ProShare Advisors LLC Sells 17,280 Shares of Orrstown Financial Services Inc $ORRF

ProShare Advisors LLC decreased its position in shares of Orrstown Financial Services Inc (NASDAQ:ORRF) by 9.5% in the 4th quarter, Holdings Channel reports. The firm owned 163,710 shares of the bank’s stock after selling 17,280 shares during the quarter. ProShare Advisors LLC’s holdings in Orrstown Financial Services were worth $5,799,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ORRF. State of Alaska Department of Revenue bought a new position in Orrstown Financial Services during the 3rd quarter worth approximately $26,000. Quarry LP bought a new position in Orrstown Financial Services during the 3rd quarter worth approximately $42,000. Raymond James Financial Inc. bought a new position in Orrstown Financial Services during the 2nd quarter worth approximately $45,000. Tower Research Capital LLC TRC raised its holdings in Orrstown Financial Services by 86.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,748 shares of the bank’s stock worth $56,000 after purchasing an additional 810 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in Orrstown Financial Services by 220.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,070 shares of the bank’s stock worth $70,000 after purchasing an additional 1,424 shares during the last quarter. Institutional investors own 44.27% of the company’s stock.

Orrstown Financial Services Stock Down 0.4%

Orrstown Financial Services stock opened at $36.61 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.06. Orrstown Financial Services Inc has a 12-month low of $29.31 and a 12-month high of $40.72. The firm’s fifty day moving average is $36.44 and its 200 day moving average is $36.28. The company has a market capitalization of $719.39 million, a PE ratio of 8.38 and a beta of 0.71.

Orrstown Financial Services (NASDAQ:ORRF) last released its earnings results on Wednesday, April 22nd. The bank reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.08. Orrstown Financial Services had a net margin of 23.58% and a return on equity of 14.75%. The company had revenue of $64.58 million for the quarter, compared to the consensus estimate of $63.20 million. As a group, sell-side analysts predict that Orrstown Financial Services Inc will post 4.29 EPS for the current fiscal year.

Orrstown Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 12th. Investors of record on Tuesday, May 5th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Tuesday, May 5th. Orrstown Financial Services’s payout ratio is presently 27.46%.

Insider Activity

In related news, Director Brian D. Brunner bought 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The shares were bought at an average price of $34.02 per share, for a total transaction of $34,020.00. Following the transaction, the director directly owned 50,529 shares of the company’s stock, valued at approximately $1,718,996.58. The trade was a 2.02% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.30% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have issued reports on ORRF. Hovde Group raised their price target on shares of Orrstown Financial Services from $40.00 to $42.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Weiss Ratings upgraded shares of Orrstown Financial Services from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. Finally, DA Davidson assumed coverage on shares of Orrstown Financial Services in a report on Friday, May 15th. They set a “neutral” rating and a $41.00 price target for the company. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.67.

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.