Franklin Resources Inc. Sells 33,725 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Franklin Resources Inc. lowered its position in Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 31.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,251 shares of the bank's stock after selling 33,725 shares during the quarter. Franklin Resources Inc. owned approximately 0.38% of Orrstown Financial Services worth $2,718,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Janus Henderson Group PLC purchased a new stake in shares of Orrstown Financial Services in the 3rd quarter valued at $336,000. State Street Corp grew its stake in shares of Orrstown Financial Services by 12.8% during the third quarter. State Street Corp now owns 342,119 shares of the bank's stock valued at $12,303,000 after buying an additional 38,886 shares during the last quarter. Jane Street Group LLC increased its holdings in shares of Orrstown Financial Services by 21.5% in the third quarter. Jane Street Group LLC now owns 20,768 shares of the bank's stock worth $747,000 after buying an additional 3,680 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of Orrstown Financial Services in the 3rd quarter valued at about $227,000. Finally, Barclays PLC boosted its holdings in Orrstown Financial Services by 120.4% during the 3rd quarter. Barclays PLC now owns 33,721 shares of the bank's stock valued at $1,212,000 after acquiring an additional 18,422 shares during the period. 44.27% of the stock is currently owned by institutional investors.

Orrstown Financial Services Trading Up 0.8 %

Shares of NASDAQ:ORRF traded up $0.22 on Friday, hitting $26.95. The company had a trading volume of 260,100 shares, compared to its average volume of 112,523. Orrstown Financial Services, Inc. has a 1 year low of $24.90 and a 1 year high of $41.99. The firm has a market capitalization of $525.66 million, a price-to-earnings ratio of 14.65 and a beta of 0.78. The firm's 50-day simple moving average is $30.70 and its two-hundred day simple moving average is $35.00. 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 earnings results 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%. Equities analysts anticipate that Orrstown Financial Services, Inc. will post 4.23 earnings per share for the current fiscal year.

Orrstown Financial Services Increases Dividend

The firm also recently announced 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 is an increase from Orrstown Financial Services's previous quarterly dividend of $0.23. The ex-dividend date was Friday, February 14th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.86%. Orrstown Financial Services's dividend payout ratio (DPR) is currently 56.52%.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ORRF shares. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $42.00 price target (down from $46.00) on shares of Orrstown Financial Services in a research note on Monday, February 3rd. Piper Sandler initiated coverage on shares of Orrstown Financial Services in a research report on Wednesday, January 8th. They set an "overweight" rating and a $43.00 price target for the company. Finally, Raymond James began 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 objective on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $38.80.

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.