Panagora Asset Management Inc. Purchases 12,348 Shares of Orrstown Financial Services Inc $ORRF

Key Points

• Panagora Asset Management Inc. increased its stake in Orrstown Financial Services by 27.0% in the first quarter, owning approximately 0.30% of the company worth around $1.74 million.
• Orrstown Financial Services raised its dividend to $0.27 per share, resulting in a 3.1% dividend yield, up from the previous dividend of $0.26.
• Analysts generally hold a positive outlook on ORRF, with a consensus rating of "Buy" and an average target price of $39.25, following various upgrades from firms like Hovde Group and Keefe, Bruyette & Woods.

Panagora Asset Management Inc. lifted its stake in Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) by 27.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 58,057 shares of the bank's stock after purchasing an additional 12,348 shares during the period. Panagora Asset Management Inc. owned 0.30% of Orrstown Financial Services worth $1,742,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC grew its holdings in Orrstown Financial Services by 3,994.9% in the 1st quarter. GAMMA Investing LLC now owns 4,832 shares of the bank's stock worth $161,000 after acquiring an additional 4,714 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Orrstown Financial Services by 24.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,456 shares of the bank's stock worth $273,000 after buying an additional 1,441 shares during the period. Trexquant Investment LP acquired a new stake in Orrstown Financial Services in the 1st quarter valued at $243,000. Entropy Technologies LP purchased a new stake in Orrstown Financial Services in the 1st quarter valued at about $270,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings 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 valued at $385,000 after purchasing an additional 456 shares in the last quarter. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Orrstown Financial Services Price Performance

Shares of Orrstown Financial Services stock traded down $0.06 during trading hours on Monday, reaching $34.92. The company's stock had a trading volume of 47,614 shares, compared to its average volume of 147,453. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market cap of $680.49 million, a P/E ratio of 15.55 and a beta of 0.86. The firm has a 50 day moving average price of $33.65 and a 200-day moving average price of $31.30. Orrstown Financial Services Inc has a one year low of $25.57 and a one year high of $41.99.

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

Orrstown Financial Services Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 12th. Investors of record on Tuesday, August 5th were given a dividend of $0.27 per share. This is a boost from Orrstown Financial Services's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $1.08 annualized dividend and a yield of 3.1%. Orrstown Financial Services's dividend payout ratio is presently 48.21%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $42.00 price target (up from $39.00) on shares of Orrstown Financial Services in a research note on Thursday, July 24th. Wall Street Zen lowered Orrstown Financial Services from a "buy" rating to a "hold" rating in a research report on Saturday, August 16th. Hovde Group upped their price objective on Orrstown Financial Services from $35.00 to $37.00 and gave the company an "outperform" rating in a research note on Wednesday, May 14th. Finally, Zacks Research upgraded Orrstown Financial Services from a "hold" rating to a "strong-buy" rating in a report on Thursday. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $39.25.

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.