Assenagon Asset Management S.A. Increases Stock Position in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Assenagon Asset Management S.A. boosted its position in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 36.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 55,297 shares of the bank's stock after purchasing an additional 14,894 shares during the quarter. Assenagon Asset Management S.A. owned about 0.29% of Orrstown Financial Services worth $2,024,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. CWM LLC boosted its position in Orrstown Financial Services by 31.0% during the 3rd quarter. CWM LLC now owns 2,217 shares of the bank's stock worth $80,000 after acquiring an additional 525 shares during the last quarter. Quest Partners LLC bought a new position in shares of Orrstown Financial Services in the 3rd quarter valued at about $155,000. Fulton Bank N.A. acquired a new position in shares of Orrstown Financial Services during the 3rd quarter worth approximately $209,000. Y Intercept Hong Kong Ltd acquired a new stake in Orrstown Financial Services in the 3rd quarter valued at about $227,000. Finally, Beese Fulmer Investment Management Inc. bought a new stake in Orrstown Financial Services in the 3rd quarter valued at $242,000. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP David Todd Hornberger sold 4,000 shares of the firm's stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $37.82, for a total transaction of $151,280.00. Following the completion of the sale, the executive vice president now owns 20,877 shares of the company's stock, valued at $789,568.14. This trade represents a 16.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 5.30% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ORRF shares. Piper Sandler began coverage on Orrstown Financial Services in a research note on Wednesday, January 8th. They issued an "overweight" rating and a $43.00 price target for the company. Hovde Group downgraded shares of Orrstown Financial Services from an "outperform" rating to a "market perform" rating in a research note on Wednesday, November 13th.

Orrstown Financial Services Trading Down 0.2 %

Shares of NASDAQ:ORRF traded down $0.07 during midday trading on Thursday, hitting $35.85. 110,791 shares of the stock were exchanged, compared to its average volume of 104,599. The business's 50-day moving average price is $37.71 and its 200 day moving average price is $35.82. Orrstown Financial Services, Inc. has a 12 month low of $24.70 and a 12 month high of $41.99. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market capitalization of $695.13 million, a price-to-earnings ratio of 19.27 and a beta of 0.91.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.19. The firm had revenue of $95.37 million during the quarter, compared to analysts' expectations of $60.90 million. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 14.41%. Analysts predict that Orrstown Financial Services, Inc. will post 4 earnings per share for the current year.

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.