Orrstown Financial Services, Inc. (NASDAQ:ORRF) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC decreased its position in Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 23.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 216,845 shares of the bank's stock after selling 64,601 shares during the quarter. Renaissance Technologies LLC owned 1.12% of Orrstown Financial Services worth $7,939,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Comprehensive Financial Planning Inc. PA purchased a new stake in Orrstown Financial Services during the 4th quarter worth approximately $38,000. R Squared Ltd purchased a new stake in shares of Orrstown Financial Services during the fourth quarter worth $42,000. VSM Wealth Advisory LLC purchased a new stake in shares of Orrstown Financial Services during the fourth quarter worth $47,000. Stonebridge Financial Group LLC acquired a new stake in shares of Orrstown Financial Services in the fourth quarter valued at $92,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in Orrstown Financial Services in the fourth quarter valued at $123,000. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Orrstown Financial Services news, Director Scott V. Fainor purchased 3,000 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was purchased at an average price of $31.17 per share, for a total transaction of $93,510.00. Following 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John W. Giambalvo bought 1,000 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were acquired at an average price of $30.80 per share, with a total value of $30,800.00. Following the purchase, the director now directly owns 40,562 shares of the company's stock, valued at approximately $1,249,309.60. This trade represents a 2.53 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 6,800 shares of company stock valued at $211,892. 4.70% of the stock is currently owned by company insiders.

Orrstown Financial Services Stock Up 4.7 %

Shares of Orrstown Financial Services stock traded up $1.30 during trading hours on Wednesday, hitting $28.91. The company had a trading volume of 56,285 shares, compared to its average volume of 113,926. 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 company's 50-day moving average is $30.13 and its two-hundred day moving average is $34.78. The company has a market cap of $563.89 million, a P/E ratio of 15.71 and a beta of 0.78. Orrstown Financial Services, Inc. has a twelve month low of $24.91 and a twelve month high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The bank reported $1.00 earnings per share (EPS) for the quarter, topping 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 company had revenue of $60.39 million for the quarter, compared to analyst estimates of $51.83 million. During the same quarter last year, the company posted $0.88 earnings per share. Analysts anticipate 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 disclosed a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Friday, February 14th were paid a $0.26 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.04 dividend on an annualized basis and a yield of 3.60%. This is a boost from Orrstown Financial Services's previous quarterly dividend of $0.23. Orrstown Financial Services's payout ratio is currently 56.52%.

Analyst Ratings Changes

ORRF has been the topic of several analyst reports. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $42.00 target price (down previously from $46.00) on shares of Orrstown Financial Services in a report on Monday, February 3rd. Raymond James began coverage on shares of Orrstown Financial Services in a report on Thursday, April 10th. They issued an "outperform" rating and a $35.00 price objective on the stock. Finally, Piper Sandler initiated coverage on shares of Orrstown Financial Services in a research note on Wednesday, January 8th. They set an "overweight" rating and a $43.00 target price for the company. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $38.80.

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.