Orrstown Financial Services Inc (NASDAQ:ORRF) EVP Sells $21,988.50 in Stock

Key Points

• Michael Jaeger, EVP of Orrstown Financial Services, sold 642 shares of stock at an average price of $34.25, resulting in a 46.29% decrease in his ownership.
• Orrstown Financial Services reported a quarterly EPS of $1.04, surpassing expectations, with revenues of $62.43 million compared to estimates of $51.98 million.
• The company declared a quarterly dividend of $0.27 per share, a slight increase from the previous dividend, representing a yield of 3.21%.

Orrstown Financial Services Inc (NASDAQ:ORRF - Get Free Report) EVP Michael Jaeger sold 642 shares of Orrstown Financial Services stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $34.25, for a total value of $21,988.50. Following the completion of the transaction, the executive vice president directly owned 745 shares of the company's stock, valued at approximately $25,516.25. This represents a 46.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Orrstown Financial Services Price Performance

Orrstown Financial Services stock traded down $0.53 during trading hours on Friday, hitting $32.33. The stock had a trading volume of 58,109 shares, compared to its average volume of 149,597. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.87 and a quick ratio of 0.87. Orrstown Financial Services Inc has a 1-year low of $25.57 and a 1-year high of $41.99. The stock's fifty day moving average is $31.97 and its two-hundred day moving average is $31.60. The stock has a market capitalization of $630.76 million, a price-to-earnings ratio of 14.43 and a beta of 0.79.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The bank reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.05. Orrstown Financial Services had a return on equity of 14.88% and a net margin of 11.97%. The business had revenue of $62.43 million for the quarter, compared to the consensus estimate of $51.98 million. 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 business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 12th. Stockholders of record on Tuesday, August 5th will be given a $0.27 dividend. This is an increase from Orrstown Financial Services's previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Tuesday, August 5th. Orrstown Financial Services's dividend payout ratio (DPR) is currently 46.43%.

Institutional Trading of Orrstown Financial Services

Several institutional investors and hedge funds have recently made changes to their positions in the stock. AlphaQuest LLC lifted its position in shares of Orrstown Financial Services by 313.8% in the second quarter. AlphaQuest LLC now owns 16,497 shares of the bank's stock valued at $525,000 after acquiring an additional 12,510 shares in the last quarter. CWM LLC lifted its position in shares of Orrstown Financial Services by 36.9% in the second quarter. CWM LLC now owns 2,417 shares of the bank's stock valued at $77,000 after acquiring an additional 651 shares in the last quarter. Johnson & White Wealth Management LLC lifted its position in Orrstown Financial Services by 34.9% during the second quarter. Johnson & White Wealth Management LLC now owns 12,445 shares of the bank's stock worth $396,000 after buying an additional 3,223 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA lifted its position in Orrstown Financial Services by 7.4% during the second quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 7,302 shares of the bank's stock worth $232,000 after buying an additional 500 shares during the period. Finally, Jane Street Group LLC purchased a new position in Orrstown Financial Services during the first quarter worth about $1,080,000. 44.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ORRF. Wall Street Zen raised Orrstown Financial Services from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Keefe, Bruyette & Woods restated an "outperform" rating and set a $42.00 target price (up previously from $39.00) on shares of Orrstown Financial Services in a research note on Thursday, July 24th. Raymond James Financial assumed coverage on Orrstown Financial Services in a research note on Thursday, April 10th. They set an "outperform" rating and a $35.00 target price for the company. Finally, Hovde Group boosted their price objective on Orrstown Financial Services from $35.00 to $37.00 and gave the company an "outperform" rating in a research note on Wednesday, May 14th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, Orrstown Financial Services currently has an average rating of "Buy" and a consensus target price 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.