Geode Capital Management LLC Acquires 105,735 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Geode Capital Management LLC lifted its stake in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 32.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 434,228 shares of the bank’s stock after buying an additional 105,735 shares during the quarter. Geode Capital Management LLC owned about 2.24% of Orrstown Financial Services worth $15,617,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Fourthstone LLC boosted its stake in Orrstown Financial Services by 223.8% during 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 in the last quarter. Dimensional Fund Advisors LP boosted its position 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 in the last quarter. State Street Corp grew its stake in shares of Orrstown Financial Services by 12.8% in the 3rd quarter. State Street Corp now owns 342,119 shares of the bank’s stock valued at $12,303,000 after buying an additional 38,886 shares during the period. The Manufacturers Life Insurance Company bought a new stake in Orrstown Financial Services in the 3rd quarter valued at about $8,734,000. Finally, Renaissance Technologies LLC raised its stake in Orrstown Financial Services by 42.2% during the 2nd quarter. Renaissance Technologies LLC now owns 223,399 shares of the bank’s stock worth $6,112,000 after buying an additional 66,300 shares during the period. Institutional investors own 44.27% of the company’s stock.

Insider Buying and Selling

In related news, EVP David Todd Hornberger sold 4,000 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $37.82, for a total value of $151,280.00. Following the transaction, the executive vice president now directly owns 20,877 shares of the company’s stock, valued at approximately $789,568.14. The trade was a 16.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.30% of the stock is owned by corporate insiders.

Orrstown Financial Services Trading Down 0.9 %

ORRF opened at $36.49 on Monday. Orrstown Financial Services, Inc. has a fifty-two week low of $24.70 and a fifty-two week high of $41.99. The firm has a market capitalization of $707.40 million, a PE ratio of 19.62 and a beta of 0.90. 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’s 50-day moving average is $38.70 and its 200 day moving average is $34.70.

Orrstown Financial Services (NASDAQ:ORRF) last issued its quarterly earnings data 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 return on equity of 14.41% and a net margin of 6.63%. The firm had revenue of $95.37 million during the quarter, compared to the consensus estimate of $60.90 million. As a group, research analysts predict that Orrstown Financial Services, Inc. will post 4 earnings per share for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 12th. Investors of record on Tuesday, November 5th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.52%. The ex-dividend date was Tuesday, November 5th. Orrstown Financial Services’s dividend payout ratio (DPR) is presently 49.46%.

Analysts Set New Price Targets

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

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.