Insider Buying: Orrstown Financial Services, Inc. (NASDAQ:ORRF) Director Buys $77,175.00 in Stock

Orrstown Financial Services, Inc. (NASDAQ:ORRF) Director Brian D. Brunner purchased 2,500 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were acquired at an average cost of $30.87 per share, with a total value of $77,175.00. Following the completion of the transaction, the director now owns 49,330 shares in the company, valued at $1,522,817.10. This trade represents a 5.34 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Orrstown Financial Services Stock Performance

Shares of ORRF stock opened at $30.50 on Monday. The company has a market capitalization of $591.27 million, a price-to-earnings ratio of 16.58 and a beta of 0.87. 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 $24.70 and a one year high of $41.99. The company’s 50-day moving average is $33.68 and its 200 day moving average is $35.99.

Orrstown Financial Services (NASDAQ:ORRF) last issued its earnings results on Friday, January 31st. The bank reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.17). Orrstown Financial Services had a return on equity of 15.77% and a net margin of 7.70%. Sell-side analysts expect that Orrstown Financial Services, Inc. will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Friday, February 14th were issued a $0.26 dividend. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.23. The ex-dividend date was Friday, February 14th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.41%. Orrstown Financial Services’s dividend payout ratio (DPR) is presently 56.52%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. PL Capital Advisors LLC boosted its position in shares of Orrstown Financial Services by 3,561.0% during the fourth quarter. PL Capital Advisors LLC now owns 2,356,073 shares of the bank’s stock valued at $86,256,000 after buying an additional 2,291,717 shares during the last quarter. Fourthstone LLC grew its stake in shares of Orrstown Financial Services by 223.8% in the third quarter. Fourthstone LLC now owns 1,811,825 shares of the bank’s stock worth $65,153,000 after acquiring an additional 1,252,356 shares during the period. The Manufacturers Life Insurance Company purchased a new position in shares of Orrstown Financial Services during the third quarter valued at approximately $8,734,000. Petiole USA ltd bought a new position in Orrstown Financial Services during the third quarter valued at approximately $6,543,000. Finally, Millennium Management LLC purchased a new stake in Orrstown Financial Services in the fourth quarter worth approximately $5,404,000. Hedge funds and other institutional investors own 44.27% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ORRF shares. Piper Sandler assumed coverage on shares of Orrstown Financial Services in a report on Wednesday, January 8th. They set an “overweight” rating and a $43.00 target price for the company. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $42.00 price objective (down previously from $46.00) on shares of Orrstown Financial Services in a research report on Monday, February 3rd.

Orrstown Financial Services Company 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.