34,247 Shares in Orrstown Financial Services, Inc. (NASDAQ:ORRF) Acquired by Financial Counselors Inc.

Financial Counselors Inc. acquired a new position in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 34,247 shares of the bank's stock, valued at approximately $1,232,000. Financial Counselors Inc. owned 0.18% of Orrstown Financial Services at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Petiole USA ltd bought a new position in shares of Orrstown Financial Services in the third quarter worth $6,543,000. FMR LLC increased its position 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 purchasing an additional 14,711 shares during the period. The Manufacturers Life Insurance Company bought a new position in shares of Orrstown Financial Services in the third quarter worth $8,734,000. Charles Schwab Investment Management Inc. increased its position in shares of Orrstown Financial Services by 503.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 158,029 shares of the bank's stock worth $5,683,000 after purchasing an additional 131,845 shares during the period. Finally, Massachusetts Financial Services Co. MA bought a new position in shares of Orrstown Financial Services in the third quarter worth $575,000. Institutional investors own 44.27% of the company's stock.

Orrstown Financial Services Price Performance

Orrstown Financial Services stock traded down $0.13 during midday trading on Friday, reaching $39.50. The company's stock had a trading volume of 84,756 shares, compared to its average volume of 82,108. Orrstown Financial Services, Inc. has a 52 week low of $23.52 and a 52 week 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. The business has a 50-day moving average price of $37.72 and a 200-day moving average price of $32.91. The stock has a market cap of $765.75 million, a PE ratio of 21.24 and a beta of 0.89.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last released its 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 firm had revenue of $95.37 million for the quarter, compared to analysts' expectations of $60.90 million. On average, sell-side analysts predict that Orrstown Financial Services, Inc. will post 4 EPS for the current year.

Orrstown Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Tuesday, November 5th were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date was Tuesday, November 5th. Orrstown Financial Services's payout ratio is 49.46%.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, EVP David Todd Hornberger sold 4,000 shares of Orrstown Financial Services stock in a transaction that occurred 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 5.30% of the company's stock.

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.