Y Intercept Hong Kong Ltd Buys New Stake in Orrstown Financial Services Inc (NASDAQ:ORRF)

Key Points

• Y Intercept Hong Kong Ltd has acquired a new position in Orrstown Financial Services, purchasing 21,084 shares valued at approximately $633,000, representing about 0.11% ownership of the company.
• Analysts are optimistic about Orrstown Financial Services, with a recent upgrade from a "hold" to a "buy" rating and price targets ranging from $35.00 to $42.00 based on five analysts giving it a consensus "buy" rating.
• Orrstown Financial Services has announced a quarterly dividend of $0.27 per share, increasing from the previous dividend of $0.26, with a current dividend yield of 3.13%.

Y Intercept Hong Kong Ltd acquired a new position in Orrstown Financial Services Inc (NASDAQ:ORRF - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 21,084 shares of the bank's stock, valued at approximately $633,000. Y Intercept Hong Kong Ltd owned about 0.11% of Orrstown Financial Services as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Summit Investment Advisors Inc. grew its position in shares of Orrstown Financial Services by 21.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank's stock worth $71,000 after buying an additional 349 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of Orrstown Financial Services in the 4th quarter worth approximately $127,000. KLP Kapitalforvaltning AS purchased a new position in shares of Orrstown Financial Services in the 4th quarter worth approximately $132,000. GAMMA Investing LLC grew its position in shares of Orrstown Financial Services by 3,994.9% in the 1st quarter. GAMMA Investing LLC now owns 4,832 shares of the bank's stock worth $161,000 after buying an additional 4,714 shares during the last quarter. Finally, Sei Investments Co. purchased a new position in shares of Orrstown Financial Services in the 4th quarter worth approximately $213,000. Hedge funds and other institutional investors own 44.27% of the company's stock.

Orrstown Financial Services Stock Performance

Shares of ORRF stock traded down $0.49 during trading hours on Wednesday, hitting $33.13. The company's stock had a trading volume of 192,536 shares, compared to its average volume of 179,700. The company has a 50 day moving average of $31.84 and a 200 day moving average of $31.60. The stock has a market cap of $646.37 million, a PE ratio of 14.79 and a beta of 0.79. 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 Inc has a 12-month low of $25.57 and a 12-month high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The bank reported $1.04 EPS for the quarter, beating the consensus estimate of $0.99 by $0.05. The business 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 14.88%. On average, sell-side analysts forecast that Orrstown Financial Services Inc will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 12th. Investors of record on Tuesday, August 5th will be paid a $0.27 dividend. This is a boost from Orrstown Financial Services's previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend is Tuesday, August 5th. Orrstown Financial Services's payout ratio is currently 46.43%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ORRF. Raymond James Financial assumed coverage on shares of Orrstown Financial Services in a research report on Thursday, April 10th. They issued an "outperform" rating and a $35.00 price objective on the stock. Hovde Group boosted their target price 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. Keefe, Bruyette & Woods reissued an "outperform" rating and set a $42.00 target price (up previously from $39.00) on shares of Orrstown Financial Services in a research report on Thursday, July 24th. Finally, Wall Street Zen raised shares of Orrstown Financial Services from a "hold" rating to a "buy" rating in a research report on Saturday. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, Orrstown Financial Services has an average rating of "Buy" and a consensus price target of $39.25.

About Orrstown Financial Services

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.