The Manufacturers Life Insurance Company Makes New Investment in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

The Manufacturers Life Insurance Company purchased a new stake in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF - Free Report) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 242,876 shares of the bank's stock, valued at approximately $8,734,000. The Manufacturers Life Insurance Company owned approximately 1.25% of Orrstown Financial Services at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in ORRF. Charles Schwab Investment Management Inc. increased its position in shares of Orrstown Financial Services by 503.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 158,029 shares of the bank's stock worth $5,683,000 after purchasing an additional 131,845 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new stake in shares of Orrstown Financial Services in the 3rd quarter worth about $575,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Orrstown Financial Services by 110.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 44,387 shares of the bank's stock worth $1,596,000 after purchasing an additional 23,333 shares during the last quarter. Segall Bryant & Hamill LLC increased its position in shares of Orrstown Financial Services by 1.7% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 124,652 shares of the bank's stock worth $4,482,000 after purchasing an additional 2,143 shares during the last quarter. Finally, Quest Partners LLC bought a new stake in shares of Orrstown Financial Services during the 3rd quarter valued at about $155,000. 44.27% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Orrstown Financial Services

In related news, EVP David Todd Hornberger sold 4,000 shares of the 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 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 represents a 16.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 6.20% of the company's stock.

Orrstown Financial Services Stock Performance

Orrstown Financial Services stock traded up $0.22 during midday trading on Wednesday, reaching $39.55. 77,484 shares of the stock traded hands, compared to its average volume of 82,120. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13. The firm has a fifty day moving average price of $37.96 and a two-hundred day moving average price of $33.22. The firm has a market cap of $766.72 million, a price-to-earnings ratio of 21.26 and a beta of 0.90. Orrstown Financial Services, Inc. has a fifty-two week low of $23.52 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 earnings per share for the quarter, topping analysts' consensus estimates of $0.92 by $0.19. The company had revenue of $95.37 million during the quarter, compared to analyst estimates of $60.90 million. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 14.41%. On average, equities research analysts forecast that Orrstown Financial Services, Inc. will post 4 earnings per share for the current year.

Orrstown Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Tuesday, November 5th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date of this dividend was Tuesday, November 5th. Orrstown Financial Services's dividend payout ratio is currently 49.46%.

Analyst Ratings Changes

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

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.