Principal Financial Group Inc. Takes Position in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Principal Financial Group Inc. bought a new position in Orrstown Financial Services, Inc. (NASDAQ:ORRF) during the third quarter, according to its most recent filing with the SEC. The firm bought 13,290 shares of the bank’s stock, valued at approximately $478,000. Principal Financial Group Inc. owned approximately 0.07% of Orrstown Financial Services as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of ORRF. CWM LLC raised its stake in shares of Orrstown Financial Services by 31.0% in the third quarter. CWM LLC now owns 2,217 shares of the bank’s stock worth $80,000 after purchasing an additional 525 shares during the last quarter. Segall Bryant & Hamill LLC increased its position in shares of Orrstown Financial Services by 1.7% during the third quarter. Segall Bryant & Hamill LLC now owns 124,652 shares of the bank’s stock valued at $4,482,000 after acquiring an additional 2,143 shares during the last quarter. RKL Wealth Management LLC increased its holdings in Orrstown Financial Services by 22.8% during the third quarter. RKL Wealth Management LLC now owns 12,286 shares of the bank’s stock worth $442,000 after buying an additional 2,281 shares during the last quarter. Jane Street Group LLC boosted its stake in Orrstown Financial Services by 21.5% in the third quarter. Jane Street Group LLC now owns 20,768 shares of the bank’s stock valued at $747,000 after acquiring an additional 3,680 shares during the last quarter. Finally, SG Americas Securities LLC raised its stake in shares of Orrstown Financial Services by 65.3% in the third quarter. SG Americas Securities LLC now owns 9,318 shares of the bank’s stock valued at $335,000 after buying an additional 3,682 shares during the period. Institutional investors and hedge funds own 44.27% of the company’s stock.

Wall Street Analyst Weigh In

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

Orrstown Financial Services Stock Up 0.5 %

Shares of ORRF opened at $36.10 on Monday. 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 firm has a market cap of $699.83 million, a P/E ratio of 19.41 and a beta of 0.91. The stock has a 50 day simple moving average of $38.63 and a two-hundred day simple moving average of $35.01. Orrstown Financial Services, Inc. has a 1 year low of $24.70 and a 1 year high of $41.99.

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 the consensus estimate of $0.92 by $0.19. The business had revenue of $95.37 million during the quarter, compared to analysts’ expectations of $60.90 million. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 14.41%. On average, analysts forecast that Orrstown Financial Services, Inc. will post 4 earnings per share for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Tuesday, November 5th were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date was Tuesday, November 5th. Orrstown Financial Services’s payout ratio is 49.46%.

Insider Activity at Orrstown Financial Services

In other 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 sale, the executive vice president now directly owns 20,877 shares of the company’s stock, valued at approximately $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 SEC, which is accessible through this link. 5.30% of the stock is owned by corporate insiders.

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.