Charles Schwab Investment Management Inc. Raises Holdings in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Charles Schwab Investment Management Inc. boosted its stake in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 503.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 158,029 shares of the bank's stock after buying an additional 131,845 shares during the period. Charles Schwab Investment Management Inc. owned 0.82% of Orrstown Financial Services worth $5,683,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of ORRF. Emerald Mutual Fund Advisers Trust bought a new stake in Orrstown Financial Services during the third quarter valued at about $2,592,000. Renaissance Technologies LLC grew its position in shares of Orrstown Financial Services by 42.2% in the 2nd quarter. Renaissance Technologies LLC now owns 223,399 shares of the bank's stock worth $6,112,000 after buying an additional 66,300 shares during the last quarter. PL Capital Advisors LLC bought a new position in shares of Orrstown Financial Services during the 3rd quarter worth approximately $2,314,000. Empowered Funds LLC lifted its position in Orrstown Financial Services by 206.0% during the third quarter. Empowered Funds LLC now owns 72,563 shares of the bank's stock valued at $2,609,000 after acquiring an additional 48,851 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in Orrstown Financial Services by 37.9% in the second quarter. American Century Companies Inc. now owns 149,259 shares of the bank's stock valued at $4,084,000 after acquiring an additional 41,016 shares in the last quarter. Institutional investors own 44.27% of the company's stock.

Insider Buying and Selling at Orrstown Financial Services

In other Orrstown Financial Services news, EVP David Todd Hornberger sold 4,000 shares of the firm's stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $37.82, for a total value of $151,280.00. Following the completion of the sale, the executive vice president now directly 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.30% of the company's stock.

Wall Street Analyst Weigh In

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

Orrstown Financial Services Stock Performance

ORRF stock traded down $0.22 during trading on Friday, hitting $38.68. 35,213 shares of the company traded hands, compared to its average volume of 81,881. The company has a market cap of $750.01 million, a PE ratio of 20.91 and a beta of 0.90. Orrstown Financial Services, Inc. has a 1 year low of $24.70 and a 1 year high of $41.99. The stock's 50-day simple moving average is $38.44 and its 200 day simple moving average is $33.70. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.88 and a quick ratio of 0.88.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.19. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 14.41%. The business had revenue of $95.37 million for the quarter, compared to analyst estimates of $60.90 million. On average, equities analysts expect that Orrstown Financial Services, Inc. will post 4 earnings per share for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 12th. Shareholders of record on Tuesday, November 5th were issued a dividend of $0.23 per share. The ex-dividend date was Tuesday, November 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.38%. Orrstown Financial Services's payout ratio is currently 49.46%.

Orrstown Financial Services 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.