Connor Clark & Lunn Investment Management Ltd. Has $2.24 Million Stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Connor Clark & Lunn Investment Management Ltd. lifted its stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 37.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 61,101 shares of the bank’s stock after acquiring an additional 16,714 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Orrstown Financial Services were worth $2,237,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. bought a new position in shares of Orrstown Financial Services in the third quarter valued at approximately $478,000. Empowered Funds LLC lifted its position in Orrstown Financial Services by 206.0% during the 3rd quarter. Empowered Funds LLC now owns 72,563 shares of the bank’s stock worth $2,609,000 after acquiring an additional 48,851 shares during the last quarter. Quest Partners LLC bought a new stake in Orrstown Financial Services during the third quarter valued at about $155,000. Segall Bryant & Hamill LLC grew its position in shares of Orrstown Financial Services by 1.7% in the third quarter. Segall Bryant & Hamill LLC now owns 124,652 shares of the bank’s stock valued at $4,482,000 after purchasing an additional 2,143 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA bought a new position in shares of Orrstown Financial Services in the third quarter worth about $575,000. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Orrstown Financial Services

In other Orrstown Financial Services news, Director John W. Giambalvo purchased 1,000 shares of the business’s stock in a transaction on Monday, March 10th. The stock was purchased at an average price of $30.80 per share, for a total transaction of $30,800.00. Following the completion of the purchase, the director now directly owns 40,562 shares in the company, valued at approximately $1,249,309.60. This trade represents a 2.53 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 5.30% of the stock is currently owned by insiders.

Orrstown Financial Services Trading Down 0.3 %

Orrstown Financial Services stock opened at $30.73 on Wednesday. The business has a 50 day moving average price of $33.92 and a two-hundred day moving average price of $36.09. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. Orrstown Financial Services, Inc. has a 12 month low of $24.70 and a 12 month high of $41.99. The stock has a market cap of $595.73 million, a price-to-earnings ratio of 16.70 and a beta of 0.87.

Orrstown Financial Services (NASDAQ:ORRF) last issued its earnings results on Friday, January 31st. The bank reported $0.87 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%. As a group, equities analysts forecast that Orrstown Financial Services, Inc. will post 4.23 EPS for the current year.

Orrstown Financial Services Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 21st. Stockholders of record on Friday, February 14th were given a dividend of $0.26 per share. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.23. This represents a $1.04 annualized dividend and a dividend yield of 3.38%. The ex-dividend date was Friday, February 14th. Orrstown Financial Services’s payout ratio is 56.52%.

Analysts Set New Price Targets

A number of analysts have issued reports on ORRF shares. Piper Sandler started coverage on Orrstown Financial Services in a report on Wednesday, January 8th. They issued an “overweight” rating and a $43.00 target price on the stock. 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 report on Monday, February 3rd.

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.