State Street Corp Buys 38,886 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

State Street Corp grew its stake in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) by 12.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 342,119 shares of the bank's stock after buying an additional 38,886 shares during the quarter. State Street Corp owned 1.76% of Orrstown Financial Services worth $12,303,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. CWM LLC raised its position in Orrstown Financial Services by 31.0% in the 3rd quarter. CWM LLC now owns 2,217 shares of the bank's stock worth $80,000 after purchasing an additional 525 shares during the period. Quest Partners LLC bought a new stake in shares of Orrstown Financial Services during the 3rd quarter valued at about $155,000. Fulton Bank N.A. bought a new stake in shares of Orrstown Financial Services during the 3rd quarter valued at about $209,000. Beese Fulmer Investment Management Inc. bought a new stake in shares of Orrstown Financial Services during the 3rd quarter valued at about $242,000. Finally, SG Americas Securities LLC lifted its position in Orrstown Financial Services by 65.3% during the 3rd quarter. SG Americas Securities LLC now owns 9,318 shares of the bank's stock valued at $335,000 after acquiring an additional 3,682 shares during the period. Hedge funds and other institutional investors own 44.27% of the company's stock.

Insider Transactions at Orrstown Financial Services

In related news, EVP David Todd Hornberger sold 4,000 shares of Orrstown Financial Services stock in a transaction 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 owns 20,877 shares of the company's stock, valued at $789,568.14. The trade was a 16.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 5.30% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Hovde Group cut shares of 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 0.4 %

ORRF stock traded up $0.13 during trading on Thursday, hitting $36.83. 56,481 shares of the stock traded hands, compared to its average volume of 82,634. The stock has a market cap of $713.99 million, a price-to-earnings ratio of 19.80 and a beta of 0.90. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.88 and a quick ratio of 0.88. Orrstown Financial Services, Inc. has a 1 year low of $24.70 and a 1 year high of $41.99. The firm's 50 day moving average is $38.74 and its two-hundred day moving average is $34.47.

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

Orrstown Financial Services Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.92 annualized dividend and a dividend yield of 2.50%. Orrstown Financial Services's dividend payout ratio (DPR) is presently 49.46%.

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.