Orrstown Financial Services, Inc. (NASDAQ:ORRF) Shares Purchased by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 37.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 61,101 shares of the bank’s stock after acquiring an additional 16,714 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.32% of Orrstown Financial Services worth $2,237,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Arizona State Retirement System purchased a new stake in shares of Orrstown Financial Services during the fourth quarter valued at $206,000. PL Capital Advisors LLC boosted its holdings in shares of Orrstown Financial Services by 3,561.0% in the fourth quarter. PL Capital Advisors LLC now owns 2,356,073 shares of the bank’s stock worth $86,256,000 after buying an additional 2,291,717 shares during the period. Bank of New York Mellon Corp increased its position in shares of Orrstown Financial Services by 6.6% in the fourth quarter. Bank of New York Mellon Corp now owns 90,939 shares of the bank’s stock worth $3,329,000 after acquiring an additional 5,599 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Orrstown Financial Services by 9.4% during the fourth quarter. Principal Financial Group Inc. now owns 14,535 shares of the bank’s stock valued at $532,000 after acquiring an additional 1,245 shares during the period. Finally, Stonebridge Financial Group LLC purchased a new stake in shares of Orrstown Financial Services in the 4th quarter valued at approximately $92,000. 44.27% of the stock is owned by institutional investors.

Orrstown Financial Services Stock Down 0.3 %

Orrstown Financial Services stock opened at $30.73 on Wednesday. Orrstown Financial Services, Inc. has a twelve month low of $24.70 and a twelve month 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. The firm has a market cap of $595.73 million, a PE ratio of 16.70 and a beta of 0.87. The firm’s 50 day moving average price is $33.92 and its two-hundred day moving average price is $36.09.

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

Orrstown Financial Services Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 21st. Stockholders of record on Friday, February 14th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.38%. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Friday, February 14th. Orrstown Financial Services’s payout ratio is currently 56.52%.

Insider Activity at Orrstown Financial Services

In other Orrstown Financial Services news, Director John W. Giambalvo bought 1,000 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was bought at an average cost of $30.80 per share, with a total value of $30,800.00. Following the completion of the transaction, the director now directly owns 40,562 shares of the company’s stock, valued at approximately $1,249,309.60. The trade was a 2.53 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 5.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on ORRF shares. 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 objective on the stock. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $42.00 price target (down previously from $46.00) on shares of Orrstown Financial Services in a report on Monday, February 3rd.

About Orrstown Financial Services

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.