Insider Buying: Orrstown Financial Services, Inc. (NASDAQ:ORRF) Director Acquires 2,500 Shares of Stock

Orrstown Financial Services, Inc. (NASDAQ:ORRF) Director Brian D. Brunner acquired 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The stock was acquired at an average cost of $30.87 per share, for a total transaction of $77,175.00. Following the acquisition, the director now owns 49,330 shares of the company’s stock, valued at $1,522,817.10. The trade was a 5.34 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Orrstown Financial Services Price Performance

NASDAQ ORRF opened at $30.50 on Monday. The company has a current ratio of 0.88, a quick 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 $591.27 million, a price-to-earnings ratio of 16.58 and a beta of 0.87. The company’s 50 day moving average is $33.68 and its two-hundred day moving average is $35.99.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings data on Friday, January 31st. The bank reported $0.87 EPS for the quarter, missing the consensus estimate 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, research analysts anticipate that Orrstown Financial Services, Inc. will post 4.23 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Stockholders of record on Friday, February 14th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.41%. This is an increase from Orrstown Financial Services’s previous quarterly dividend of $0.23. The ex-dividend date was Friday, February 14th. Orrstown Financial Services’s payout ratio is presently 56.52%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ORRF. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $42.00 price target (down previously from $46.00) on shares of Orrstown Financial Services in a research note on Monday, February 3rd. Piper Sandler initiated 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.

Hedge Funds Weigh In On Orrstown Financial Services

Hedge funds have recently made changes to their positions in the business. California State Teachers Retirement System raised its stake in Orrstown Financial Services by 1,257.1% during the 4th quarter. California State Teachers Retirement System now owns 18,022 shares of the bank’s stock valued at $660,000 after purchasing an additional 16,694 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Orrstown Financial Services during the fourth quarter valued at approximately $833,000. Squarepoint Ops LLC lifted its holdings in shares of Orrstown Financial Services by 266.1% in the fourth quarter. Squarepoint Ops LLC now owns 27,112 shares of the bank’s stock worth $993,000 after buying an additional 19,706 shares in the last quarter. Millennium Management LLC bought a new position in shares of Orrstown Financial Services during the fourth quarter worth $5,404,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Orrstown Financial Services by 4.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,519 shares of the bank’s stock worth $385,000 after acquiring an additional 456 shares during the last quarter. Institutional investors own 44.27% of the company’s stock.

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.