Legal & General Group Plc Purchases 13,853 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Legal & General Group Plc raised its stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 819.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 15,543 shares of the bank's stock after buying an additional 13,853 shares during the period. Legal & General Group Plc owned about 0.08% of Orrstown Financial Services worth $569,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ORRF. PL Capital Advisors LLC lifted its holdings in Orrstown Financial Services by 3,561.0% in the fourth quarter. PL Capital Advisors LLC now owns 2,356,073 shares of the bank's stock valued at $86,256,000 after buying an additional 2,291,717 shares during the period. Vanguard Group Inc. raised its position in shares of Orrstown Financial Services by 6.2% in the 4th quarter. Vanguard Group Inc. now owns 1,042,866 shares of the bank's stock worth $38,179,000 after acquiring an additional 61,081 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Orrstown Financial Services by 32.2% in the 3rd quarter. Geode Capital Management LLC now owns 434,228 shares of the bank's stock valued at $15,617,000 after purchasing an additional 105,735 shares during the period. American Century Companies Inc. boosted its position in shares of Orrstown Financial Services by 0.3% during the 4th quarter. American Century Companies Inc. now owns 228,067 shares of the bank's stock valued at $8,350,000 after purchasing an additional 755 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Orrstown Financial Services by 55.6% during the fourth quarter. JPMorgan Chase & Co. now owns 139,081 shares of the bank's stock worth $5,092,000 after purchasing an additional 49,674 shares during the period. Institutional investors and hedge funds own 44.27% of the company's stock.

Orrstown Financial Services Stock Performance

Orrstown Financial Services stock traded up $0.44 during trading on Friday, hitting $30.35. The stock had a trading volume of 90,102 shares, compared to its average volume of 117,584. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The stock's 50 day moving average is $29.49 and its two-hundred day moving average is $34.42. Orrstown Financial Services, Inc. has a 1 year low of $24.91 and a 1 year high of $41.99. The stock has a market cap of $591.98 million, a price-to-earnings ratio of 16.49 and a beta of 0.78.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The bank reported $1.00 EPS for the quarter, beating the consensus estimate of $0.95 by $0.05. The business had revenue of $60.39 million for the quarter, compared to the consensus estimate of $51.83 million. Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. During the same period in the prior year, the firm earned $0.88 earnings per share. As a group, analysts predict that Orrstown Financial Services, Inc. will post 4.23 EPS for the current year.

Orrstown Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 13th. Stockholders of record on Tuesday, May 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, May 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.43%. Orrstown Financial Services's dividend payout ratio (DPR) is currently 53.06%.

Insider Buying and Selling

In related news, Director John W. Giambalvo acquired 1,000 shares of Orrstown Financial Services stock in a transaction dated Monday, March 10th. The shares were purchased at an average cost of $30.80 per share, with a total value of $30,800.00. Following the completion of the purchase, the director now owns 40,562 shares of the company's stock, valued at $1,249,309.60. This represents a 2.53 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott V. Fainor purchased 3,000 shares of the firm's stock in a transaction on Monday, March 24th. The stock was bought at an average cost of $31.17 per share, for a total transaction of $93,510.00. Following the completion of the purchase, the director now directly owns 13,396 shares in the company, 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 acquired a total of 6,800 shares of company stock worth $211,892 over the last ninety days. 4.70% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on ORRF shares. Keefe, Bruyette & Woods dropped their price target on Orrstown Financial Services from $40.00 to $37.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. Hovde Group upgraded shares of Orrstown Financial Services from a "market perform" rating to an "outperform" rating and set a $35.00 price target for the company in a report on Wednesday. Piper Sandler started coverage on Orrstown Financial Services in a report on Wednesday, January 8th. They set an "overweight" rating and a $43.00 price objective for the company. Finally, Raymond James initiated coverage on Orrstown Financial Services in a report on Thursday, April 10th. They issued an "outperform" rating and a $35.00 target price on the stock. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Orrstown Financial Services presently has a consensus rating of "Buy" and an average price target of $36.40.

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.