EAM Investors LLC Reduces Position in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

EAM Investors LLC lowered its position in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 33.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,299 shares of the bank's stock after selling 9,378 shares during the period. EAM Investors LLC owned about 0.09% of Orrstown Financial Services worth $670,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Summit Investment Advisors Inc. lifted its stake in shares of Orrstown Financial Services by 21.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank's stock worth $71,000 after purchasing an additional 349 shares during the last quarter. Sterling Capital Management LLC raised its stake in shares of Orrstown Financial Services by 4.9% during the 4th quarter. Sterling Capital Management LLC now owns 11,258 shares of the bank's stock worth $412,000 after acquiring an additional 524 shares in the last quarter. American Century Companies Inc. lifted its position in Orrstown Financial Services by 0.3% during the fourth quarter. American Century Companies Inc. now owns 228,067 shares of the bank's stock valued at $8,350,000 after acquiring an additional 755 shares during the last quarter. Comprehensive Financial Planning Inc. PA acquired a new stake in Orrstown Financial Services in the fourth quarter valued at approximately $38,000. Finally, R Squared Ltd purchased a new position in Orrstown Financial Services in the fourth quarter worth $42,000. 44.27% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Orrstown Financial Services news, Director John W. Giambalvo purchased 1,000 shares of the stock in a transaction on Monday, March 10th. The shares were bought at an average price of $30.80 per share, for a total transaction of $30,800.00. Following the completion of the transaction, the director now owns 40,562 shares of the company's stock, valued at $1,249,309.60. This trade represents a 2.53 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Scott V. Fainor acquired 3,000 shares of the business's stock in a transaction dated Monday, March 24th. The stock was acquired at an average price of $31.17 per share, with a total value of $93,510.00. Following the completion of the transaction, the director now directly owns 13,396 shares of the company's stock, valued at approximately $417,553.32. This represents a 28.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 6,800 shares of company stock worth $211,892. Corporate insiders own 4.70% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ORRF. Raymond James started coverage on Orrstown Financial Services in a research report on Thursday, April 10th. They issued 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 set an "overweight" rating and a $43.00 price target on the stock. Finally, Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $42.00 price objective (down from $46.00) on shares of Orrstown Financial Services in a research report on Monday, February 3rd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $38.80.

Orrstown Financial Services Stock Performance

ORRF traded up $1.18 during trading on Wednesday, reaching $28.79. 81,977 shares of the company's stock were exchanged, compared to its average volume of 114,010. 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 1 year low of $24.91 and a 1 year high of $41.99. The company's fifty day simple moving average is $30.13 and its 200-day simple moving average is $34.78. The stock has a market capitalization of $561.55 million, a P/E ratio of 15.65 and a beta of 0.78.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The bank reported $1.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.95 by $0.05. The company had revenue of $60.39 million during 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 period in the previous year, the firm posted $0.88 earnings per share. As a group, research analysts predict that Orrstown Financial Services, Inc. will post 4.23 earnings per share for the current fiscal year.

Orrstown Financial Services Increases Dividend

The business 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. The ex-dividend date was Friday, February 14th. This is an increase from Orrstown Financial Services's previous quarterly dividend of $0.23. This represents a $1.04 dividend on an annualized basis and a yield of 3.61%. Orrstown Financial Services's payout ratio is presently 56.52%.

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.