Bank of New York Mellon Corp Boosts Stock Position in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Bank of New York Mellon Corp boosted its holdings in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 6.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 90,939 shares of the bank’s stock after acquiring an additional 5,599 shares during the quarter. Bank of New York Mellon Corp’s holdings in Orrstown Financial Services were worth $3,329,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of ORRF. Fourthstone LLC boosted its holdings in Orrstown Financial Services by 223.8% during the 3rd quarter. Fourthstone LLC now owns 1,811,825 shares of the bank’s stock valued at $65,153,000 after acquiring an additional 1,252,356 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in shares of Orrstown Financial Services in the 3rd quarter worth $8,734,000. Petiole USA ltd purchased a new stake in shares of Orrstown Financial Services in the 3rd quarter worth $6,543,000. Charles Schwab Investment Management Inc. lifted its holdings 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 buying an additional 131,845 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Orrstown Financial Services by 32.2% in the 3rd quarter. Geode Capital Management LLC now owns 434,228 shares of the bank’s stock worth $15,617,000 after buying an additional 105,735 shares during the period. Hedge funds and other institutional investors own 44.27% of the company’s stock.

Orrstown Financial Services Trading Up 0.2 %

Shares of NASDAQ:ORRF opened at $30.80 on Thursday. The business’s 50-day moving average is $33.83 and its 200 day moving average is $36.05. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market capitalization of $597.09 million, a P/E ratio of 16.74 and a beta of 0.87. Orrstown Financial Services, Inc. has a 1 year low of $24.70 and a 1 year high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings data on Friday, January 31st. The bank reported $0.87 earnings per share 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%. On average, research analysts predict that Orrstown Financial Services, Inc. will post 4.23 earnings per share for the current fiscal year.

Orrstown Financial Services Increases Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Piper Sandler assumed coverage on Orrstown Financial Services in a report on Wednesday, January 8th. They issued an “overweight” rating and a $43.00 target price for the company. Keefe, Bruyette & Woods restated an “outperform” rating and set a $42.00 price objective (down from $46.00) on shares of Orrstown Financial Services in a research note on Monday, February 3rd.

Insider Buying and Selling at Orrstown Financial Services

In other Orrstown Financial Services news, Director John W. Giambalvo acquired 1,000 shares of the company’s stock in a transaction on Monday, March 10th. The shares were bought at an average cost of $30.80 per share, with a total value of $30,800.00. Following the completion of the acquisition, the director now 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 link. 5.30% of the stock is owned by corporate insiders.

Orrstown Financial Services 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.