242,876 Shares in Orrstown Financial Services, Inc. (NASDAQ:ORRF) Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company bought a new position in Orrstown Financial Services, Inc. (NASDAQ:ORRF) in the third quarter, Holdings Channel.com reports. The fund bought 242,876 shares of the bank’s stock, valued at approximately $8,734,000.

Several other hedge funds also recently modified their holdings of the company. Empowered Funds LLC grew its holdings in Orrstown Financial Services by 206.0% during the third 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 period. Principal Financial Group Inc. acquired a new position in shares of Orrstown Financial Services in the 3rd quarter worth approximately $478,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings 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 in the last quarter. PL Capital Advisors LLC bought a new stake in Orrstown Financial Services during the third quarter worth approximately $2,314,000. Finally, American Century Companies Inc. grew its position in Orrstown Financial Services by 37.9% in the second quarter. American Century Companies Inc. now owns 149,259 shares of the bank’s stock worth $4,084,000 after buying an additional 41,016 shares during the last quarter. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Orrstown Financial Services Price Performance

ORRF stock opened at $39.33 on Wednesday. The firm has a 50-day moving average of $37.88 and a two-hundred day moving average of $33.17. The firm has a market capitalization of $762.45 million, a PE ratio of 21.15 and a beta of 0.90. 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 one year low of $23.52 and a one year high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF) last announced its earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.19. The company had revenue of $95.37 million for the quarter, compared to the consensus estimate of $60.90 million. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 14.41%. On average, analysts forecast that Orrstown Financial Services, Inc. will post 4 earnings per share for the current year.

Orrstown Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 12th. Shareholders 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 dividend on an annualized basis and a yield of 2.34%. Orrstown Financial Services’s payout ratio is presently 49.46%.

Insider Buying and Selling at Orrstown Financial Services

In related 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 transaction of $151,280.00. Following the completion of the sale, the executive vice president now directly owns 20,877 shares in the company, valued at approximately $789,568.14. This trade represents a 16.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 6.20% of the company’s stock.

Analysts Set New Price Targets

Separately, Hovde Group lowered Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a research note 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.