58,505 Shares in Orrstown Financial Services Inc $ORRF Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. purchased a new stake in Orrstown Financial Services Inc (NASDAQ:ORRF) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 58,505 shares of the bank’s stock, valued at approximately $2,111,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. UBS Group AG increased its stake in shares of Orrstown Financial Services by 99.3% during the 4th quarter. UBS Group AG now owns 102,329 shares of the bank’s stock worth $3,624,000 after purchasing an additional 50,979 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in Orrstown Financial Services by 85.6% in the 4th quarter. Thrivent Financial for Lutherans now owns 52,945 shares of the bank’s stock valued at $1,875,000 after buying an additional 24,412 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Orrstown Financial Services during the 1st quarter valued at $10,743,000. Y Intercept Hong Kong Ltd increased its position in Orrstown Financial Services by 53.2% during the first quarter. Y Intercept Hong Kong Ltd now owns 53,877 shares of the bank’s stock worth $1,944,000 after buying an additional 18,703 shares in the last quarter. Finally, AlphaQuest LLC raised its holdings in shares of Orrstown Financial Services by 169.8% in the fourth quarter. AlphaQuest LLC now owns 43,992 shares of the bank’s stock worth $1,558,000 after acquiring an additional 27,688 shares during the last quarter. 44.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Hovde Group increased their price objective on Orrstown Financial Services from $42.00 to $46.00 and gave the company an “outperform” rating in a research note on Monday. DA Davidson reaffirmed a “neutral” rating and set a $41.00 price target on shares of Orrstown Financial Services in a research note on Wednesday, July 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of Orrstown Financial Services in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods upped their price objective on shares of Orrstown Financial Services from $44.00 to $46.00 and gave the company an “outperform” rating in a research note on Thursday, July 23rd. Finally, Raymond James Financial assumed coverage on shares of Orrstown Financial Services in a research note on Thursday, July 9th. They issued a “market perform” rating for the company. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $44.33.

Orrstown Financial Services Trading Down 1.1%

Shares of ORRF stock opened at $42.79 on Friday. The firm’s 50-day simple moving average is $39.80 and its 200-day simple moving average is $37.73. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.87 and a quick ratio of 0.87. Orrstown Financial Services Inc has a 1-year low of $31.51 and a 1-year high of $43.78. The firm has a market cap of $840.82 million, a P/E ratio of 9.62 and a beta of 0.70.

Orrstown Financial Services (NASDAQ:ORRF) last released its earnings results on Tuesday, July 21st. The bank reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.06. Orrstown Financial Services had a net margin of 24.00% and a return on equity of 14.66%. The firm had revenue of $64.30 million during the quarter, compared to the consensus estimate of $64.10 million. As a group, equities analysts forecast that Orrstown Financial Services Inc will post 4.41 EPS for the current year.

Orrstown Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 11th. Stockholders of record on Tuesday, August 4th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, August 4th. This represents a $1.20 annualized dividend and a dividend yield of 2.8%. Orrstown Financial Services’s payout ratio is currently 26.97%.

Insider Activity at Orrstown Financial Services

In other news, EVP Amy Doll sold 3,002 shares of the company’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $41.61, for a total transaction of $124,913.22. Following the completion of the sale, the executive vice president directly owned 25,669 shares in the company, valued at $1,068,087.09. This represents a 10.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 4.30% of the stock is currently owned by insiders.

Orrstown Financial Services Company Profile

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.