Orrstown Financial Services, Inc. (NASDAQ:ORRF) Shares Purchased by Barclays PLC

Barclays PLC grew its position in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 120.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 33,721 shares of the bank’s stock after buying an additional 18,422 shares during the quarter. Barclays PLC owned 0.17% of Orrstown Financial Services worth $1,212,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in ORRF. Fourthstone LLC lifted its position in Orrstown Financial Services by 223.8% in the third quarter. Fourthstone LLC now owns 1,811,825 shares of the bank’s stock valued at $65,153,000 after purchasing an additional 1,252,356 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in shares of Orrstown Financial Services in the 3rd quarter valued at approximately $8,734,000. Petiole USA ltd acquired a new position in Orrstown Financial Services during the third quarter worth $6,543,000. Charles Schwab Investment Management Inc. raised its position in Orrstown Financial Services by 503.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 158,029 shares of the bank’s stock worth $5,683,000 after acquiring an additional 131,845 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Orrstown Financial Services by 32.2% in the third quarter. Geode Capital Management LLC now owns 434,228 shares of the bank’s stock valued at $15,617,000 after acquiring an additional 105,735 shares during the period. Institutional investors and hedge funds own 44.27% of the company’s stock.

Orrstown Financial Services Price Performance

NASDAQ:ORRF opened at $34.11 on Tuesday. Orrstown Financial Services, Inc. has a 12-month low of $24.70 and a 12-month high of $41.99. The firm has a market cap of $661.26 million, a price-to-earnings ratio of 18.34 and a beta of 0.91. The company’s 50-day moving average is $38.37 and its two-hundred day moving average is $35.42. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13.

Orrstown Financial Services (NASDAQ:ORRF) last issued 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 company had revenue of $95.37 million during the quarter, compared to the consensus estimate of $60.90 million. Orrstown Financial Services had a return on equity of 14.41% and a net margin of 6.63%. Research analysts expect that Orrstown Financial Services, Inc. will post 4 EPS for the current year.

Orrstown Financial Services Dividend Announcement

The business also recently disclosed 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 2.70%. The ex-dividend date of this dividend was Tuesday, November 5th. Orrstown Financial Services’s dividend payout ratio is currently 49.46%.

Insider Transactions at Orrstown Financial Services

In other news, EVP David Todd Hornberger sold 4,000 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now owns 20,877 shares in the company, valued at approximately $789,568.14. The trade was a 16.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Hovde Group downgraded shares of Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Piper Sandler assumed coverage on Orrstown Financial Services in a research report on Wednesday, January 8th. They set an “overweight” rating and a $43.00 target price on the stock.

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.