Pinnacle Holdings LLC Invests $1.27 Million in Orrstown Financial Services Inc $ORRF

Key Points

• Pinnacle Holdings LLC initiated a position in Orrstown Financial Services worth approximately $1.27 million, acquiring 31,140 shares and representing 0.16% ownership. Institutional investors collectively own 44.27% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $44.33; Hovde Group and Keefe, Bruyette & Woods raised their targets to $46.
• Orrstown reported quarterly EPS of $1.09, exceeding estimates of $1.03, and pays a quarterly dividend of $0.30 per share, equivalent to a 2.9% yield.

Pinnacle Holdings LLC bought a new position in Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 31,140 shares of the bank's stock, valued at approximately $1,271,000. Pinnacle Holdings LLC owned 0.16% of Orrstown Financial Services as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ORRF. UBS Group AG increased its position in shares of Orrstown Financial Services by 99.3% in the fourth quarter. UBS Group AG now owns 102,329 shares of the bank's stock valued at $3,624,000 after acquiring an additional 50,979 shares during the period. Thrivent Financial for Lutherans raised its stake in shares of Orrstown Financial Services by 85.6% during the fourth quarter. Thrivent Financial for Lutherans now owns 52,945 shares of the bank's stock valued at $1,875,000 after acquiring an additional 24,412 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Orrstown Financial Services during the first quarter worth about $10,743,000. Principal Financial Group Inc. purchased a new stake in shares of Orrstown Financial Services during the first quarter worth about $2,111,000. Finally, Y Intercept Hong Kong Ltd grew its stake in shares of Orrstown Financial Services by 53.2% in the first quarter. Y Intercept Hong Kong Ltd now owns 53,877 shares of the bank's stock worth $1,944,000 after purchasing an additional 18,703 shares during the last quarter. 44.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on ORRF. Raymond James Financial assumed coverage on Orrstown Financial Services in a research report on Thursday, July 9th. They set a "market perform" rating for the company. DA Davidson reissued a "neutral" rating and set a $41.00 target price on shares of Orrstown Financial Services in a research note on Wednesday, July 22nd. Hovde Group upped their target price on Orrstown Financial Services from $42.00 to $46.00 and gave the company an "outperform" rating in a report on Monday, July 27th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Orrstown Financial Services in a research note on Tuesday, July 7th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Orrstown Financial Services from $44.00 to $46.00 and gave the company an "outperform" rating in a report on Thursday, July 23rd. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Orrstown Financial Services presently has a consensus rating of "Moderate Buy" and a consensus price target of $44.33.

Orrstown Financial Services Price Performance

Shares of NASDAQ:ORRF opened at $42.02 on Monday. Orrstown Financial Services Inc has a 52-week low of $31.87 and a 52-week high of $43.81. The firm has a market capitalization of $826.53 million, a P/E ratio of 9.44 and a beta of 0.69. The stock has a 50 day moving average price of $41.49 and a 200-day moving average price of $38.47. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.87 and a current ratio of 0.87.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.06. The company had revenue of $62.67 million for the quarter, compared to analyst estimates of $64.10 million. Orrstown Financial Services had a return on equity of 14.46% and a net margin of 24.00%. As a group, equities research analysts anticipate that Orrstown Financial Services Inc will post 4.41 EPS for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Tuesday, August 4th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Tuesday, August 4th. Orrstown Financial Services's payout ratio is 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 dated Monday, July 27th. The shares were sold at an average price of $41.61, for a total value of $124,913.22. Following the sale, the executive vice president directly owned 25,669 shares of the company's stock, valued at $1,068,087.09. This represents a 10.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.30% of the company's stock.

Orrstown Financial Services Company 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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