of the company's stock.

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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