Orrstown Financial Services, Inc. (NASDAQ:ORRF) Shares Acquired by Martingale Asset Management L P

Martingale Asset Management L P boosted its stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 76.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,807 shares of the bank’s stock after acquiring an additional 6,400 shares during the period. Martingale Asset Management L P’s holdings in Orrstown Financial Services were worth $532,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in ORRF. Fourthstone LLC lifted its position in shares of Orrstown Financial Services by 223.8% during the third 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 during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Orrstown Financial Services during the third quarter valued at approximately $8,734,000. Petiole USA ltd bought a new position in Orrstown Financial Services during the 3rd quarter worth approximately $6,543,000. Charles Schwab Investment Management Inc. grew 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 acquiring an additional 131,845 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust bought a new stake in shares of Orrstown Financial Services in the 3rd quarter valued at approximately $2,592,000. 44.27% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, EVP David Todd Hornberger sold 4,000 shares of the 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 transaction, the executive vice president now owns 20,877 shares of the company’s stock, valued at approximately $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 SEC, which can be accessed through this link. 6.20% of the stock is owned by insiders.

Orrstown Financial Services Stock Performance

Shares of ORRF stock opened at $39.33 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average of $37.88 and a two-hundred day moving average of $33.17. The company has a market cap of $762.45 million, a P/E ratio of 21.15 and a beta of 0.90. Orrstown Financial Services, Inc. has a 52 week low of $23.52 and a 52 week high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.19. The firm had revenue of $95.37 million during the quarter, compared to the consensus estimate of $60.90 million. Orrstown Financial Services had a return on equity of 14.41% and a net margin of 6.63%. As a group, analysts anticipate that Orrstown Financial Services, Inc. will post 4 EPS for the current year.

Orrstown Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 12th. Shareholders of record on Tuesday, November 5th were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date was Tuesday, November 5th. Orrstown Financial Services’s payout ratio is 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.