Trexquant Investment LP Takes Position in Orrstown Financial Services Inc $ORRF

Key Points

• Trexquant Investment LP has acquired a new stake in Orrstown Financial Services, purchasing 8,106 shares valued at approximately $243,000 during the first quarter.
• Orrstown Financial Services has seen multiple institutional investors increase their stakes, with notable purchases from Millennium Management LLC and GAMMA Investing LLC.
• The company recently declared a quarterly dividend increase to $0.27 per share, reflecting a boost from the previous $0.26 and a dividend yield of 3.1%.

Trexquant Investment LP acquired a new position in shares of Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 8,106 shares of the bank's stock, valued at approximately $243,000.

Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Orrstown Financial Services by 0.6% during the 1st 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 during the period. Northern Trust Corp grew its position in shares of Orrstown Financial Services by 6.7% during the 4th quarter. Northern Trust Corp now owns 159,868 shares of the bank's stock worth $5,853,000 after buying an additional 10,096 shares during the period. Millennium Management LLC acquired a new stake in shares of Orrstown Financial Services during the 4th quarter worth approximately $5,404,000. Bank of America Corp DE grew its position in shares of Orrstown Financial Services by 11.7% during the 4th quarter. Bank of America Corp DE now owns 103,032 shares of the bank's stock worth $3,772,000 after buying an additional 10,818 shares during the period. Finally, Invesco Ltd. grew its position in shares of Orrstown Financial Services by 7.3% during the 1st quarter. Invesco Ltd. now owns 44,142 shares of the bank's stock worth $1,325,000 after buying an additional 2,987 shares during the period. Institutional investors and hedge funds own 44.27% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ORRF shares. Wall Street Zen downgraded shares of Orrstown Financial Services from a "buy" rating to a "hold" rating in a research report on Saturday, August 16th. Zacks Research raised shares of Orrstown Financial Services from a "hold" rating to a "strong-buy" rating in a research report on Thursday, September 4th. Finally, Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $42.00 price target (up previously from $39.00) on shares of Orrstown Financial Services in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. According to MarketBeat, Orrstown Financial Services currently has a consensus rating of "Buy" and a consensus price target of $39.25.

Orrstown Financial Services Stock Down 0.4%

ORRF traded down $0.14 during mid-day trading on Friday, reaching $35.24. 94,655 shares of the stock were exchanged, compared to its average volume of 121,591. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market capitalization of $686.83 million, a PE ratio of 15.73 and a beta of 0.86. The company has a 50 day moving average price of $33.85 and a two-hundred day moving average price of $31.39. Orrstown Financial Services Inc has a 1 year low of $25.57 and a 1 year high of $41.99.

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

Orrstown Financial Services Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 12th. Stockholders of record on Tuesday, August 5th were paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Tuesday, August 5th. This is a positive change from Orrstown Financial Services's previous quarterly dividend of $0.26. Orrstown Financial Services's dividend payout ratio (DPR) is presently 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.