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

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

A number of other institutional investors and hedge funds also recently made changes to their positions in ORRF. Comprehensive Financial Planning Inc. PA acquired a new position in Orrstown Financial Services during the 4th quarter valued at about $38,000. R Squared Ltd purchased a new position in shares of Orrstown Financial Services during the fourth quarter valued at approximately $42,000. VSM Wealth Advisory LLC purchased a new position in shares of Orrstown Financial Services during the fourth quarter valued at approximately $47,000. Summit Investment Advisors Inc. grew its holdings in Orrstown Financial Services by 21.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank's stock worth $71,000 after buying an additional 349 shares in the last quarter. Finally, Stonebridge Financial Group LLC purchased a new stake in Orrstown Financial Services in the 4th quarter valued at $92,000. Institutional investors and hedge funds own 44.27% of the company's stock.

Insider Activity

In other news, Director Scott V. Fainor acquired 3,000 shares of the company's stock in a transaction that occurred on Monday, March 24th. The shares were acquired at an average price of $31.17 per share, for a total transaction of $93,510.00. Following the completion of the purchase, the director now owns 13,396 shares in the company, valued at approximately $417,553.32. This trade represents a 28.86% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Brian D. Brunner bought 2,500 shares of the firm's stock in a transaction on Wednesday, March 19th. The stock was purchased at an average cost of $30.87 per share, with a total value of $77,175.00. Following the completion of the transaction, the director now directly owns 49,330 shares of the company's stock, valued at approximately $1,522,817.10. The trade was a 5.34% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 6,500 shares of company stock valued at $201,485 in the last three months. Company insiders own 4.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ORRF. Hovde Group lifted their price objective on shares of Orrstown Financial Services from $35.00 to $37.00 and gave the stock an "outperform" rating in a report on Wednesday, May 14th. Raymond James assumed coverage on shares of Orrstown Financial Services in a research report on Thursday, April 10th. They set an "outperform" rating and a $35.00 price target on the stock. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Orrstown Financial Services from $40.00 to $37.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $36.80.

Orrstown Financial Services Stock Performance

ORRF stock traded up $0.19 during midday trading on Friday, hitting $30.12. The company's stock had a trading volume of 253,795 shares, compared to its average volume of 121,283. The stock has a market cap of $587.58 million, a price-to-earnings ratio of 16.37 and a beta of 0.77. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The stock's 50-day moving average price is $29.03 and its 200 day moving average price is $33.32. Orrstown Financial Services, Inc. has a 1 year low of $24.91 and a 1 year high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last released its earnings results on Tuesday, April 22nd. The bank reported $1.00 EPS for the quarter, topping analysts' consensus estimates of $0.95 by $0.05. The company had revenue of $60.39 million for the quarter, compared to analysts' expectations of $51.83 million. Orrstown Financial Services had a return on equity of 15.77% and a net margin of 7.70%. During the same period in the previous year, the business posted $0.88 EPS. On average, equities analysts forecast that Orrstown Financial Services, Inc. will post 4.23 EPS for the current year.

Orrstown Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 13th. Shareholders of record on Tuesday, May 6th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend was Tuesday, May 6th. Orrstown Financial Services's payout ratio is 53.06%.

Orrstown Financial Services 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.