Squarepoint Ops LLC Buys 19,706 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Squarepoint Ops LLC raised its stake in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 266.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,112 shares of the bank's stock after buying an additional 19,706 shares during the quarter. Squarepoint Ops LLC owned about 0.14% of Orrstown Financial Services worth $993,000 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 stock. Comprehensive Financial Planning Inc. PA purchased a new position in Orrstown Financial Services during the fourth quarter valued at $38,000. R Squared Ltd purchased a new position in shares of Orrstown Financial Services during the fourth quarter valued at about $42,000. VSM Wealth Advisory LLC bought a new stake in shares of Orrstown Financial Services in the fourth quarter worth about $47,000. Summit Investment Advisors Inc. increased its holdings in shares of Orrstown Financial Services by 21.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank's stock worth $71,000 after purchasing an additional 349 shares during the last quarter. Finally, Stonebridge Financial Group LLC purchased a new stake in shares of Orrstown Financial Services in the fourth quarter worth about $92,000. Institutional investors own 44.27% of the company's stock.

Insider Transactions at Orrstown Financial Services

In other news, Director Scott V. Fainor acquired 3,000 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was purchased 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 directly owns 13,396 shares of the company's stock, valued at $417,553.32. The trade was a 28.86% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John W. Giambalvo acquired 1,000 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was acquired at an average cost of $30.80 per share, with a total value of $30,800.00. Following the completion of the purchase, the director now owns 40,562 shares of the company's stock, valued at $1,249,309.60. This trade represents a 2.53% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 6,500 shares of company stock valued at $201,485. 4.70% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ORRF. Keefe, Bruyette & Woods lowered 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 report on Thursday, April 24th. Raymond James initiated coverage on Orrstown Financial Services in a research note on Thursday, April 10th. They issued an "outperform" rating and a $35.00 price objective for the company. Finally, 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. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $36.80.

Orrstown Financial Services Trading Down 0.6%

Shares of ORRF stock traded down $0.20 on Wednesday, reaching $29.95. 37,450 shares of the company's stock were exchanged, compared to its average volume of 140,481. The company's fifty day simple moving average is $29.01 and its 200 day simple moving average is $33.17. Orrstown Financial Services, Inc. has a 52 week low of $24.91 and a 52 week high of $41.99. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $584.17 million, a PE ratio of 16.27 and a beta of 0.77.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The bank reported $1.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.95 by $0.05. The firm had revenue of $60.39 million during the quarter, compared to analyst estimates of $51.83 million. Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. During the same period in the previous year, the firm earned $0.88 earnings per share. As a group, 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. The ex-dividend date of this dividend was Tuesday, May 6th. This represents a $1.04 dividend on an annualized basis and a yield of 3.47%. Orrstown Financial Services's dividend payout ratio is currently 53.06%.

About Orrstown Financial Services

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.