Quantbot Technologies LP Grows Position in Orrstown Financial Services Inc $ORRF

Key Points

• Quantbot Technologies LP significantly increased its stake in Orrstown Financial Services by 350.3%, owning 15,661 shares valued at approximately $470,000, according to its latest SEC filing.
• Orrstown Financial Services reported a quarterly EPS of $1.04, surpassing analyst expectations, and has declared a dividend increase from $0.26 to $0.27, reflecting a 3.1% yield.
• Analysts maintain a generally positive outlook on the stock, with an average rating of "Buy" and a consensus price target of $39.25.

Quantbot Technologies LP lifted its stake in Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) by 350.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,661 shares of the bank's stock after buying an additional 12,183 shares during the quarter. Quantbot Technologies LP owned approximately 0.08% of Orrstown Financial Services worth $470,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Orrstown Financial Services by 0.6% in the first quarter. Vanguard Group Inc. now owns 1,049,610 shares of the bank's stock worth $31,499,000 after buying an additional 6,744 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Orrstown Financial Services by 0.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 833,950 shares of the bank's stock worth $30,531,000 after purchasing an additional 2,872 shares during the last quarter. Northern Trust Corp increased its position in Orrstown Financial Services by 6.7% in the fourth quarter. Northern Trust Corp now owns 159,868 shares of the bank's stock worth $5,853,000 after purchasing an additional 10,096 shares during the last quarter. Bridgeway Capital Management LLC increased its position in Orrstown Financial Services by 0.7% in the fourth quarter. Bridgeway Capital Management LLC now owns 157,379 shares of the bank's stock worth $5,762,000 after purchasing an additional 1,083 shares during the last quarter. Finally, Millennium Management LLC bought a new stake in Orrstown Financial Services in the fourth quarter worth $5,404,000. Hedge funds and other institutional investors own 44.27% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Hovde Group boosted their price target on shares of Orrstown Financial Services from $35.00 to $37.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 14th. Wall Street Zen cut shares of Orrstown Financial Services from a "buy" rating to a "hold" rating in a research report on Saturday, August 16th. Finally, Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $42.00 price objective (up previously from $39.00) on shares of Orrstown Financial Services in a research report on Thursday, July 24th. Four research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $39.25.

Orrstown Financial Services Trading Down 0.3%

Shares of Orrstown Financial Services stock traded down $0.10 on Thursday, hitting $34.82. 97,718 shares of the company traded hands, compared to its average volume of 139,377. Orrstown Financial Services Inc has a 52 week low of $25.57 and a 52 week high of $41.99. The stock's 50 day moving average price is $33.23 and its 200-day moving average price is $31.29. The company has a market cap of $678.64 million, a PE ratio of 15.54 and a beta of 0.83. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.13.

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

Orrstown Financial Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 12th. Investors 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 a boost from Orrstown Financial Services's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Tuesday, August 5th. Orrstown Financial Services's payout ratio is currently 48.21%.

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.