Segall Bryant & Hamill LLC Cuts Holdings in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Segall Bryant & Hamill LLC reduced its position in Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 8.3% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 114,297 shares of the bank’s stock after selling 10,355 shares during the period. Segall Bryant & Hamill LLC’s holdings in Orrstown Financial Services were worth $4,184,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quest Partners LLC bought a new stake in Orrstown Financial Services in the 3rd quarter worth approximately $155,000. Massachusetts Financial Services Co. MA bought a new stake in Orrstown Financial Services in the third quarter worth $575,000. Charles Schwab Investment Management Inc. raised its stake in Orrstown Financial Services by 503.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 158,029 shares of the bank’s stock valued at $5,683,000 after purchasing an additional 131,845 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Orrstown Financial Services during the third quarter valued at $8,734,000. Finally, FMR LLC lifted its position in Orrstown Financial Services by 9.0% during the third quarter. FMR LLC now owns 178,478 shares of the bank’s stock valued at $6,418,000 after purchasing an additional 14,711 shares during the last quarter. 44.27% of the stock is owned by institutional investors.

Insider Buying and Selling at Orrstown Financial Services

In related news, Director John W. Giambalvo acquired 1,000 shares of the stock in a transaction on Monday, March 10th. The stock was bought at an average cost of $30.80 per share, with a total value of $30,800.00. Following the transaction, the director now directly owns 40,562 shares in the company, valued at approximately $1,249,309.60. This represents a 2.53 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Brian D. Brunner bought 2,500 shares of the company’s stock in a transaction on Wednesday, March 19th. The stock was bought at an average price of $30.87 per share, for a total transaction of $77,175.00. Following the completion of the purchase, the director now directly owns 49,330 shares in the company, valued at approximately $1,522,817.10. This represents a 5.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 6,800 shares of company stock valued at $211,892 in the last quarter. 5.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

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

Orrstown Financial Services Trading Down 0.1 %

ORRF stock opened at $30.51 on Friday. Orrstown Financial Services, Inc. has a twelve month low of $24.70 and a twelve month high of $41.99. The stock has a market capitalization of $591.47 million, a price-to-earnings ratio of 16.58 and a beta of 0.87. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The firm’s fifty day simple moving average is $33.32 and its two-hundred day simple moving average is $35.87.

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

Orrstown Financial Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Friday, February 14th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.04 dividend on an annualized basis and a yield of 3.41%. This is a boost from Orrstown Financial Services’s previous quarterly dividend of $0.23. Orrstown Financial Services’s payout ratio is presently 56.52%.

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.