Assenagon Asset Management S.A. Purchases 21,373 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Assenagon Asset Management S.A. raised its position in Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 112.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,403 shares of the bank's stock after purchasing an additional 21,373 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.21% of Orrstown Financial Services worth $1,453,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ORRF. Renaissance Technologies LLC lifted its holdings in shares of Orrstown Financial Services by 42.2% during the 2nd quarter. Renaissance Technologies LLC now owns 223,399 shares of the bank's stock valued at $6,112,000 after buying an additional 66,300 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 valued at $4,084,000 after acquiring an additional 41,016 shares during the last quarter. AQR Capital Management LLC acquired a new stake in Orrstown Financial Services in the second quarter valued at approximately $1,048,000. Inspire Investing LLC bought a new stake in Orrstown Financial Services in the second quarter worth approximately $846,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Orrstown Financial Services during the 2nd quarter worth $791,000. Hedge funds and other institutional investors own 44.27% of the company's stock.

Insider Activity

In related news, EVP David Todd Hornberger sold 4,000 shares of the business's stock in a transaction dated 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Separately, Hovde Group upped their price objective on shares of Orrstown Financial Services from $37.00 to $42.00 and gave the stock an "outperform" rating in a report on Wednesday, October 23rd.

Orrstown Financial Services Stock Performance

ORRF traded down $0.06 on Friday, hitting $37.38. The company had a trading volume of 78,387 shares, compared to its average volume of 90,724. The stock has a market cap of $724.05 million, a price-to-earnings ratio of 20.10 and a beta of 0.89. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The company's fifty day moving average price is $35.86 and its 200 day moving average price is $31.00. Orrstown Financial Services, Inc. has a 1-year low of $21.13 and a 1-year high of $38.81.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.11 EPS for the quarter, beating analysts' consensus estimates of $0.92 by $0.19. The company had revenue of $95.37 million for the quarter, compared to analyst estimates of $60.90 million. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 17.66%. Equities analysts predict that Orrstown Financial Services, Inc. will post 4 earnings per share for the current fiscal year.

Orrstown Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 12th. Shareholders of record on Tuesday, November 5th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date is Tuesday, November 5th. Orrstown Financial Services's dividend payout ratio (DPR) is 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.