Orrstown Financial Services Inc $ORRF Shares Sold by Algert Global LLC

Algert Global LLC trimmed its holdings in shares of Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) by 10.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 287,636 shares of the bank's stock after selling 32,924 shares during the period. Algert Global LLC owned about 1.46% of Orrstown Financial Services worth $11,744,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of ORRF. Royal Bank of Canada grew its holdings in Orrstown Financial Services by 5.7% during the 4th quarter. Royal Bank of Canada now owns 4,963 shares of the bank's stock valued at $176,000 after buying an additional 267 shares during the last quarter. Vista Investment Management raised its holdings in shares of Orrstown Financial Services by 5.6% in the second quarter. Vista Investment Management now owns 8,444 shares of the bank's stock worth $269,000 after acquiring an additional 450 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Orrstown Financial Services by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,009 shares of the bank's stock worth $330,000 after acquiring an additional 490 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Orrstown Financial Services by 86.4% in the second quarter. Tower Research Capital LLC TRC now owns 1,748 shares of the bank's stock valued at $56,000 after acquiring an additional 810 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in shares of Orrstown Financial Services by 7.1% in the second quarter. First Trust Advisors LP now owns 12,498 shares of the bank's stock valued at $398,000 after acquiring an additional 828 shares in the last quarter. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Orrstown Financial Services Stock Down 0.6%

ORRF opened at $41.81 on Wednesday. Orrstown Financial Services Inc has a 12 month low of $31.87 and a 12 month high of $43.81. The business has a 50-day moving average of $41.60 and a two-hundred day moving average of $38.52. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market capitalization of $822.40 million, a price-to-earnings ratio of 9.40 and a beta of 0.69.

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

Orrstown Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Tuesday, August 4th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. Orrstown Financial Services's payout ratio is currently 26.97%.

Insider Activity at Orrstown Financial Services

In other news, EVP Amy Doll sold 3,002 shares of the company's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $41.61, for a total transaction of $124,913.22. Following the completion of the sale, the executive vice president directly owned 25,669 shares in the company, valued at $1,068,087.09. This represents a 10.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 4.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of Orrstown Financial Services in a research note on Tuesday, July 7th. Raymond James Financial initiated coverage on shares of Orrstown Financial Services in a report on Thursday, July 9th. They set a "market perform" rating for the company. Keefe, Bruyette & Woods boosted their price objective on shares of Orrstown Financial Services from $44.00 to $46.00 and gave the company an "outperform" rating in a research report on Thursday, July 23rd. Hovde Group boosted their price objective on shares of Orrstown Financial Services from $42.00 to $46.00 and gave the company an "outperform" rating in a research report on Monday, July 27th. Finally, DA Davidson reissued a "neutral" rating and set a $41.00 price objective on shares of Orrstown Financial Services in a research note on Wednesday, July 22nd. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $44.33.

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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