Insider Buying: Orrstown Financial Services, Inc. (NASDAQ:ORRF) Director Acquires 2,500 Shares of Stock

Orrstown Financial Services, Inc. (NASDAQ:ORRF) Director Brian D. Brunner purchased 2,500 shares of Orrstown Financial Services stock in a transaction that occurred on Wednesday, March 19th. The shares were acquired at an average price of $30.87 per share, for a total transaction of $77,175.00. Following the acquisition, the director now owns 49,330 shares in the company, valued at $1,522,817.10. This trade represents a 5.34 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Orrstown Financial Services Stock Down 1.1 %

ORRF stock opened at $30.50 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 50 day moving average price is $33.68 and its two-hundred day moving average price is $35.98. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market capitalization of $591.27 million, a price-to-earnings ratio of 16.58 and a beta of 0.87.

Orrstown Financial Services (NASDAQ:ORRF) last posted 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 return on equity of 15.77% and a net margin of 7.70%. As a group, analysts forecast that Orrstown Financial Services, Inc. will post 4.23 earnings per share for the current fiscal year.

Orrstown Financial Services Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 21st. Stockholders of record on Friday, February 14th were given a $0.26 dividend. This is a boost 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 3.41%. The ex-dividend date was Friday, February 14th. Orrstown Financial Services’s payout ratio is currently 56.52%.

Analyst Ratings Changes

A number of research analysts recently issued reports on ORRF shares. Piper Sandler started coverage on Orrstown Financial Services in a report on Wednesday, January 8th. They set an “overweight” rating and a $43.00 price target on the stock. Keefe, Bruyette & Woods restated an “outperform” rating and set a $42.00 price target (down previously from $46.00) on shares of Orrstown Financial Services in a report on Monday, February 3rd.

Institutional Trading of Orrstown Financial Services

Hedge funds have recently made changes to their positions in the stock. Barclays PLC boosted its position in shares of Orrstown Financial Services by 120.4% in the 3rd quarter. Barclays PLC now owns 33,721 shares of the bank’s stock worth $1,212,000 after purchasing an additional 18,422 shares in the last quarter. Principal Financial Group Inc. bought a new stake in shares of Orrstown Financial Services in the 3rd quarter worth approximately $478,000. Connor Clark & Lunn Investment Management Ltd. boosted its position 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. Charles Schwab Investment Management Inc. boosted its position 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 purchasing an additional 131,845 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position 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 purchasing an additional 105,735 shares in the last quarter. 44.27% of the stock is owned by institutional investors.

Orrstown Financial Services Company 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.