Assenagon Asset Management S.A. Boosts Stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Assenagon Asset Management S.A. raised its holdings in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 36.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 55,297 shares of the bank’s stock after buying an additional 14,894 shares during the period. Assenagon Asset Management S.A. owned about 0.29% of Orrstown Financial Services worth $2,024,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Barclays PLC lifted its stake in shares of Orrstown Financial Services by 120.4% during the 3rd quarter. Barclays PLC now owns 33,721 shares of the bank’s stock worth $1,212,000 after acquiring an additional 18,422 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of Orrstown Financial Services by 206.0% during the third quarter. Empowered Funds LLC now owns 72,563 shares of the bank’s stock valued at $2,609,000 after purchasing an additional 48,851 shares during the period. Principal Financial Group Inc. bought a new position in shares of Orrstown Financial Services in the third quarter worth about $478,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in Orrstown Financial Services by 110.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 44,387 shares of the bank’s stock worth $1,596,000 after buying an additional 23,333 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Orrstown Financial Services by 503.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 158,029 shares of the bank’s stock valued at $5,683,000 after buying an additional 131,845 shares in the last quarter. Institutional investors own 44.27% of the company’s stock.

Orrstown Financial Services Trading Down 1.4 %

NASDAQ:ORRF opened at $35.92 on Thursday. The firm has a 50-day simple moving average of $37.71 and a 200-day simple moving average of $35.82. Orrstown Financial Services, Inc. has a one year low of $24.70 and a one year high of $41.99. The firm has a market cap of $696.49 million, a P/E ratio of 19.31 and a beta of 0.91. 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 issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.11 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 6.63% and a return on equity of 14.41%. Equities analysts anticipate that Orrstown Financial Services, Inc. will post 4 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other Orrstown Financial Services news, EVP David Todd Hornberger sold 4,000 shares of the stock in a transaction dated Tuesday, October 29th. The shares were 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 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 filing with the SEC, which can be accessed through this hyperlink. Company insiders own 6.20% of the company’s 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.