Beese Fulmer Investment Management Inc. Invests $242,000 in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Beese Fulmer Investment Management Inc. purchased a new position in Orrstown Financial Services, Inc. (NASDAQ:ORRF) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 6,737 shares of the bank’s stock, valued at approximately $242,000.

Several other institutional investors also recently bought and sold shares of the company. EntryPoint Capital LLC bought a new position in shares of Orrstown Financial Services in the first quarter worth approximately $31,000. CWM LLC boosted its stake in Orrstown Financial Services by 227.9% during the 2nd quarter. CWM LLC now owns 1,692 shares of the bank’s stock valued at $46,000 after purchasing an additional 1,176 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Orrstown Financial Services by 92.9% in the 1st quarter. BNP Paribas Financial Markets now owns 5,227 shares of the bank’s stock worth $140,000 after purchasing an additional 2,518 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Orrstown Financial Services in the second quarter worth $154,000. Finally, Fulton Bank N.A. bought a new position in shares of Orrstown Financial Services during the third quarter valued at $209,000. 44.27% of the stock is owned by hedge funds and other institutional investors.

Orrstown Financial Services Stock Performance

Shares of ORRF opened at $37.75 on Friday. The firm has a market capitalization of $731.22 million, a P/E ratio of 20.30 and a beta of 0.90. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. Orrstown Financial Services, Inc. has a one year low of $20.25 and a one year high of $38.81. The business has a fifty day moving average of $35.46 and a 200 day moving average of $30.49.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.19. The business had revenue of $95.37 million during the quarter, compared to the consensus estimate of $60.90 million. Orrstown Financial Services had a return on equity of 17.66% and a net margin of 6.63%. As a group, sell-side analysts anticipate that Orrstown Financial Services, Inc. will post 3.61 EPS for the current year.

Orrstown Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 12th. Shareholders of record on Tuesday, November 5th will be given a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $0.92 annualized dividend and a yield of 2.44%. Orrstown Financial Services’s payout ratio is presently 49.46%.

Analyst Upgrades and Downgrades

ORRF has been the subject of several research analyst reports. Janney Montgomery Scott began coverage on Orrstown Financial Services in a report on Friday, June 28th. They issued a “buy” rating and a $32.00 price objective for the company. Hovde Group lifted their price target on shares of Orrstown Financial Services from $37.00 to $42.00 and gave the stock an “outperform” rating in a research note on Wednesday.

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.