Orrstown Financial Services, Inc. (NASDAQ:ORRF) Shares Sold by Quadrature Capital Ltd

Quadrature Capital Ltd trimmed its position in Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 84.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,468 shares of the bank's stock after selling 57,927 shares during the quarter. Quadrature Capital Ltd owned 0.05% of Orrstown Financial Services worth $376,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Janus Henderson Group PLC purchased a new stake in Orrstown Financial Services in the third quarter worth about $336,000. Martingale Asset Management L P boosted its stake in shares of Orrstown Financial Services by 76.1% during the third quarter. Martingale Asset Management L P now owns 14,807 shares of the bank's stock valued at $532,000 after purchasing an additional 6,400 shares in the last quarter. Fourthstone LLC boosted its stake in shares of Orrstown Financial Services by 223.8% during the third quarter. Fourthstone LLC now owns 1,811,825 shares of the bank's stock valued at $65,153,000 after purchasing an additional 1,252,356 shares in the last quarter. Financial Counselors Inc. purchased a new position in Orrstown Financial Services during the third quarter valued at approximately $1,232,000. Finally, Petiole USA ltd bought a new position in Orrstown Financial Services in the third quarter worth approximately $6,543,000. Institutional investors own 44.27% of the company's stock.

Analysts Set New Price Targets

Separately, Hovde Group cut Orrstown Financial Services from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 13th.

Orrstown Financial Services Stock Up 1.2 %

Shares of NASDAQ:ORRF traded up $0.48 during trading on Tuesday, reaching $39.55. The stock had a trading volume of 70,887 shares, compared to its average volume of 81,895. The firm's 50-day simple moving average is $38.17 and its 200 day simple moving average is $33.53. 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, Inc. has a one year low of $23.52 and a one year high of $41.99. The company has a market capitalization of $766.87 million, a P/E ratio of 21.15 and a beta of 0.90.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.19. The company had revenue of $95.37 million during the quarter, compared to the consensus estimate of $60.90 million. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 14.41%. As a group, research analysts expect 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. Investors of record on Tuesday, November 5th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.33%. The ex-dividend date was Tuesday, November 5th. Orrstown Financial Services's dividend payout ratio is currently 49.46%.

Insider Buying and Selling at Orrstown Financial Services

In other Orrstown Financial Services news, EVP David Todd Hornberger sold 4,000 shares of the company's stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $37.82, for a total transaction of $151,280.00. Following the transaction, the executive vice president now owns 20,877 shares in the company, valued at approximately $789,568.14. This represents a 16.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 6.20% of the stock is currently owned by company insiders.

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.