PL Capital Advisors LLC bought a new position in Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 64,356 shares of the bank's stock, valued at approximately $2,314,000. Orrstown Financial Services comprises approximately 0.8% of PL Capital Advisors LLC's portfolio, making the stock its 20th largest position. PL Capital Advisors LLC owned approximately 0.33% of Orrstown Financial Services as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Emerald Mutual Fund Advisers Trust purchased a new position in shares of Orrstown Financial Services in the 3rd quarter valued at $2,592,000. Assenagon Asset Management S.A. raised its position in Orrstown Financial Services by 112.3% in the third quarter. Assenagon Asset Management S.A. now owns 40,403 shares of the bank's stock valued at $1,453,000 after purchasing an additional 21,373 shares during the period. Beese Fulmer Investment Management Inc. purchased a new position in Orrstown Financial Services in the third quarter valued at about $242,000. Rodgers & Associates LTD acquired a new position in shares of Orrstown Financial Services during the third quarter worth about $479,000. Finally, CWM LLC boosted its position in shares of Orrstown Financial Services by 31.0% in the third quarter. CWM LLC now owns 2,217 shares of the bank's stock worth $80,000 after buying an additional 525 shares during the period. 44.27% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Separately, Hovde Group raised their price target on shares of Orrstown Financial Services from $37.00 to $42.00 and gave the company an "outperform" rating in a report on Wednesday, October 23rd.
Read Our Latest Report on ORRF
Insider Activity
In related news, EVP David Todd Hornberger sold 4,000 shares of the business's stock in a transaction that occurred on Tuesday, October 29th. The shares were 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 in the company, valued at $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 available through this link. 5.30% of the stock is owned by insiders.
Orrstown Financial Services Stock Performance
Shares of NASDAQ:ORRF traded down $0.06 on Friday, reaching $37.38. 78,387 shares of the company's stock were exchanged, compared to its average volume of 90,724. The business's 50-day moving average is $35.86 and its two-hundred day moving average is $31.04. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12. Orrstown Financial Services, Inc. has a fifty-two week low of $21.13 and a fifty-two week high of $38.81. The firm has a market capitalization of $724.05 million, a price-to-earnings ratio of 20.10 and a beta of 0.89.
Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last released its quarterly earnings data 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. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 17.66%. The firm had revenue of $95.37 million for the quarter, compared to analyst estimates of $60.90 million. As a group, equities research analysts forecast that Orrstown Financial Services, Inc. will post 4 EPS for the current 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 paid 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 of this dividend is Tuesday, November 5th. Orrstown Financial Services's payout ratio is currently 49.46%.
About Orrstown Financial Services
(
Free Report)
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.
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