Empowered Funds LLC Boosts Stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Empowered Funds LLC lifted its holdings in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 206.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 72,563 shares of the bank's stock after acquiring an additional 48,851 shares during the period. Empowered Funds LLC owned 0.37% of Orrstown Financial Services worth $2,609,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in ORRF. EntryPoint Capital LLC acquired a new stake in shares of Orrstown Financial Services during the 1st quarter worth about $31,000. CWM LLC raised its position in shares of Orrstown Financial Services by 227.9% during the 2nd quarter. CWM LLC now owns 1,692 shares of the bank's stock worth $46,000 after acquiring an additional 1,176 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of Orrstown Financial Services by 92.9% during the 1st quarter. BNP Paribas Financial Markets now owns 5,227 shares of the bank's stock worth $140,000 after acquiring an additional 2,518 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Orrstown Financial Services during the 2nd quarter worth about $154,000. Finally, Fulton Bank N.A. acquired a new stake in shares of Orrstown Financial Services during the 3rd quarter worth about $209,000. Institutional investors and hedge funds own 44.27% of the company's stock.

Orrstown Financial Services Stock Performance

ORRF traded down $0.57 during trading on Wednesday, hitting $39.35. 29,028 shares of the stock were exchanged, compared to its average volume of 79,678. The firm has a market capitalization of $763.00 million, a P/E ratio of 21.46 and a beta of 0.89. Orrstown Financial Services, Inc. has a 1-year low of $22.86 and a 1-year high of $41.99. The stock has a fifty day moving average price of $36.98 and a two-hundred day moving average price of $32.25. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13.

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, topping the consensus estimate 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 return on equity of 14.41% and a net margin of 6.63%. As a group, sell-side analysts predict that Orrstown Financial Services, Inc. will post 4 earnings per share 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 issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date was Tuesday, November 5th. Orrstown Financial Services's payout ratio is currently 49.46%.

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 sale, the executive vice president now directly owns 20,877 shares in the company, valued at $789,568.14. The trade was a 16.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 6.20% of the company's stock.

Analyst Upgrades and Downgrades

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

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.