Charles Schwab Investment Management Inc. Sells 433 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Charles Schwab Investment Management Inc. cut its stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 0.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 157,596 shares of the bank’s stock after selling 433 shares during the period. Charles Schwab Investment Management Inc. owned 0.81% of Orrstown Financial Services worth $5,770,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Comprehensive Financial Planning Inc. PA acquired a new position in Orrstown Financial Services during the 4th quarter worth $38,000. R Squared Ltd acquired a new stake in shares of Orrstown Financial Services in the 4th quarter valued at $42,000. Stonebridge Financial Group LLC bought a new stake in shares of Orrstown Financial Services during the fourth quarter worth $92,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Orrstown Financial Services during the fourth quarter valued at $123,000. Finally, Quest Partners LLC acquired a new position in shares of Orrstown Financial Services during the third quarter valued at $155,000. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Piper Sandler initiated coverage on Orrstown Financial Services in a report on Wednesday, January 8th. They set an “overweight” rating and a $43.00 price objective for the company. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $42.00 price target (down from $46.00) on shares of Orrstown Financial Services in a research note on Monday, February 3rd.

Insider Buying and Selling at Orrstown Financial Services

In other Orrstown Financial Services news, Director John W. Giambalvo bought 1,000 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was purchased at an average cost of $30.80 per share, with a total value of $30,800.00. Following the completion of the purchase, the director now owns 40,562 shares in the company, valued at approximately $1,249,309.60. The trade was a 2.53 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Brian D. Brunner purchased 2,500 shares of the company’s stock in a transaction dated Wednesday, March 19th. The shares were acquired at an average cost of $30.87 per share, for a total transaction of $77,175.00. Following the transaction, the director now owns 49,330 shares of the company’s stock, valued at $1,522,817.10. This trade represents a 5.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 3,800 shares of company stock valued at $118,382. Corporate insiders own 5.30% of the company’s stock.

Orrstown Financial Services Stock Up 2.8 %

NASDAQ:ORRF opened at $31.35 on Tuesday. The stock’s fifty day simple moving average is $33.62 and its 200-day simple moving average is $35.97. The firm has a market capitalization of $607.75 million, a P/E ratio of 17.04 and a beta of 0.87. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. Orrstown Financial Services, Inc. has a 12-month low of $24.70 and a 12-month high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF) last issued its earnings results on Friday, January 31st. The bank reported $0.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.17). Orrstown Financial Services had a return on equity of 15.77% and a net margin of 7.70%. Equities research analysts expect that Orrstown Financial Services, Inc. will post 4.23 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Friday, February 14th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, February 14th. This represents a $1.04 dividend on an annualized basis and a yield of 3.32%. This is a boost from Orrstown Financial Services’s previous quarterly dividend of $0.23. Orrstown Financial Services’s payout ratio is currently 56.52%.

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.