Orrstown Financial Services Inc $ORRF Shares Sold by Bridgeway Capital Management LLC

Key Points

• Bridgeway Capital Management LLC reduced its stake in Orrstown Financial Services Inc by 7.4%, now holding about 145,761 shares valued at $4.37 million.
• Orrstown Financial Services announced a dividend increase to $0.27 per share, reflecting an annualized yield of 3.1% and a payout ratio of 48.21%.
• The company beat earnings projections with $1.04 earnings per share for the last quarter, surpassing the consensus estimate of $0.99.

Bridgeway Capital Management LLC lessened its holdings in shares of Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) by 7.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 145,761 shares of the bank's stock after selling 11,618 shares during the quarter. Bridgeway Capital Management LLC owned about 0.75% of Orrstown Financial Services worth $4,374,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Millennium Management LLC acquired a new position in Orrstown Financial Services during the 4th quarter worth $5,404,000. GAMMA Investing LLC lifted its holdings in shares of Orrstown Financial Services by 3,994.9% in the first quarter. GAMMA Investing LLC now owns 4,832 shares of the bank's stock valued at $161,000 after buying an additional 4,714 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Orrstown Financial Services in the fourth quarter valued at $833,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of 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 valued at $385,000 after buying an additional 456 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in shares of Orrstown Financial Services by 198.8% in the first quarter. SG Americas Securities LLC now owns 24,399 shares of the bank's stock valued at $732,000 after buying an additional 16,232 shares during the period. Institutional investors and hedge funds own 44.27% of the company's stock.

Orrstown Financial Services Stock Up 1.6%

NASDAQ:ORRF opened at $35.21 on Friday. The firm has a market capitalization of $686.24 million, a price-to-earnings ratio of 15.72 and a beta of 0.86. Orrstown Financial Services Inc has a 1-year low of $25.57 and a 1-year high of $41.99. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.13. The business's fifty day moving average price is $33.59 and its 200 day moving average price is $31.32.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The bank reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.05. The firm had revenue of $62.43 million for the quarter, compared to analyst estimates of $51.98 million. Orrstown Financial Services had a return on equity of 14.69% and a net margin of 11.97%. On average, sell-side analysts forecast that Orrstown Financial Services Inc will post 4.23 earnings per share for the current fiscal year.

Orrstown Financial Services Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 12th. Shareholders of record on Tuesday, August 5th were paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 3.1%. This is an increase from Orrstown Financial Services's previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, August 5th. Orrstown Financial Services's dividend payout ratio is presently 48.21%.

Analyst Ratings Changes

ORRF has been the subject of several research analyst reports. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $42.00 price objective (up previously from $39.00) on shares of Orrstown Financial Services in a report on Thursday, July 24th. Hovde Group boosted their target price on Orrstown Financial Services from $35.00 to $37.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 14th. Finally, Wall Street Zen lowered Orrstown Financial Services from a "buy" rating to a "hold" rating in a research report on Saturday, August 16th. Four research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $39.25.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.