Swiss National Bank Takes Position in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Swiss National Bank purchased a new stake in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 38,100 shares of the bank's stock, valued at approximately $1,395,000. Swiss National Bank owned about 0.20% of Orrstown Financial Services as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of ORRF. Barclays PLC boosted its position in Orrstown Financial Services by 120.4% in the third quarter. Barclays PLC now owns 33,721 shares of the bank's stock valued at $1,212,000 after buying an additional 18,422 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Orrstown Financial Services by 503.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 158,029 shares of the bank's stock valued at $5,683,000 after acquiring an additional 131,845 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Orrstown Financial Services by 32.2% in the 3rd quarter. Geode Capital Management LLC now owns 434,228 shares of the bank's stock valued at $15,617,000 after acquiring an additional 105,735 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Orrstown Financial Services by 36.9% in the fourth 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. Finally, FMR LLC increased its stake in shares of Orrstown Financial Services by 9.0% in the third quarter. FMR LLC now owns 178,478 shares of the bank's stock worth $6,418,000 after acquiring an additional 14,711 shares during the period. 44.27% of the stock is owned by institutional investors and hedge funds.

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Orrstown Financial Services Stock Performance

ORRF traded down $0.23 on Tuesday, reaching $29.79. The stock had a trading volume of 35,946 shares, compared to its average volume of 106,272. The business's 50-day moving average price is $33.08 and its two-hundred day moving average price is $35.81. The company has a market cap of $577.41 million, a P/E ratio of 16.19 and a beta of 0.87. Orrstown Financial Services, Inc. has a 12-month low of $24.70 and a 12-month high of $41.99. The company has a current ratio of 0.88, a quick 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 Friday, January 31st. The bank reported $0.87 earnings per share for the quarter, missing analysts' consensus estimates of $1.04 by ($0.17). Orrstown Financial Services had a return on equity of 15.77% and a net margin of 7.70%. Sell-side analysts forecast that Orrstown Financial Services, Inc. will post 4.23 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 21st. Stockholders of record on Friday, February 14th were given a dividend of $0.26 per share. This is a positive change from Orrstown Financial Services's previous quarterly dividend of $0.23. The ex-dividend date was Friday, February 14th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.49%. Orrstown Financial Services's dividend payout ratio (DPR) is 56.52%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ORRF shares. Piper Sandler started coverage on shares of Orrstown Financial Services in a report on Wednesday, January 8th. They issued an "overweight" rating and a $43.00 price target on the stock. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $42.00 target price (down previously from $46.00) on shares of Orrstown Financial Services in a research note on Monday, February 3rd.

Insider Activity at Orrstown Financial Services

In related news, Director Brian D. Brunner purchased 2,500 shares of the firm's stock in a transaction that occurred on Wednesday, March 19th. The shares were purchased at an average cost of $30.87 per share, with a total value of $77,175.00. Following the purchase, the director now owns 49,330 shares of the company's stock, valued at $1,522,817.10. This represents a 5.34 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott V. Fainor acquired 3,000 shares of the 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 completion of the acquisition, the director now owns 13,396 shares in the company, valued at $417,553.32. The trade was a 28.86 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 6,800 shares of company stock valued at $211,892. 5.30% of the stock is owned by company insiders.

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.