Insider Buying: Orrstown Financial Services (NASDAQ:ORRF) Director Acquires $34,020.00 in Stock

Orrstown Financial Services Inc (NASDAQ:ORRF) Director Brian Brunner acquired 1,000 shares of Orrstown Financial Services stock in a transaction that occurred on Wednesday, March 18th. The shares were bought at an average cost of $34.02 per share, with a total value of $34,020.00. Following the transaction, the director owned 50,529 shares in the company, valued at $1,718,996.58. This represents a 2.02% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link.

Orrstown Financial Services Stock Performance

Shares of Orrstown Financial Services stock opened at $34.76 on Friday. Orrstown Financial Services Inc has a 1 year low of $25.57 and a 1 year high of $40.72. The firm’s 50-day moving average is $36.46 and its 200 day moving average is $35.50. The stock has a market cap of $681.99 million, a price-to-earnings ratio of 8.32 and a beta of 0.82. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.87 and a quick ratio of 0.86.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings data on Wednesday, January 28th. The bank reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. The business had revenue of $73.89 million during the quarter, compared to analyst estimates of $51.54 million. Orrstown Financial Services had a net margin of 22.71% and a return on equity of 14.77%. Sell-side analysts anticipate that Orrstown Financial Services Inc will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, February 17th. Investors of record on Tuesday, February 10th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.5%. This is an increase from Orrstown Financial Services’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Tuesday, February 10th. Orrstown Financial Services’s payout ratio is 28.71%.

Institutional Investors Weigh In On Orrstown Financial Services

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. bought a new position in shares of Orrstown Financial Services during the 3rd quarter valued at $6,628,000. American Century Companies Inc. grew its holdings in shares of Orrstown Financial Services by 13.1% in the second quarter. American Century Companies Inc. now owns 255,717 shares of the bank’s stock worth $8,139,000 after acquiring an additional 29,714 shares during the period. Geode Capital Management LLC grew its holdings in shares of Orrstown Financial Services by 5.0% in the second quarter. Geode Capital Management LLC now owns 466,343 shares of the bank’s stock worth $14,846,000 after acquiring an additional 22,191 shares during the period. Rosenthal Henry Capital Advisors Inc. purchased a new stake in Orrstown Financial Services during the third quarter valued at $1,668,000. Finally, Kennedy Capital Management LLC purchased a new stake in Orrstown Financial Services during the second quarter valued at $1,335,000. Hedge funds and other institutional investors own 44.27% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ORRF shares. Weiss Ratings raised Orrstown Financial Services from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. Hovde Group lifted their target price on Orrstown Financial Services from $40.00 to $42.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $39.67.

Orrstown Financial Services Company Profile

Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank, a community banking organization headquartered in Shippensburg, Pennsylvania. The roots of Orrstown Bank date back to 1865, and the holding company structure was established to support its growth and diversification. As a regional financial institution, Orrstown Financial Services focuses on delivering personalized banking solutions to individuals, families and businesses across Central Pennsylvania.

The company’s core offerings include a full suite of deposit products such as checking and savings accounts, money market accounts and certificates of deposit.