Arrowstreet Capital Limited Partnership Sells 149,879 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Arrowstreet Capital Limited Partnership lowered its holdings in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 94.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 8,147 shares of the bank’s stock after selling 149,879 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Orrstown Financial Services were worth $298,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Comprehensive Financial Planning Inc. PA acquired a new stake in shares of Orrstown Financial Services during the 4th quarter valued at about $38,000. R Squared Ltd bought a new position in Orrstown Financial Services during the fourth quarter worth about $42,000. VSM Wealth Advisory LLC acquired a new stake in Orrstown Financial Services during the fourth quarter valued at approximately $47,000. Stonebridge Financial Group LLC bought a new stake in shares of Orrstown Financial Services in the 4th quarter valued at approximately $92,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Orrstown Financial Services in the 4th quarter worth approximately $123,000. Institutional investors own 44.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Raymond James started coverage on Orrstown Financial Services in a research note on Thursday. They issued an “outperform” rating and a $35.00 price target on the stock. Piper Sandler initiated coverage on shares of Orrstown Financial Services in a research note on Wednesday, January 8th. They issued an “overweight” rating and a $43.00 target price on the stock. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $42.00 target price (down previously from $46.00) on shares of Orrstown Financial Services in a research report on Monday, February 3rd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.80.

Insiders Place Their Bets

In related news, Director John W. Giambalvo acquired 1,000 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was purchased at an average price of $30.80 per share, for a total transaction of $30,800.00. Following the transaction, 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 acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Scott V. Fainor acquired 3,000 shares of Orrstown Financial Services stock in a transaction on Monday, March 24th. The shares were purchased at an average cost of $31.17 per share, for a total transaction of $93,510.00. Following the acquisition, the director now owns 13,396 shares in the company, valued at approximately $417,553.32. This represents a 28.86 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 6,800 shares of company stock valued at $211,892. Insiders own 5.30% of the company’s stock.

Orrstown Financial Services Trading Down 0.6 %

ORRF stock opened at $26.16 on Monday. The business has a fifty day moving average price of $31.17 and a 200 day moving average price of $35.18. 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, Inc. has a fifty-two week low of $24.70 and a fifty-two week high of $41.99. The stock has a market capitalization of $510.25 million, a price-to-earnings ratio of 14.22 and a beta of 0.78.

Orrstown Financial Services (NASDAQ:ORRF) last announced its earnings results 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%. Analysts expect that Orrstown Financial Services, Inc. will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Friday, February 14th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, February 14th. This is an increase from Orrstown Financial Services’s previous quarterly dividend of $0.23. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.98%. Orrstown Financial Services’s payout ratio is currently 56.52%.

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.