Principal Financial Group Inc. Makes New $478,000 Investment in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Principal Financial Group Inc. acquired a new stake in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 13,290 shares of the bank's stock, valued at approximately $478,000. Principal Financial Group Inc. owned approximately 0.07% of Orrstown Financial Services at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. boosted its stake in Orrstown Financial Services by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 547,755 shares of the bank's stock worth $14,663,000 after purchasing an additional 5,332 shares during the period. EntryPoint Capital LLC bought a new position in shares of Orrstown Financial Services during the first quarter worth about $31,000. Quadrature Capital Ltd grew its holdings in shares of Orrstown Financial Services by 273.6% during the first quarter. Quadrature Capital Ltd now owns 29,666 shares of the bank's stock worth $793,000 after buying an additional 21,725 shares in the last quarter. CWM LLC raised its position in Orrstown Financial Services by 227.9% in the 2nd quarter. CWM LLC now owns 1,692 shares of the bank's stock valued at $46,000 after buying an additional 1,176 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in Orrstown Financial Services in the 2nd quarter valued at approximately $154,000. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Orrstown Financial Services

In other news, EVP David Todd Hornberger sold 4,000 shares of the firm's stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $37.82, for a total value of $151,280.00. Following the completion of the sale, the executive vice president now directly owns 20,877 shares of the company's stock, valued at $789,568.14. This trade represents a 16.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 5.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

Orrstown Financial Services Stock Down 1.0 %

Shares of Orrstown Financial Services stock traded down $0.39 during trading hours on Monday, reaching $40.10. 486,266 shares of the company's stock were exchanged, compared to its average volume of 81,866. The stock has a market cap of $777.38 million, a P/E ratio of 21.56 and a beta of 0.89. The company has a 50 day moving average of $37.30 and a two-hundred day moving average of $32.53. 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 fifty-two week low of $22.86 and a fifty-two week high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.11 EPS for the quarter, beating the consensus estimate of $0.92 by $0.19. The firm had revenue of $95.37 million during the quarter, compared to analysts' expectations of $60.90 million. Orrstown Financial Services had a return on equity of 14.41% and a net margin of 6.63%. On average, sell-side analysts forecast that Orrstown Financial Services, Inc. will post 4 EPS for the current fiscal year.

Orrstown Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 12th. Shareholders 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 2.29%. The ex-dividend date was Tuesday, November 5th. Orrstown Financial Services's dividend payout ratio (DPR) is currently 49.46%.

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.