Connor Clark & Lunn Investment Management Ltd. Increases Position in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Connor Clark & Lunn Investment Management Ltd. boosted its stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 110.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 44,387 shares of the bank's stock after purchasing an additional 23,333 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.23% of Orrstown Financial Services worth $1,596,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ORRF. EntryPoint Capital LLC bought a new stake in shares of Orrstown Financial Services in the 1st quarter worth $31,000. CWM LLC grew its position in shares of Orrstown Financial Services by 227.9% during the 2nd quarter. CWM LLC now owns 1,692 shares of the bank's stock valued at $46,000 after acquiring an additional 1,176 shares during the period. SG Americas Securities LLC bought a new stake in shares of Orrstown Financial Services in the 2nd quarter worth approximately $154,000. Quest Partners LLC bought a new stake in shares of Orrstown Financial Services in the third quarter valued at approximately $155,000. Finally, Fulton Bank N.A. purchased a new stake in Orrstown Financial Services during the 3rd quarter worth about $209,000. 44.27% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

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 transaction of $151,280.00. Following the completion of the transaction, the executive vice president now owns 20,877 shares of the company's stock, valued at approximately $789,568.14. This trade represents a 16.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 6.20% of the stock is owned by insiders.

Orrstown Financial Services Trading Down 0.2 %

NASDAQ ORRF traded down $0.09 during trading on Wednesday, hitting $39.69. 48,459 shares of the company's stock traded hands, compared to its average volume of 81,877. The firm has a market cap of $769.59 million, a P/E ratio of 21.39 and a beta of 0.89. The stock has a fifty day moving average of $37.49 and a two-hundred day moving average of $32.72. 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, Inc. has a 12-month low of $22.86 and a 12-month high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last posted its quarterly 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 return on equity of 14.41% and a net margin of 6.63%. The business had revenue of $95.37 million for the quarter, compared to analyst estimates of $60.90 million. As a group, sell-side analysts expect that Orrstown Financial Services, Inc. will post 4 EPS for the current year.

Orrstown Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders 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 2.32%. Orrstown Financial Services's dividend payout ratio is currently 49.46%.

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.