Connor Clark & Lunn Investment Management Ltd. Purchases 23,333 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Connor Clark & Lunn Investment Management Ltd. grew its position in Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 110.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,387 shares of the bank’s stock after acquiring an additional 23,333 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.23% of Orrstown Financial Services worth $1,596,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. EntryPoint Capital LLC bought a new stake in Orrstown Financial Services in the 1st quarter valued at $31,000. CWM LLC raised its position in shares of Orrstown Financial Services by 227.9% in the second 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 period. SG Americas Securities LLC acquired a new stake in shares of Orrstown Financial Services during the 2nd quarter worth about $154,000. Quest Partners LLC acquired a new stake in shares of Orrstown Financial Services during the 3rd quarter worth about $155,000. Finally, Fulton Bank N.A. bought a new stake in shares of Orrstown Financial Services during the 3rd quarter worth about $209,000. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Orrstown Financial Services Stock Down 0.8 %

ORRF opened at $39.78 on Wednesday. The stock has a fifty day moving average of $37.40 and a 200-day moving average of $32.63. The company has a market capitalization of $771.18 million, a P/E ratio of 21.41 and a beta of 0.89. Orrstown Financial Services, Inc. has a fifty-two week low of $22.86 and a fifty-two week 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.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings data 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. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 14.41%. The firm had revenue of $95.37 million during the quarter, compared to the consensus estimate of $60.90 million. On average, equities analysts expect that Orrstown Financial Services, Inc. will post 4 EPS for the current 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 paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.92 dividend on an annualized basis and a yield of 2.31%. Orrstown Financial Services’s dividend payout ratio (DPR) is presently 49.46%.

Wall Street Analyst Weigh In

Separately, Hovde Group downgraded shares of Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th.

Insider Buying and Selling at Orrstown Financial Services

In other Orrstown Financial Services news, EVP David Todd Hornberger sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $37.82, for a total value of $151,280.00. Following the transaction, the executive vice president now directly owns 20,877 shares of the company’s stock, valued at $789,568.14. This trade represents a 16.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.