Barclays PLC Increases Position in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Barclays PLC raised its holdings in Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 120.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 33,721 shares of the bank's stock after purchasing an additional 18,422 shares during the quarter. Barclays PLC owned 0.17% of Orrstown Financial Services worth $1,212,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Fourthstone LLC boosted its holdings in Orrstown Financial Services by 223.8% during the third quarter. Fourthstone LLC now owns 1,811,825 shares of the bank's stock worth $65,153,000 after buying an additional 1,252,356 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Orrstown Financial Services during the 3rd quarter worth about $8,734,000. Petiole USA ltd acquired a new stake in shares of Orrstown Financial Services during the 3rd quarter valued at about $6,543,000. Charles Schwab Investment Management Inc. grew its position in shares of Orrstown Financial Services by 503.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 158,029 shares of the bank's stock valued at $5,683,000 after acquiring an additional 131,845 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Orrstown Financial Services by 32.2% in the 3rd quarter. Geode Capital Management LLC now owns 434,228 shares of the bank's stock valued at $15,617,000 after purchasing an additional 105,735 shares in the last quarter. 44.27% of the stock is owned by institutional investors and hedge funds.

Orrstown Financial Services Price Performance

NASDAQ:ORRF traded up $1.01 during trading hours on Tuesday, hitting $35.12. 186,445 shares of the stock were exchanged, compared to its average volume of 104,181. The firm's fifty day moving average price is $38.31 and its 200 day moving average price is $35.47. Orrstown Financial Services, Inc. has a 52-week low of $24.70 and a 52-week high of $41.99. The company has a market cap of $680.84 million, a P/E ratio of 18.88 and a beta of 0.91. 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 issued 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 firm had revenue of $95.37 million during the quarter, compared to analysts' expectations 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, equities research analysts anticipate that Orrstown Financial Services, Inc. will post 4 EPS for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Tuesday, November 5th were given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date was Tuesday, November 5th. Orrstown Financial Services's dividend payout ratio (DPR) is 49.46%.

Analyst Upgrades and Downgrades

Several brokerages have commented on ORRF. Hovde Group lowered Orrstown Financial Services from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 13th. Piper Sandler initiated coverage on shares of Orrstown Financial Services in a research note on Wednesday, January 8th. They issued an "overweight" rating and a $43.00 price target on the stock.

Insider Transactions at Orrstown Financial Services

In related news, EVP David Todd Hornberger sold 4,000 shares of the 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 completion of the sale, the executive vice president now owns 20,877 shares of the company's stock, valued at approximately $789,568.14. This trade represents a 16.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.30% of the company's stock.

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.