181,966 Shares in Orrstown Financial Services, Inc. (NASDAQ:ORRF) Acquired by Petiole USA ltd

Petiole USA ltd bought a new position in Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 181,966 shares of the bank's stock, valued at approximately $6,543,000. Orrstown Financial Services comprises about 4.3% of Petiole USA ltd's portfolio, making the stock its 5th largest position. Petiole USA ltd owned approximately 0.94% of Orrstown Financial Services as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of ORRF. EntryPoint Capital LLC purchased a new stake in shares of Orrstown Financial Services during the first quarter valued at $31,000. CWM LLC boosted its position in shares of Orrstown Financial Services by 227.9% during the second quarter. CWM LLC now owns 1,692 shares of the bank's stock valued at $46,000 after buying an additional 1,176 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Orrstown Financial Services during the second quarter valued at $154,000. Quest Partners LLC purchased a new stake in shares of Orrstown Financial Services during the third quarter valued at $155,000. Finally, Fulton Bank N.A. purchased a new stake in shares of Orrstown Financial Services during the third quarter valued at $209,000. 44.27% of the stock is owned by hedge funds and other institutional investors.

Orrstown Financial Services Stock Performance

Shares of Orrstown Financial Services stock traded down $0.32 during trading hours on Tuesday, reaching $39.78. 102,571 shares of the stock traded hands, compared to its average volume of 81,956. The company has a 50 day moving average price of $37.40 and a 200 day moving average price of $32.63. The firm has a market capitalization of $771.18 million, a price-to-earnings ratio of 21.41 and a beta of 0.89. Orrstown Financial Services, Inc. has a one year low of $22.86 and a one year 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 released its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.92 by $0.19. Orrstown Financial Services had a return on equity of 14.41% and a net margin of 6.63%. The business had revenue of $95.37 million during the quarter, compared to the consensus estimate of $60.90 million. On average, equities research analysts expect that Orrstown Financial Services, Inc. will post 4 earnings per share for the current fiscal year.

Orrstown Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Tuesday, November 5th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.31%. Orrstown Financial Services's payout ratio is currently 49.46%.

Insider Activity

In other news, EVP David Todd Hornberger sold 4,000 shares of Orrstown Financial Services stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $37.82, for a total transaction of $151,280.00. Following the transaction, the executive vice president now directly owns 20,877 shares of the company's stock, valued at $789,568.14. The trade was a 16.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 5.30% of the company's stock.

Analysts Set New Price Targets

Separately, Hovde Group downgraded Orrstown Financial Services from an "outperform" rating to a "market perform" rating in a research note on Wednesday, November 13th.

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.