Orrstown Financial Services, Inc. (NASDAQ:ORRF) Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC grew its stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 32.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 434,228 shares of the bank's stock after acquiring an additional 105,735 shares during the quarter. Geode Capital Management LLC owned 2.24% of Orrstown Financial Services worth $15,617,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its stake in shares of Orrstown Financial Services by 9.1% in the second quarter. Bank of New York Mellon Corp now owns 74,528 shares of the bank's stock worth $2,039,000 after acquiring an additional 6,200 shares during the period. Rhumbline Advisers increased its position in Orrstown Financial Services by 32.9% during the second quarter. Rhumbline Advisers now owns 21,942 shares of the bank's stock valued at $600,000 after acquiring an additional 5,427 shares during the last quarter. American Century Companies Inc. lifted 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 worth $4,084,000 after purchasing an additional 41,016 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Orrstown Financial Services by 1.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 499,814 shares of the bank's stock valued at $13,674,000 after acquiring an additional 7,465 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Orrstown Financial Services by 42.2% during the second quarter. Renaissance Technologies LLC now owns 223,399 shares of the bank's stock worth $6,112,000 after acquiring an additional 66,300 shares during the period. Institutional investors own 44.27% of the company's stock.

Insider Buying and Selling

In other 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 sale, 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 5.30% of the company's stock.

Analyst Upgrades and Downgrades

Separately, 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 Stock Performance

Orrstown Financial Services stock traded up $0.01 during mid-day trading on Monday, hitting $36.50. The company had a trading volume of 53,155 shares, compared to its average volume of 82,454. The company has a market capitalization of $707.59 million, a price-to-earnings ratio of 19.62 and a beta of 0.90. Orrstown Financial Services, Inc. has a 12-month low of $24.70 and a 12-month high of $41.99. The company's fifty day moving average is $38.71 and its 200-day moving average is $34.77. 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 announced its earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.19. The business had revenue of $95.37 million during the quarter, compared to the consensus estimate of $60.90 million. Orrstown Financial Services had a return on equity of 14.41% and a net margin of 6.63%. Equities research analysts predict that Orrstown Financial Services, Inc. will post 4 EPS for the current year.

Orrstown Financial Services Dividend Announcement

The business also recently announced 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. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.52%. Orrstown Financial Services's dividend payout ratio is currently 49.46%.

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.