Charles Schwab Investment Management Inc. Has $5.68 Million Stock Position in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Charles Schwab Investment Management Inc. boosted its stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 503.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 158,029 shares of the bank’s stock after purchasing an additional 131,845 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.82% of Orrstown Financial Services worth $5,683,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. CWM LLC raised its position in shares of Orrstown Financial Services by 227.9% in the 2nd quarter. CWM LLC now owns 1,692 shares of the bank’s stock valued at $46,000 after buying an additional 1,176 shares in the last quarter. Quest Partners LLC acquired a new position in Orrstown Financial Services during the third quarter valued at approximately $155,000. SG Americas Securities LLC bought a new stake in Orrstown Financial Services during the second quarter worth $154,000. Fulton Bank N.A. acquired a new stake in shares of Orrstown Financial Services in the 3rd quarter valued at $209,000. Finally, Beese Fulmer Investment Management Inc. bought a new position in shares of Orrstown Financial Services in the 3rd quarter valued at $242,000. Institutional investors own 44.27% of the company’s stock.

Insider Activity

In related news, EVP David Todd Hornberger sold 4,000 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $37.82, for a total value of $151,280.00. Following the completion of the sale, the executive vice president now directly owns 20,877 shares in the company, valued at $789,568.14. This represents a 16.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.30% of the stock is currently owned by insiders.

Orrstown Financial Services Price Performance

Shares of NASDAQ:ORRF opened at $38.90 on Friday. Orrstown Financial Services, Inc. has a one year low of $23.87 and a one year high of $41.99. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market cap of $754.12 million, a price-to-earnings ratio of 20.91 and a beta of 0.90. The firm has a 50 day simple moving average of $38.44 and a 200 day simple moving average of $33.70.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.19. The company had revenue of $95.37 million during the quarter, compared to analysts’ expectations of $60.90 million. Orrstown Financial Services had a return on equity of 14.41% and a net margin of 6.63%. Research analysts predict that Orrstown Financial Services, Inc. will post 4 earnings per share for the current fiscal year.

Orrstown Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Tuesday, November 5th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend was Tuesday, November 5th. Orrstown Financial Services’s dividend payout ratio (DPR) is currently 49.46%.

Wall Street Analysts Forecast Growth

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

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.