Millennium Management LLC Takes Position in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Millennium Management LLC acquired a new stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 147,613 shares of the bank's stock, valued at approximately $5,404,000. Millennium Management LLC owned about 0.76% of Orrstown Financial Services at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Comprehensive Financial Planning Inc. PA bought a new position in Orrstown Financial Services in the 4th quarter valued at approximately $38,000. R Squared Ltd bought a new position in Orrstown Financial Services in the 4th quarter valued at approximately $42,000. VSM Wealth Advisory LLC bought a new position in Orrstown Financial Services in the 4th quarter valued at approximately $47,000. Summit Investment Advisors Inc. lifted its stake in Orrstown Financial Services by 21.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank's stock valued at $71,000 after purchasing an additional 349 shares during the last quarter. Finally, Stonebridge Financial Group LLC bought a new position in Orrstown Financial Services in the 4th quarter valued at approximately $92,000. Institutional investors own 44.27% of the company's stock.

Orrstown Financial Services Trading Down 0.8%

Shares of ORRF stock traded down $0.25 during trading hours on Monday, hitting $29.81. 128,204 shares of the company's stock traded hands, compared to its average volume of 121,311. The stock's 50 day simple moving average is $29.02 and its 200 day simple moving average is $33.19. The stock has a market cap of $581.53 million, a PE ratio of 16.20 and a beta of 0.77. Orrstown Financial Services, Inc. has a 12 month low of $24.91 and a 12 month high of $41.99. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The bank reported $1.00 earnings per share for the quarter, topping analysts' consensus estimates of $0.95 by $0.05. Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. The business had revenue of $60.39 million during the quarter, compared to the consensus estimate of $51.83 million. During the same quarter last year, the firm earned $0.88 earnings per share. On average, sell-side analysts anticipate that Orrstown Financial Services, Inc. will post 4.23 EPS for the current year.

Orrstown Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 13th. Investors of record on Tuesday, May 6th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date was Tuesday, May 6th. Orrstown Financial Services's dividend payout ratio is presently 53.06%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ORRF. Hovde Group increased 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 note on Wednesday, May 14th. Raymond James began coverage on shares of Orrstown Financial Services in a research note on Thursday, April 10th. They set an "outperform" rating and a $35.00 price target for the company. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Orrstown Financial Services from $40.00 to $37.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Orrstown Financial Services has a consensus rating of "Buy" and an average price target of $36.80.

Insider Buying and Selling

In related news, Director Scott V. Fainor purchased 3,000 shares of Orrstown Financial Services stock in a transaction on Monday, March 24th. The stock was acquired at an average cost of $31.17 per share, for a total transaction of $93,510.00. Following the completion of the acquisition, the director now owns 13,396 shares of the company's stock, valued at $417,553.32. This trade represents a 28.86% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John W. Giambalvo purchased 1,000 shares of Orrstown Financial Services stock in a transaction on Monday, March 10th. The stock was bought at an average price of $30.80 per share, with a total value of $30,800.00. Following the completion of the acquisition, the director now directly owns 40,562 shares of the company's stock, valued at approximately $1,249,309.60. This trade represents a 2.53% increase in their position. The disclosure for this purchase can be found here. Insiders bought 6,500 shares of company stock valued at $201,485 over the last quarter. Insiders own 4.70% of the company's stock.

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.