Sterling Capital Management LLC Raises Holdings in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Sterling Capital Management LLC raised its holdings in Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 4.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,258 shares of the bank’s stock after purchasing an additional 524 shares during the quarter. Sterling Capital Management LLC’s holdings in Orrstown Financial Services were worth $412,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. State Street Corp raised its holdings in Orrstown Financial Services by 12.8% in the 3rd quarter. State Street Corp now owns 342,119 shares of the bank’s stock valued at $12,303,000 after buying an additional 38,886 shares during the period. Jane Street Group LLC lifted its holdings in shares of Orrstown Financial Services by 21.5% in the 3rd quarter. Jane Street Group LLC now owns 20,768 shares of the bank’s stock worth $747,000 after acquiring an additional 3,680 shares during the last quarter. Barclays PLC increased its holdings in Orrstown Financial Services by 120.4% in the 3rd quarter. Barclays PLC now owns 33,721 shares of the bank’s stock valued at $1,212,000 after purchasing an additional 18,422 shares during the last quarter. Geode Capital Management LLC increased its holdings in Orrstown Financial Services by 32.2% in the 3rd quarter. Geode Capital Management LLC now owns 434,228 shares of the bank’s stock valued at $15,617,000 after purchasing an additional 105,735 shares during the last quarter. Finally, Principal Financial Group Inc. purchased a new stake in Orrstown Financial Services in the third quarter valued at approximately $478,000. Institutional investors and hedge funds own 44.27% of the company’s stock.

Orrstown Financial Services Stock Performance

Shares of Orrstown Financial Services stock opened at $26.95 on Friday. The business has a 50-day simple moving average of $30.55 and a 200-day simple moving average of $34.94. 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, Inc. has a one year low of $24.90 and a one year high of $41.99. The company has a market cap of $525.66 million, a PE ratio of 14.65 and a beta of 0.78.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings data on Friday, January 31st. The bank reported $0.87 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.17). Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. On average, equities research analysts forecast that Orrstown Financial Services, Inc. will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Friday, February 14th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.86%. This is an increase from Orrstown Financial Services’s previous quarterly dividend of $0.23. The ex-dividend date was Friday, February 14th. Orrstown Financial Services’s payout ratio is 56.52%.

Insider Transactions at Orrstown Financial Services

In other Orrstown Financial Services news, Director Brian D. Brunner purchased 2,500 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was purchased at an average cost of $30.87 per share, with a total value of $77,175.00. Following the completion of the acquisition, the director now directly owns 49,330 shares of the company’s stock, valued at $1,522,817.10. This trade represents a 5.34 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John W. Giambalvo acquired 1,000 shares of the business’s stock in a transaction on Monday, March 10th. The shares were bought at an average cost of $30.80 per share, for a total transaction of $30,800.00. Following the acquisition, the director now owns 40,562 shares of the company’s stock, valued at $1,249,309.60. This represents a 2.53 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 6,800 shares of company stock valued at $211,892. 4.70% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ORRF. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $42.00 price objective (down previously from $46.00) on shares of Orrstown Financial Services in a report on Monday, February 3rd. 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 price target on the stock. Finally, Raymond James started coverage on shares of Orrstown Financial Services in a research note on Thursday, April 10th. They set an “outperform” rating and a $35.00 target price on the stock. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $38.80.

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.