Principal Financial Group Inc. Purchases Shares of 58,505 Orrstown Financial Services Inc $ORRF

Key Points

• Principal Financial Group acquired 58,505 shares of Orrstown Financial Services, worth approximately $2.11 million, giving it a 0.30% stake. Institutional investors collectively own 44.27% of the bank.
• Orrstown reported quarterly earnings of $1.09 per share, beating estimates by $0.06, while revenue of $64.3 million was slightly above expectations. Analysts expect full-year earnings of approximately $4.41 per share.
• The company declared a quarterly dividend of $0.30 per share, equivalent to a 2.8% annualized yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $44.33, compared with the stock’s recent price of $42.79.

Principal Financial Group Inc. purchased a new position in shares of Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 58,505 shares of the bank's stock, valued at approximately $2,111,000. Principal Financial Group Inc. owned about 0.30% of Orrstown Financial Services as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quarry LP acquired a new stake in shares of Orrstown Financial Services in the 3rd quarter valued at approximately $42,000. Raymond James Financial Inc. acquired a new position in Orrstown Financial Services during the second quarter worth $45,000. Tower Research Capital LLC TRC increased its holdings in Orrstown Financial Services by 86.4% during the second quarter. Tower Research Capital LLC TRC now owns 1,748 shares of the bank's stock worth $56,000 after buying an additional 810 shares during the last quarter. Russell Investments Group Ltd. raised its position in Orrstown Financial Services by 220.4% during the third quarter. Russell Investments Group Ltd. now owns 2,070 shares of the bank's stock worth $70,000 after acquiring an additional 1,424 shares in the last quarter. Finally, State of Wyoming bought a new stake in Orrstown Financial Services during the fourth quarter worth $143,000. Institutional investors own 44.27% of the company's stock.

Orrstown Financial Services Stock Down 1.1%

ORRF opened at $42.79 on Friday. The stock's fifty day simple moving average is $39.80 and its 200 day simple moving average is $37.73. Orrstown Financial Services Inc has a 1-year low of $31.51 and a 1-year high of $43.78. The stock has a market cap of $840.82 million, a PE ratio of 9.62 and a beta of 0.70. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.06.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The bank reported $1.09 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.06. Orrstown Financial Services had a net margin of 24.00% and a return on equity of 14.66%. The firm had revenue of $64.30 million during the quarter, compared to analysts' expectations of $64.10 million. As a group, 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 announced a quarterly dividend, which will be paid on Tuesday, August 11th. Stockholders of record on Tuesday, August 4th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Tuesday, August 4th. Orrstown Financial Services's dividend payout ratio (DPR) is currently 26.97%.

Analysts Set New Price Targets

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

Insider Activity at Orrstown Financial Services

In related news, EVP Amy Doll sold 3,002 shares of Orrstown Financial Services stock in a transaction dated Monday, July 27th. The shares were 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 owned 25,669 shares of the company's stock, valued at approximately $1,068,087.09. The trade was a 10.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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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