Orrstown Financial Services, Inc. (NASDAQ:ORRF) Shares Acquired by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 37.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 61,101 shares of the bank's stock after buying an additional 16,714 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.32% of Orrstown Financial Services worth $2,237,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Comprehensive Financial Planning Inc. PA purchased a new stake in Orrstown Financial Services during the fourth quarter worth approximately $38,000. R Squared Ltd purchased a new position in shares of Orrstown Financial Services in the fourth quarter valued at $42,000. Stonebridge Financial Group LLC purchased a new position in shares of Orrstown Financial Services in the fourth quarter valued at $92,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Orrstown Financial Services in the fourth quarter valued at $123,000. Finally, Quest Partners LLC purchased a new position in shares of Orrstown Financial Services in the third quarter valued at $155,000. 44.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on ORRF shares. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $42.00 target price (down from $46.00) on shares of Orrstown Financial Services in a research note on Monday, February 3rd. Piper Sandler started coverage on shares of Orrstown Financial Services in a research note on Wednesday, January 8th. They issued an "overweight" rating and a $43.00 target price for the company.

Remove Ads

Insider Buying and Selling at Orrstown Financial Services

In other Orrstown Financial Services news, Director John W. Giambalvo bought 1,000 shares of the company's stock in a transaction on Monday, March 10th. The shares were bought at an average cost of $30.80 per share, with a total value of $30,800.00. Following the completion of the acquisition, the director now owns 40,562 shares of the company's stock, valued at approximately $1,249,309.60. This trade represents a 2.53 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Brian D. Brunner bought 2,500 shares of the company's stock in a transaction on Wednesday, March 19th. The shares were acquired at an average cost of $30.87 per share, for a total transaction of $77,175.00. Following the completion of the acquisition, the director now directly owns 49,330 shares of the company's stock, valued at $1,522,817.10. This trade represents a 5.34 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 3,800 shares of company stock worth $118,382 in the last ninety days. 5.30% of the stock is owned by insiders.

Orrstown Financial Services Stock Down 1.1 %

NASDAQ ORRF traded down $0.33 during trading hours on Friday, reaching $30.50. 465,889 shares of the company traded hands, compared to its average volume of 101,495. Orrstown Financial Services, Inc. has a 12 month low of $24.70 and a 12 month high of $41.99. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $591.27 million, a PE ratio of 16.58 and a beta of 0.87. The company has a 50 day moving average of $33.68 and a two-hundred day moving average of $35.98.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last posted its quarterly earnings data on Friday, January 31st. The bank reported $0.87 EPS for the quarter, missing analysts' consensus estimates of $1.04 by ($0.17). Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. As a group, equities analysts expect that Orrstown Financial Services, Inc. will post 4.23 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Friday, February 14th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.41%. This is an increase from Orrstown Financial Services's previous quarterly dividend of $0.23. The ex-dividend date was Friday, February 14th. Orrstown Financial Services's dividend payout ratio is 56.52%.

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.