Thrivent Financial for Lutherans Takes $921,000 Position in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Thrivent Financial for Lutherans bought a new position in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 25,158 shares of the bank’s stock, valued at approximately $921,000. Thrivent Financial for Lutherans owned 0.13% of Orrstown Financial Services at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the business. PL Capital Advisors LLC raised its stake in Orrstown Financial Services by 3,561.0% during the 4th quarter. PL Capital Advisors LLC now owns 2,356,073 shares of the bank’s stock worth $86,256,000 after buying an additional 2,291,717 shares during the period. Geode Capital Management LLC increased its holdings in shares of Orrstown Financial Services by 32.2% during 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 in the last quarter. State Street Corp raised its position in shares of Orrstown Financial Services by 12.8% during the third quarter. State Street Corp now owns 342,119 shares of the bank’s stock worth $12,303,000 after purchasing an additional 38,886 shares during the period. The Manufacturers Life Insurance Company bought a new position in shares of Orrstown Financial Services in the 3rd quarter worth $8,734,000. Finally, FMR LLC grew its position in Orrstown Financial Services by 9.0% in the 3rd quarter. FMR LLC now owns 178,478 shares of the bank’s stock valued at $6,418,000 after purchasing an additional 14,711 shares during the period. 44.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $42.00 price objective (down from $46.00) on shares of Orrstown Financial Services in a report on Monday, February 3rd. Piper Sandler began coverage on shares of Orrstown Financial Services in a research report on Wednesday, January 8th. They issued an “overweight” rating and a $43.00 price target on the stock.

Orrstown Financial Services Stock Down 1.1 %

Orrstown Financial Services stock opened at $29.68 on Wednesday. Orrstown Financial Services, Inc. has a fifty-two week low of $24.70 and a fifty-two week high of $41.99. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88. The firm’s 50-day simple moving average is $32.94 and its 200 day simple moving average is $35.78. The stock has a market cap of $575.38 million, a PE ratio of 16.13 and a beta of 0.87.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings data 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%. Research analysts predict that Orrstown Financial Services, Inc. will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Friday, February 14th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date was Friday, February 14th. This is a boost from Orrstown Financial Services’s previous quarterly dividend of $0.23. Orrstown Financial Services’s payout ratio is 56.52%.

Insider Activity at Orrstown Financial Services

In other news, Director John W. Giambalvo bought 1,000 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were acquired at an average price of $30.80 per share, with a total value of $30,800.00. Following the acquisition, the director now owns 40,562 shares of the company’s stock, valued at approximately $1,249,309.60. The trade was a 2.53 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Brian D. Brunner acquired 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The shares were acquired at an average cost of $30.87 per share, with a total value of $77,175.00. Following the purchase, the director now directly owns 49,330 shares of the company’s stock, valued at $1,522,817.10. This trade represents a 5.34 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 6,800 shares of company stock worth $211,892. Insiders own 5.30% of the company’s stock.

Orrstown Financial Services 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.