Michael Jaeger Sells 642 Shares of Orrstown Financial Services Inc (NASDAQ:ORRF) 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 the company's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $34.25, for a total transaction of $21,988.50. Following the transaction, the executive vice president owned 745 shares in the company, valued at $25,516.25. The trade was a 46.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Orrstown Financial Services Stock Down 2.0%

Shares of NASDAQ ORRF traded down $0.65 during midday trading on Friday, reaching $32.21. 180,838 shares of the company's stock traded hands, compared to its average volume of 180,954. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.13. The stock's 50 day simple moving average is $32.02 and its 200-day simple moving average is $31.58. Orrstown Financial Services Inc has a one year low of $25.57 and a one year high of $41.99. The company has a market cap of $628.35 million, a price-to-earnings ratio of 14.38 and a beta of 0.83.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The bank reported $1.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.99 by $0.05. Orrstown Financial Services had a net margin of 11.97% and a return on equity of 14.88%. The firm had revenue of $62.43 million for the quarter, compared to the consensus estimate of $51.98 million. On average, analysts predict 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. Shareholders of record on Tuesday, August 5th will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.4%. This is a positive change from Orrstown Financial Services's previous quarterly dividend of $0.26. The ex-dividend date is Tuesday, August 5th. Orrstown Financial Services's payout ratio is 48.21%.

Analyst Ratings Changes

Several brokerages recently commented on ORRF. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $42.00 price target (up from $39.00) on shares of Orrstown Financial Services in a report on Thursday, July 24th. Hovde Group upped 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 note on Wednesday, May 14th. Raymond James Financial started coverage on shares of Orrstown Financial Services in a research note on Thursday, April 10th. They issued an "outperform" rating and a $35.00 target price on the stock. Finally, Wall Street Zen upgraded shares of Orrstown Financial Services from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $39.25.

Hedge Funds Weigh In On Orrstown Financial Services

A number of large investors have recently made changes to their positions in ORRF. Thrivent Financial for Lutherans acquired a new stake in shares of Orrstown Financial Services in the 4th quarter worth $921,000. Quantbot Technologies LP acquired a new stake in shares of Orrstown Financial Services in the 4th quarter worth $127,000. American Century Companies Inc. boosted its position in shares of Orrstown Financial Services by 0.3% in the 4th quarter. American Century Companies Inc. now owns 228,067 shares of the bank's stock worth $8,350,000 after purchasing an additional 755 shares in the last quarter. Sei Investments Co. acquired a new stake in shares of Orrstown Financial Services in the 4th quarter worth $213,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Orrstown Financial Services in the 4th quarter worth $132,000. 44.27% of the stock is owned by institutional investors and hedge funds.

Orrstown Financial Services Company 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.