Fourthstone LLC Has $56.09 Million Holdings in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Fourthstone LLC lowered its position in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 15.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,531,975 shares of the bank's stock after selling 279,850 shares during the period. Orrstown Financial Services makes up about 11.0% of Fourthstone LLC's investment portfolio, making the stock its largest position. Fourthstone LLC owned approximately 7.90% of Orrstown Financial Services worth $56,086,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of ORRF. Comprehensive Financial Planning Inc. PA bought a new position in Orrstown Financial Services in the 4th quarter valued at about $38,000. R Squared Ltd purchased a new stake in shares of Orrstown Financial Services in the fourth quarter worth approximately $42,000. VSM Wealth Advisory LLC acquired a new position in shares of Orrstown Financial Services in the fourth quarter worth $47,000. Summit Investment Advisors Inc. raised its stake in shares of Orrstown Financial Services by 21.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank's stock worth $71,000 after purchasing an additional 349 shares in the last quarter. Finally, Stonebridge Financial Group LLC acquired a new stake in Orrstown Financial Services in the fourth quarter valued at approximately $92,000. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Orrstown Financial Services Stock Performance

Shares of NASDAQ ORRF traded up $0.47 during midday trading on Tuesday, hitting $27.27. 40,559 shares of the company's stock were exchanged, compared to its average volume of 113,116. The firm has a market capitalization of $531.80 million, a PE ratio of 14.81 and a beta of 0.78. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. Orrstown Financial Services, Inc. has a 12 month low of $24.91 and a 12 month high of $41.99. The company's 50 day moving average price is $30.26 and its 200 day moving average price is $34.83.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last announced its quarterly earnings data on Friday, January 31st. The bank reported $0.87 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.17). Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. As a group, analysts predict that Orrstown Financial Services, Inc. will post 4.23 earnings per share for the current fiscal year.

Orrstown Financial Services Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Friday, February 14th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date of this dividend was Friday, February 14th. This is an increase from Orrstown Financial Services's previous quarterly dividend of $0.23. Orrstown Financial Services's dividend payout ratio is currently 56.52%.

Insider Activity at Orrstown Financial Services

In other news, Director John W. Giambalvo purchased 1,000 shares of the company's stock in a transaction dated Monday, March 10th. The shares were purchased at an average price of $30.80 per share, with a total value of $30,800.00. Following the transaction, the director now directly owns 40,562 shares of the company's stock, valued at approximately $1,249,309.60. This represents a 2.53 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Scott V. Fainor purchased 3,000 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were bought at an average price of $31.17 per share, for a total transaction of $93,510.00. Following the completion of the transaction, the director now owns 13,396 shares of the company's stock, valued at approximately $417,553.32. This trade represents a 28.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 6,800 shares of company stock worth $211,892 over the last quarter. Company insiders own 4.70% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on ORRF. Raymond James initiated 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 target on the stock. Piper Sandler initiated coverage on Orrstown Financial Services in a report on Wednesday, January 8th. They set an "overweight" rating and a $43.00 price objective on the stock. Finally, Keefe, Bruyette & Woods restated an "outperform" rating and issued a $42.00 price target (down from $46.00) on shares of Orrstown Financial Services in a research report on Monday, February 3rd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $38.80.

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.