Assenagon Asset Management S.A. Raises Position in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Assenagon Asset Management S.A. increased its holdings in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 36.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,297 shares of the bank’s stock after buying an additional 14,894 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Orrstown Financial Services were worth $2,024,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Fourthstone LLC grew its stake 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 acquiring an additional 1,252,356 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of Orrstown Financial Services in the 3rd quarter valued at approximately $8,734,000. Petiole USA ltd acquired a new stake in Orrstown Financial Services in the 3rd quarter worth approximately $6,543,000. Charles Schwab Investment Management Inc. grew its position in Orrstown Financial Services by 503.5% during 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. Finally, Geode Capital Management LLC increased its stake in Orrstown Financial Services by 32.2% during the 3rd quarter. Geode Capital Management LLC now owns 434,228 shares of the bank’s stock valued at $15,617,000 after purchasing an additional 105,735 shares in the last quarter. 44.27% of the stock is owned by institutional investors and hedge funds.

Orrstown Financial Services Stock Performance

ORRF opened at $35.92 on Thursday. 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 firm has a 50 day moving average of $37.71 and a two-hundred day moving average of $35.82. The firm has a market capitalization of $696.49 million, a PE ratio of 19.31 and a beta of 0.91.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings data 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 firm had revenue of $95.37 million for 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, analysts anticipate that Orrstown Financial Services, Inc. will post 4 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently commented on ORRF. Hovde Group downgraded shares of Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Piper Sandler assumed coverage on Orrstown Financial Services in a research report on Wednesday, January 8th. They set an “overweight” rating and a $43.00 price target for the company.

Insider Buying and Selling at Orrstown Financial Services

In related news, EVP David Todd Hornberger sold 4,000 shares of Orrstown Financial Services stock in a transaction that occurred 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 transaction, 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 can be accessed through this hyperlink. 6.20% of the stock is owned by corporate insiders.

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.