Orrstown Financial Services, Inc. (NASDAQ:ORRF) Shares Sold by Pacific Ridge Capital Partners LLC

Pacific Ridge Capital Partners LLC decreased its position in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 46.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,310 shares of the bank's stock after selling 78,358 shares during the period. Pacific Ridge Capital Partners LLC owned about 0.46% of Orrstown Financial Services worth $3,270,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. PL Capital Advisors LLC boosted its position in Orrstown Financial Services by 3,561.0% in the 4th quarter. PL Capital Advisors LLC now owns 2,356,073 shares of the bank's stock valued at $86,256,000 after buying an additional 2,291,717 shares during the period. Fourthstone LLC grew its stake in Orrstown Financial Services by 223.8% during the 3rd quarter. Fourthstone LLC now owns 1,811,825 shares of the bank's stock worth $65,153,000 after purchasing an additional 1,252,356 shares in the last quarter. Vanguard Group Inc. increased its holdings in Orrstown Financial Services by 6.2% during the 4th quarter. Vanguard Group Inc. now owns 1,042,866 shares of the bank's stock worth $38,179,000 after purchasing an additional 61,081 shares during the period. Geode Capital Management LLC raised its position in Orrstown Financial Services by 32.2% in the 3rd quarter. Geode Capital Management LLC now owns 434,228 shares of the bank's stock valued at $15,617,000 after purchasing an additional 105,735 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of Orrstown Financial Services by 12.8% in the 3rd 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 period. 44.27% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

ORRF has been the subject of a number of recent research reports. Keefe, Bruyette & Woods reiterated an "outperform" rating and issued a $42.00 price target (down previously 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 note on Wednesday, January 8th. They set an "overweight" rating and a $43.00 target price for the company.

Orrstown Financial Services Stock Performance

NASDAQ:ORRF traded up $0.03 during mid-day trading on Monday, reaching $30.03. 25,161 shares of the stock were exchanged, compared to its average volume of 106,143. The stock has a market capitalization of $582.06 million, a P/E ratio of 16.32 and a beta of 0.87. Orrstown Financial Services, Inc. has a 1 year low of $24.70 and a 1 year high of $41.99. The company has a 50 day simple moving average of $33.20 and a 200-day simple moving average of $35.85. 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 quarterly earnings results on Friday, January 31st. The bank reported $0.87 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.17). Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. 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. Stockholders 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 of this dividend was Friday, February 14th. This represents a $1.04 annualized dividend and a dividend yield of 3.46%. Orrstown Financial Services's dividend payout ratio is 56.52%.

Insider Buying and Selling

In related news, Director Scott V. Fainor bought 3,000 shares of the stock in a transaction on Monday, March 24th. The shares were bought at an average cost of $31.17 per share, for a total transaction of $93,510.00. Following the purchase, the director now owns 13,396 shares of the company's stock, valued at $417,553.32. This trade represents a 28.86 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John W. Giambalvo purchased 1,000 shares of the business's stock in a transaction dated Monday, March 10th. The shares were bought at an average price of $30.80 per share, with a total value of $30,800.00. Following the purchase, the director now directly owns 40,562 shares of the company's stock, valued at approximately $1,249,309.60. The trade was a 2.53 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 6,800 shares of company stock valued at $211,892 over the last quarter. 5.30% of the stock is currently owned by insiders.

About Orrstown Financial Services

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.