Renaissance Technologies LLC cut its holdings in shares of Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) by 55.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 98,964 shares of the bank's stock after selling 123,182 shares during the quarter. Renaissance Technologies LLC owned about 0.50% of Orrstown Financial Services worth $3,571,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the company. Royal Bank of Canada lifted its holdings in Orrstown Financial Services by 5.7% during the 4th quarter. Royal Bank of Canada now owns 4,963 shares of the bank's stock valued at $176,000 after purchasing an additional 267 shares during the last quarter. SG Americas Securities LLC increased its position in Orrstown Financial Services by 5.3% in the 4th quarter. SG Americas Securities LLC now owns 8,797 shares of the bank's stock valued at $312,000 after acquiring an additional 440 shares in the last quarter. Vista Investment Management increased its stake in shares of Orrstown Financial Services by 5.6% in the 2nd quarter. Vista Investment Management now owns 8,444 shares of the bank's stock valued at $269,000 after buying an additional 450 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Orrstown Financial Services by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,009 shares of the bank's stock valued at $330,000 after purchasing an additional 490 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in shares of Orrstown Financial Services by 86.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,748 shares of the bank's stock worth $56,000 after purchasing an additional 810 shares during the last quarter. Institutional investors and hedge funds own 44.27% of the company's stock.
Analyst Ratings Changes
ORRF has been the subject of a number of recent analyst reports. DA Davidson restated a "neutral" rating and issued a $41.00 price objective on shares of Orrstown Financial Services in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods upped their price target on Orrstown Financial Services from $44.00 to $46.00 and gave the stock an "outperform" rating in a research report on Thursday, July 23rd. Hovde Group lifted their price objective on shares of Orrstown Financial Services from $42.00 to $46.00 and gave the company an "outperform" rating in a report on Monday, July 27th. Raymond James Financial assumed coverage on shares of Orrstown Financial Services in a research report on Thursday, July 9th. They issued a "market perform" rating on the stock. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Orrstown Financial Services in a report on Tuesday, July 7th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $44.33.
Read Our Latest Research Report on ORRF
Orrstown Financial Services Price Performance
NASDAQ:ORRF opened at $42.62 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.87 and a current ratio of 0.87. The stock's 50-day simple moving average is $40.54 and its 200 day simple moving average is $38.01. The company has a market cap of $837.48 million, a P/E ratio of 9.58 and a beta of 0.69. Orrstown Financial Services Inc has a 52-week low of $31.60 and a 52-week high of $43.81.
Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.09 EPS for the quarter, beating the consensus estimate of $1.03 by $0.06. The firm had revenue of $62.67 million during the quarter, compared to analysts' expectations of $64.10 million. Orrstown Financial Services had a return on equity of 14.66% and a net margin of 24.00%. As a group, sell-side analysts forecast that Orrstown Financial Services Inc will post 4.41 EPS for the current fiscal year.
Orrstown Financial Services Dividend Announcement
The business also recently disclosed 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. The ex-dividend date is Tuesday, August 4th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.8%. Orrstown Financial Services's dividend payout ratio is currently 26.97%.
Insider Activity
In other news, EVP Amy Doll sold 3,002 shares of the stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $41.61, for a total value 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. This represents a 10.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.30% of the stock is currently owned by corporate insiders.
Orrstown Financial Services Profile
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Free Report)
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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