Swiss National Bank Invests $1.40 Million in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Swiss National Bank bought a new position in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) in the fourth quarter, HoldingsChannel.com reports. The firm bought 38,100 shares of the bank’s stock, valued at approximately $1,395,000.

Several other institutional investors also recently added to or reduced their stakes in the business. Quest Partners LLC acquired a new position in Orrstown Financial Services in the 3rd quarter valued at approximately $155,000. Charles Schwab Investment Management Inc. lifted its holdings in Orrstown Financial Services by 503.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 158,029 shares of the bank’s stock valued at $5,683,000 after buying an additional 131,845 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in shares of Orrstown Financial Services during the third quarter worth $8,734,000. FMR LLC raised its position in shares of Orrstown Financial Services by 9.0% in the 3rd quarter. FMR LLC now owns 178,478 shares of the bank’s stock valued at $6,418,000 after acquiring an additional 14,711 shares during the period. Finally, Financial Counselors Inc. acquired a new position in shares of Orrstown Financial Services in the 3rd quarter valued at $1,232,000. 44.27% of the stock is owned by institutional investors.

Orrstown Financial Services Stock Down 1.7 %

ORRF stock opened at $30.00 on Friday. Orrstown Financial Services, Inc. has a fifty-two week low of $24.70 and a fifty-two week high of $41.99. The business’s fifty day moving average price is $33.20 and its two-hundred day moving average price is $35.83. The stock has a market capitalization of $581.58 million, a price-to-earnings ratio of 16.30 and a beta of 0.87. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.88 and a quick ratio of 0.88.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings data on Friday, January 31st. The bank reported $0.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.17). Orrstown Financial Services had a return on equity of 15.77% and a net margin of 7.70%. On average, equities analysts anticipate that Orrstown Financial Services, Inc. will post 4.23 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Friday, February 14th were paid a $0.26 dividend. This is an increase from Orrstown Financial Services’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.04 annualized dividend and a yield of 3.47%. Orrstown Financial Services’s dividend payout ratio is presently 56.52%.

Insider Buying and Selling

In other Orrstown Financial Services news, Director Scott V. Fainor purchased 3,000 shares of the company’s stock in a transaction on Monday, March 24th. The shares were purchased at an average cost of $31.17 per share, with a total value of $93,510.00. Following the completion of the purchase, the director now owns 13,396 shares in the company, valued at $417,553.32. This represents a 28.86 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John W. Giambalvo acquired 1,000 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were bought at an average price of $30.80 per share, for a total transaction of $30,800.00. Following the acquisition, the director now directly owns 40,562 shares of the company’s stock, valued at approximately $1,249,309.60. This trade represents a 2.53 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 6,800 shares of company stock worth $211,892 in the last 90 days. Insiders own 5.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ORRF. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued 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 began coverage on shares of Orrstown Financial Services in a research note on Wednesday, January 8th. They set an “overweight” rating and a $43.00 price objective on the 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.