State of Tennessee Department of Treasury Invests $687,000 in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

State of Tennessee Department of Treasury purchased a new stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,753 shares of the bank's stock, valued at approximately $687,000. State of Tennessee Department of Treasury owned about 0.10% of Orrstown Financial Services as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of ORRF. Comprehensive Financial Planning Inc. PA acquired a new position in shares of Orrstown Financial Services during the 4th quarter worth about $38,000. R Squared Ltd purchased a new stake in shares of Orrstown Financial Services in the fourth quarter valued at approximately $42,000. VSM Wealth Advisory LLC acquired a new stake in shares of Orrstown Financial Services in the fourth quarter valued at approximately $47,000. Summit Investment Advisors Inc. lifted its position in Orrstown Financial Services by 21.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank's stock worth $71,000 after buying an additional 349 shares in the last quarter. Finally, Stonebridge Financial Group LLC purchased a new stake in Orrstown Financial Services in the 4th quarter valued at $92,000. 44.27% of the stock is owned by institutional investors and hedge funds.

Orrstown Financial Services Stock Performance

NASDAQ ORRF traded up $0.14 during trading hours on Thursday, hitting $29.92. The company had a trading volume of 6,510 shares, compared to its average volume of 117,585. The business has a fifty day simple moving average of $29.29 and a 200-day simple moving average of $34.29. The firm has a market cap of $583.59 million, a P/E ratio of 16.26 and a beta of 0.77. Orrstown Financial Services, Inc. has a fifty-two week low of $24.91 and a fifty-two week high of $41.99. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The bank reported $1.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.05. The business had revenue of $60.39 million for the quarter, compared to analysts' expectations of $51.83 million. Orrstown Financial Services had a return on equity of 15.77% and a net margin of 7.70%. During the same period in the previous year, the firm posted $0.88 EPS. Equities analysts predict that Orrstown Financial Services, Inc. will post 4.23 EPS for the current year.

Orrstown Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 13th. Investors of record on Tuesday, May 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 3.48%. The ex-dividend date of this dividend is Tuesday, May 6th. Orrstown Financial Services's dividend payout ratio is currently 53.06%.

Insiders Place Their Bets

In related news, Director Scott V. Fainor purchased 3,000 shares of the stock in a transaction on Monday, March 24th. The shares were bought at an average price of $31.17 per share, for a total transaction of $93,510.00. Following the completion of the acquisition, 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 position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John W. Giambalvo acquired 1,000 shares of Orrstown Financial Services stock in a transaction dated Monday, March 10th. The stock was purchased at an average price of $30.80 per share, with a total value of $30,800.00. Following the completion of the purchase, the director now directly owns 40,562 shares of the company's stock, valued at $1,249,309.60. The trade was a 2.53 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 6,500 shares of company stock worth $201,485. 4.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Piper Sandler began coverage on 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. Keefe, Bruyette & Woods decreased their price target on shares of Orrstown Financial Services from $40.00 to $37.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Hovde Group upgraded Orrstown Financial Services from a "market perform" rating to an "outperform" rating and set a $35.00 price objective on the stock in a research note on Wednesday, April 30th. Finally, 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 target price on the stock. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Orrstown Financial Services presently has a consensus rating of "Buy" and a consensus price target of $36.40.

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.