Financial Counselors Inc. Invests $1.23 Million in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Financial Counselors Inc. bought a new position in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) in the third quarter, according to the company in its most recent filing with the SEC. The fund bought 34,247 shares of the bank’s stock, valued at approximately $1,232,000. Financial Counselors Inc. owned 0.18% of Orrstown Financial Services as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Orrstown Financial Services by 1.0% during the first quarter. Vanguard Group Inc. now owns 547,755 shares of the bank’s stock worth $14,663,000 after purchasing an additional 5,332 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Orrstown Financial Services by 1.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 499,814 shares of the bank’s stock worth $13,674,000 after acquiring an additional 7,465 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in Orrstown Financial Services in the third quarter valued at approximately $8,734,000. Renaissance Technologies LLC grew its position in Orrstown Financial Services by 42.2% in the second quarter. Renaissance Technologies LLC now owns 223,399 shares of the bank’s stock valued at $6,112,000 after acquiring an additional 66,300 shares in the last quarter. Finally, Petiole USA ltd purchased a new stake in shares of Orrstown Financial Services during the third quarter valued at approximately $6,543,000. Hedge funds and other institutional investors own 44.27% of the company’s stock.

Analysts Set New Price Targets

Separately, 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.

Orrstown Financial Services Trading Down 0.3 %

NASDAQ:ORRF opened at $39.50 on Friday. The stock has a market cap of $765.75 million, a price-to-earnings ratio of 21.24 and a beta of 0.89. Orrstown Financial Services, Inc. has a one year low of $23.52 and a one year high of $41.99. 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 business’s 50-day simple moving average is $37.64 and its 200 day simple moving average is $32.82.

Orrstown Financial Services (NASDAQ:ORRF) last released its earnings results on Tuesday, October 22nd. The bank reported $1.11 EPS for the quarter, beating the consensus estimate of $0.92 by $0.19. Orrstown Financial Services had a return on equity of 14.41% and a net margin of 6.63%. The company had revenue of $95.37 million during the quarter, compared to analysts’ expectations of $60.90 million. As a group, sell-side analysts predict that Orrstown Financial Services, Inc. will post 4 earnings per share for the current fiscal year.

Orrstown Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 12th. Shareholders of record on Tuesday, November 5th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend was Tuesday, November 5th. Orrstown Financial Services’s dividend payout ratio is currently 49.46%.

Insider Transactions at Orrstown Financial Services

In other news, EVP David Todd Hornberger sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $37.82, for a total value of $151,280.00. Following the completion of the sale, the executive vice president now directly owns 20,877 shares in the company, valued at approximately $789,568.14. The trade was a 16.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.30% of the company’s stock.

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.