Cubist Systematic Strategies LLC Has $1.08 Million Stock Position in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Cubist Systematic Strategies LLC grew its holdings in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 89.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 29,541 shares of the bank's stock after acquiring an additional 13,971 shares during the quarter. Cubist Systematic Strategies LLC owned about 0.15% of Orrstown Financial Services worth $1,081,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its position in Orrstown Financial Services by 36.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 55,297 shares of the bank's stock worth $2,024,000 after acquiring an additional 14,894 shares during the period. Barclays PLC boosted its position in Orrstown Financial Services by 120.4% during the 3rd quarter. Barclays PLC now owns 33,721 shares of the bank's stock worth $1,212,000 after acquiring an additional 18,422 shares during the period. JPMorgan Chase & Co. boosted its position in Orrstown Financial Services by 36.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 89,407 shares of the bank's stock worth $3,215,000 after acquiring an additional 23,819 shares during the period. Principal Financial Group Inc. boosted its position in Orrstown Financial Services by 9.4% during the 4th quarter. Principal Financial Group Inc. now owns 14,535 shares of the bank's stock worth $532,000 after acquiring an additional 1,245 shares during the period. Finally, Wells Fargo & Company MN boosted its position in Orrstown Financial Services by 21.1% during the 4th quarter. Wells Fargo & Company MN now owns 11,195 shares of the bank's stock worth $410,000 after acquiring an additional 1,947 shares during the period. Institutional investors and hedge funds own 44.27% of the company's stock.

Insider Activity

In related news, Director Brian D. Brunner bought 2,500 shares of Orrstown Financial Services stock in a transaction dated Wednesday, March 19th. The stock was acquired at an average cost of $30.87 per share, with a total value of $77,175.00. Following the completion of the acquisition, the director now directly owns 49,330 shares in the company, valued at approximately $1,522,817.10. This trade represents a 5.34% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John W. Giambalvo bought 1,000 shares of Orrstown Financial Services stock in a transaction dated Monday, March 10th. The shares were bought at an average cost of $30.80 per share, with a total value of $30,800.00. Following the completion of the acquisition, the director now owns 40,562 shares of the company's stock, valued at $1,249,309.60. The trade was a 2.53% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 6,500 shares of company stock valued at $201,485 over the last three months. Insiders own 4.70% of the company's stock.

Analysts Set New Price Targets

ORRF has been the subject of several research analyst reports. Hovde Group upped their price objective on Orrstown Financial Services from $35.00 to $37.00 and gave the company an "outperform" rating in a report on Wednesday, May 14th. Raymond James initiated coverage on Orrstown Financial Services in a report on Thursday, April 10th. They issued an "outperform" rating and a $35.00 price objective for the company. Finally, Keefe, Bruyette & Woods cut their price objective on Orrstown Financial Services from $40.00 to $37.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $36.80.

Orrstown Financial Services Price Performance

Shares of Orrstown Financial Services stock traded down $0.06 during trading on Monday, hitting $30.97. The stock had a trading volume of 89,381 shares, compared to its average volume of 118,743. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market cap of $604.16 million, a P/E ratio of 16.83 and a beta of 0.77. The business has a fifty day moving average of $29.17 and a two-hundred day moving average of $33.89. Orrstown Financial Services, Inc. has a fifty-two week low of $24.91 and a fifty-two week high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The bank reported $1.00 EPS for the quarter, beating the consensus estimate of $0.95 by $0.05. Orrstown Financial Services had a return on equity of 15.77% and a net margin of 7.70%. The business had revenue of $60.39 million during the quarter, compared to the consensus estimate of $51.83 million. During the same period in the prior year, the business posted $0.88 earnings per share. On average, sell-side analysts expect that Orrstown Financial Services, Inc. will post 4.23 earnings per share for the current fiscal year.

Orrstown Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 13th. Stockholders of record on Tuesday, May 6th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.36%. The ex-dividend date of this dividend was Tuesday, May 6th. Orrstown Financial Services's dividend payout ratio is 53.06%.

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.