Salzhauer Michael Lowers Stock Position in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Salzhauer Michael trimmed its holdings in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 42.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,000 shares of the bank's stock after selling 10,900 shares during the quarter. Salzhauer Michael owned approximately 0.08% of Orrstown Financial Services worth $549,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Comprehensive Financial Planning Inc. PA purchased a new position in Orrstown Financial Services during the fourth quarter valued at $38,000. R Squared Ltd acquired a new stake in Orrstown Financial Services in the 4th quarter worth about $42,000. VSM Wealth Advisory LLC purchased a new stake in Orrstown Financial Services during the 4th quarter worth approximately $47,000. Summit Investment Advisors Inc. lifted its position in shares of Orrstown Financial Services by 21.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank's stock valued at $71,000 after acquiring an additional 349 shares in the last quarter. Finally, Stonebridge Financial Group LLC acquired a new stake in shares of Orrstown Financial Services in the fourth quarter worth approximately $92,000. Hedge funds and other institutional investors own 44.27% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ORRF. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $42.00 target price (down previously from $46.00) on shares of Orrstown Financial Services in a research note on Monday, February 3rd. Piper Sandler assumed 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 objective for the company. Finally, 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. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $38.80.

Insider Activity

In related news, Director Scott V. Fainor purchased 3,000 shares of Orrstown Financial Services stock in a transaction dated Monday, March 24th. The stock was bought at an average cost of $31.17 per share, for a total transaction of $93,510.00. Following the transaction, the director now owns 13,396 shares in the company, valued at approximately $417,553.32. The trade was a 28.86 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John W. Giambalvo bought 1,000 shares of the firm's stock in a transaction on Monday, March 10th. The shares were purchased 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 represents a 2.53 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 6,800 shares of company stock valued at $211,892. Company insiders own 4.70% of the company's stock.

Orrstown Financial Services Stock Up 1.7 %

ORRF stock traded up $0.47 during midday trading on Tuesday, reaching $27.27. 40,559 shares of the company were exchanged, compared to its average volume of 113,116. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88. The stock's 50-day simple moving average is $30.26 and its 200 day simple moving average is $34.83. The company has a market cap of $531.82 million, a price-to-earnings ratio of 14.81 and a beta of 0.78. Orrstown Financial Services, Inc. has a 1-year low of $24.91 and a 1-year high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last announced its earnings results on Friday, January 31st. The bank reported $0.87 earnings per share (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%. On average, equities analysts forecast that Orrstown Financial Services, Inc. will post 4.23 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Friday, February 14th were paid a $0.26 dividend. This is an increase from Orrstown Financial Services's previous quarterly dividend of $0.23. This represents a $1.04 annualized dividend and a dividend yield of 3.81%. The ex-dividend date of this dividend was Friday, February 14th. Orrstown Financial Services's dividend payout ratio (DPR) is 56.52%.

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.