Fmr LLC Acquires 14,711 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Fmr LLC lifted its holdings in Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 9.0% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 178,478 shares of the bank’s stock after buying an additional 14,711 shares during the period. Fmr LLC owned approximately 0.92% of Orrstown Financial Services worth $6,418,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. CWM LLC lifted its position in shares of Orrstown Financial Services by 227.9% during the second quarter. CWM LLC now owns 1,692 shares of the bank’s stock worth $46,000 after acquiring an additional 1,176 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Orrstown Financial Services in the second quarter worth $154,000. Bank of New York Mellon Corp increased its holdings in shares of Orrstown Financial Services by 9.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 74,528 shares of the bank’s stock worth $2,039,000 after purchasing an additional 6,200 shares in the last quarter. Rhumbline Advisers boosted its holdings in Orrstown Financial Services by 32.9% in the second quarter. Rhumbline Advisers now owns 21,942 shares of the bank’s stock worth $600,000 after purchasing an additional 5,427 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of Orrstown Financial Services by 37.9% in the second quarter. American Century Companies Inc. now owns 149,259 shares of the bank’s stock worth $4,084,000 after buying an additional 41,016 shares during the last quarter. Institutional investors own 44.27% of the company’s stock.

Orrstown Financial Services Price Performance

ORRF stock opened at $38.90 on Friday. The firm has a market capitalization of $754.12 million, a P/E ratio of 20.91 and a beta of 0.90. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The company has a fifty day simple moving average of $38.44 and a two-hundred day simple moving average of $33.70. Orrstown Financial Services, Inc. has a 52 week low of $23.87 and a 52 week high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.11 EPS for the quarter, topping the consensus estimate of $0.92 by $0.19. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 14.41%. The company had revenue of $95.37 million for the quarter, compared to the consensus estimate of $60.90 million. Analysts anticipate 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 announced a quarterly dividend, which was paid on Tuesday, November 12th. Investors of record on Tuesday, November 5th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.92 dividend on an annualized basis and a yield of 2.37%. Orrstown Financial Services’s payout ratio is 49.46%.

Insider Activity

In related news, EVP David Todd Hornberger sold 4,000 shares of Orrstown Financial Services stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $37.82, for a total transaction of $151,280.00. Following the completion of the transaction, the executive vice president now directly owns 20,877 shares in the company, valued at approximately $789,568.14. This trade represents a 16.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 5.30% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Hovde Group cut shares of Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a research note 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.