Arrowstreet Capital Limited Partnership Cuts Stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Arrowstreet Capital Limited Partnership decreased its holdings in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 94.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,147 shares of the bank's stock after selling 149,879 shares during the period. Arrowstreet Capital Limited Partnership's holdings in Orrstown Financial Services were worth $298,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Janus Henderson Group PLC bought a new position in shares of Orrstown Financial Services during the 3rd quarter worth approximately $336,000. State Street Corp lifted its position in shares of Orrstown Financial Services by 12.8% during the 3rd quarter. State Street Corp now owns 342,119 shares of the bank's stock valued at $12,303,000 after acquiring an additional 38,886 shares during the period. Jane Street Group LLC boosted its stake in Orrstown Financial Services by 21.5% during the third quarter. Jane Street Group LLC now owns 20,768 shares of the bank's stock worth $747,000 after acquiring an additional 3,680 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in Orrstown Financial Services in the third quarter worth $227,000. Finally, Barclays PLC grew its holdings in Orrstown Financial Services by 120.4% in the third quarter. Barclays PLC now owns 33,721 shares of the bank's stock worth $1,212,000 after purchasing an additional 18,422 shares during the period. Institutional investors and hedge funds own 44.27% of the company's stock.

Orrstown Financial Services Stock Performance

Shares of NASDAQ ORRF traded up $0.22 during mid-day trading on Friday, hitting $26.95. The company had a trading volume of 260,100 shares, compared to its average volume of 112,523. The stock's 50-day moving average price is $30.70 and its 200-day moving average price is $35.00. The company has a market capitalization of $525.66 million, a price-to-earnings ratio of 14.65 and a beta of 0.78. 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, Inc. has a 1 year low of $24.90 and a 1 year high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last announced its quarterly earnings results on Friday, January 31st. The bank reported $0.87 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.17). Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. On average, sell-side analysts forecast that Orrstown Financial Services, Inc. will post 4.23 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Friday, February 14th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 3.86%. This is an increase from Orrstown Financial Services's previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Friday, February 14th. Orrstown Financial Services's dividend payout ratio (DPR) is presently 56.52%.

Insider Activity

In other Orrstown Financial Services news, Director Scott V. Fainor bought 3,000 shares of Orrstown Financial Services stock in a transaction that occurred on Monday, March 24th. The stock was acquired at an average cost of $31.17 per share, for a total transaction of $93,510.00. Following the completion of the transaction, the director now directly owns 13,396 shares in the company, valued at $417,553.32. This represents a 28.86 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Brian D. Brunner purchased 2,500 shares of the stock in a transaction on Wednesday, March 19th. The stock was acquired at an average cost of $30.87 per share, for a total transaction of $77,175.00. Following the acquisition, the director now owns 49,330 shares in the company, valued at approximately $1,522,817.10. This represents a 5.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 6,800 shares of company stock worth $211,892 in the last three months. Corporate insiders own 4.70% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ORRF shares. Raymond James began coverage on Orrstown Financial Services in a report on Thursday, April 10th. They set an "outperform" rating and a $35.00 price objective for the company. Piper Sandler began coverage on Orrstown Financial Services in a research note on Wednesday, January 8th. They issued an "overweight" rating and a $43.00 target price on the stock. Finally, Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $42.00 price objective (down previously from $46.00) on shares of Orrstown Financial Services in a report on Monday, February 3rd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $38.80.

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.