Orrstown Financial Services, Inc. (NASDAQ:ORRF) Shares Sold by BNP Paribas Financial Markets

BNP Paribas Financial Markets trimmed its holdings in Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 62.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,035 shares of the bank’s stock after selling 11,678 shares during the period. BNP Paribas Financial Markets’ holdings in Orrstown Financial Services were worth $253,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in shares of Orrstown Financial Services by 1.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 499,814 shares of the bank’s stock worth $13,674,000 after purchasing an additional 7,465 shares during the last quarter. 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. Renaissance Technologies LLC boosted its position in Orrstown Financial Services by 42.2% during the second quarter. Renaissance Technologies LLC now owns 223,399 shares of the bank’s stock worth $6,112,000 after acquiring an additional 66,300 shares during the last quarter. Petiole USA ltd purchased a new stake in Orrstown Financial Services in the 3rd quarter worth approximately $6,543,000. Finally, FMR LLC raised its holdings in Orrstown Financial Services by 9.0% in the 3rd quarter. FMR LLC now owns 178,478 shares of the bank’s stock valued at $6,418,000 after acquiring an additional 14,711 shares during the last quarter. 44.27% of the stock is currently owned by hedge funds and other institutional investors.

Orrstown Financial Services Price Performance

ORRF opened at $38.88 on Tuesday. Orrstown Financial Services, Inc. has a 1 year low of $24.70 and a 1 year high of $41.99. The company’s 50 day simple moving average is $38.59 and its 200 day simple moving average is $33.98. The stock has a market capitalization of $753.88 million, a PE ratio of 20.90 and a beta of 0.90. 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 (NASDAQ:ORRF) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.19. The company had revenue of $95.37 million for the quarter, compared to analyst estimates of $60.90 million. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 14.41%. As a group, sell-side analysts expect that Orrstown Financial Services, Inc. will post 4 EPS for the current year.

Orrstown Financial Services Dividend Announcement

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

Insiders Place Their Bets

In other news, EVP David Todd Hornberger sold 4,000 shares of the stock in a transaction on Tuesday, October 29th. The shares were 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 owns 20,877 shares of the company’s stock, valued at $789,568.14. This represents a 16.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

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

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.