Two Sigma Advisers LP Cuts Stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Two Sigma Advisers LP lowered its position in Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 20.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,084 shares of the bank's stock after selling 11,400 shares during the quarter. Two Sigma Advisers LP owned approximately 0.23% of Orrstown Financial Services worth $1,614,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Summit Investment Advisors Inc. boosted its stake in 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 buying an additional 349 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Orrstown Financial Services by 4.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,519 shares of the bank's stock worth $385,000 after buying an additional 456 shares in the last quarter. Sterling Capital Management LLC boosted its stake in Orrstown Financial Services by 4.9% in the fourth quarter. Sterling Capital Management LLC now owns 11,258 shares of the bank's stock worth $412,000 after buying an additional 524 shares in the last quarter. American Century Companies Inc. boosted its stake in Orrstown Financial Services by 0.3% in the fourth quarter. American Century Companies Inc. now owns 228,067 shares of the bank's stock worth $8,350,000 after buying an additional 755 shares in the last quarter. Finally, Comprehensive Financial Planning Inc. PA purchased a new stake in Orrstown Financial Services in the fourth quarter worth approximately $38,000. Hedge funds and other institutional investors own 44.27% of the company's stock.

Orrstown Financial Services Trading Up 1.1%

Shares of Orrstown Financial Services stock traded up $0.33 during midday trading on Tuesday, reaching $30.14. 110,473 shares of the company's stock traded hands, compared to its average volume of 121,561. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market cap of $587.97 million, a PE ratio of 16.38 and a beta of 0.77. The stock has a 50 day moving average of $29.01 and a 200-day moving average of $33.17. Orrstown Financial Services, Inc. has a 12 month low of $24.91 and a 12 month high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last announced 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 the consensus estimate 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 quarter in the prior year, the company earned $0.88 earnings per share. As a group, equities analysts expect that Orrstown Financial Services, Inc. will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Dividend Announcement

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

Analyst Upgrades and Downgrades

ORRF has been the subject of several recent research reports. Raymond James initiated coverage on 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. Hovde Group boosted their price objective on Orrstown Financial Services from $35.00 to $37.00 and gave the company an "outperform" rating in a research report on Wednesday, May 14th. Finally, Keefe, Bruyette & Woods lowered their price objective on 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 research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Orrstown Financial Services presently has a consensus rating of "Buy" and a consensus price target of $36.80.

Insider Activity at Orrstown Financial Services

In other news, Director Scott V. Fainor acquired 3,000 shares of the firm's stock in a transaction on Monday, March 24th. The stock was acquired at an average price 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 in the company, valued at $417,553.32. This trade represents a 28.86% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John W. Giambalvo acquired 1,000 shares of the firm's stock in a transaction on Monday, March 10th. The stock was purchased at an average price of $30.80 per share, with a total value of $30,800.00. Following the acquisition, the director now owns 40,562 shares of the company's stock, valued at $1,249,309.60. This represents a 2.53% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 6,500 shares of company stock worth $201,485 over the last quarter. 4.70% of the stock is owned by corporate insiders.

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.