JPMorgan Chase & Co. Acquires 49,674 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

JPMorgan Chase & Co. raised its position in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 55.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 139,081 shares of the bank's stock after buying an additional 49,674 shares during the quarter. JPMorgan Chase & Co. owned 0.72% of Orrstown Financial Services worth $5,092,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of ORRF. Comprehensive Financial Planning Inc. PA purchased a new stake in Orrstown Financial Services during the fourth quarter valued at about $38,000. R Squared Ltd purchased a new stake in Orrstown Financial Services during the fourth quarter valued at about $42,000. VSM Wealth Advisory LLC purchased a new stake in Orrstown Financial Services during the fourth quarter valued at about $47,000. Stonebridge Financial Group LLC purchased a new stake in Orrstown Financial Services during the fourth quarter valued at about $92,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in Orrstown Financial Services during the fourth quarter valued at about $123,000. 44.27% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Orrstown Financial Services news, Director Brian D. Brunner purchased 2,500 shares of the company's stock in a transaction that occurred on Wednesday, March 19th. The stock was purchased at an average price of $30.87 per share, with a total value of $77,175.00. Following the completion of the transaction, the director now directly owns 49,330 shares of the company's stock, valued at approximately $1,522,817.10. This trade represents a 5.34 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott V. Fainor acquired 3,000 shares of the company's stock in a transaction dated Monday, March 24th. The shares were purchased at an average cost of $31.17 per share, with a total value of $93,510.00. Following the acquisition, the director now owns 13,396 shares of the company's stock, valued at approximately $417,553.32. This represents a 28.86 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 6,800 shares of company stock worth $211,892. 4.70% of the stock is currently owned by corporate insiders.

Orrstown Financial Services Stock Up 0.7 %

ORRF traded up $0.19 during midday trading on Thursday, hitting $28.50. 25,275 shares of the company's stock traded hands, compared to its average volume of 114,812. The company has a market cap of $555.83 million, a PE ratio of 15.46 and a beta of 0.78. The stock's fifty day simple moving average is $30.03 and its 200-day simple moving average is $34.73. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.88 and a quick ratio of 0.88. Orrstown Financial Services, Inc. has a one year low of $24.91 and a one year high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The bank reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.05. The business had revenue of $60.39 million for the quarter, compared to the consensus estimate of $51.83 million. Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. During the same quarter last year, the company posted $0.88 earnings per share. As a group, equities analysts anticipate that Orrstown Financial Services, Inc. will post 4.23 earnings per share for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 13th. Stockholders of record on Tuesday, May 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date is Tuesday, May 6th. Orrstown Financial Services's dividend payout ratio is 56.52%.

Analyst Ratings Changes

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

Orrstown Financial Services Company 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.