Kennedy Capital Management LLC Sells 125,931 Shares of Orrstown Financial Services Inc $ORRF

Kennedy Capital Management LLC lessened its holdings in Orrstown Financial Services Inc (NASDAQ:ORRF) by 44.9% in the fourth quarter, HoldingsChannel reports. The fund owned 154,792 shares of the bank’s stock after selling 125,931 shares during the period. Kennedy Capital Management LLC’s holdings in Orrstown Financial Services were worth $5,483,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Marshall Wace LLP acquired a new position in Orrstown Financial Services in the second quarter valued at about $7,424,000. Millennium Management LLC raised its stake in Orrstown Financial Services by 123.8% in the first quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock valued at $9,913,000 after purchasing an additional 182,709 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Orrstown Financial Services by 170.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 278,649 shares of the bank’s stock valued at $9,870,000 after purchasing an additional 175,682 shares in the last quarter. Jane Street Group LLC raised its stake in Orrstown Financial Services by 821.1% in the fourth quarter. Jane Street Group LLC now owns 160,951 shares of the bank’s stock valued at $5,701,000 after purchasing an additional 143,477 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Orrstown Financial Services by 10.4% in the third quarter. Dimensional Fund Advisors LP now owns 765,332 shares of the bank’s stock valued at $26,006,000 after purchasing an additional 72,373 shares in the last quarter. Institutional investors own 44.27% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on ORRF. Weiss Ratings raised Orrstown Financial Services from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. DA Davidson began coverage on Orrstown Financial Services in a research note on Friday, May 15th. They issued a “neutral” rating and a $41.00 price target for the company. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Orrstown Financial Services currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.67.

Orrstown Financial Services Stock Down 2.1%

Shares of NASDAQ ORRF opened at $39.09 on Tuesday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.06. The company has a market cap of $768.12 million, a price-to-earnings ratio of 8.95 and a beta of 0.70. Orrstown Financial Services Inc has a 12 month low of $29.39 and a 12 month high of $40.72. The stock has a 50-day moving average price of $37.29 and a two-hundred day moving average price of $36.70.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings results on Wednesday, April 22nd. The bank reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.08. The company had revenue of $64.58 million for the quarter, compared to the consensus estimate of $63.20 million. Orrstown Financial Services had a net margin of 23.58% and a return on equity of 14.75%. As a group, analysts forecast that Orrstown Financial Services Inc will post 4.3 earnings per share for the current fiscal year.

Orrstown Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 12th. Investors of record on Tuesday, May 5th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $1.20 annualized dividend and a dividend yield of 3.1%. Orrstown Financial Services’s payout ratio is 27.46%.

Insider Activity

In related news, Director Brian D. Brunner purchased 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 18th. The shares were bought at an average cost of $34.02 per share, with a total value of $34,020.00. Following the acquisition, the director owned 50,529 shares of the company’s stock, valued at $1,718,996.58. This trade represents a 2.02% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 4.30% of the company’s stock.

About Orrstown Financial Services

Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank, a community banking organization headquartered in Shippensburg, Pennsylvania. The roots of Orrstown Bank date back to 1865, and the holding company structure was established to support its growth and diversification. As a regional financial institution, Orrstown Financial Services focuses on delivering personalized banking solutions to individuals, families and businesses across Central Pennsylvania.

The company’s core offerings include a full suite of deposit products such as checking and savings accounts, money market accounts and certificates of deposit.