Renaissance Technologies LLC Sells 123,182 Shares of Orrstown Financial Services Inc $ORRF

Renaissance Technologies LLC reduced its position in Orrstown Financial Services Inc (NASDAQ:ORRF) by 55.5% in the 1st quarter, HoldingsChannel reports. The firm owned 98,964 shares of the bank’s stock after selling 123,182 shares during the period. Renaissance Technologies LLC’s holdings in Orrstown Financial Services were worth $3,571,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Quarry LP bought a new stake in Orrstown Financial Services in the third quarter valued at approximately $42,000. Raymond James Financial Inc. acquired a new stake in shares of Orrstown Financial Services in the second quarter valued at approximately $45,000. Tower Research Capital LLC TRC boosted its stake in shares of Orrstown Financial Services by 86.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,748 shares of the bank’s stock worth $56,000 after acquiring an additional 810 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Orrstown Financial Services by 220.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,070 shares of the bank’s stock worth $70,000 after acquiring an additional 1,424 shares during the period. Finally, BNP Paribas Financial Markets increased its holdings in shares of Orrstown Financial Services by 120.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,061 shares of the bank’s stock worth $138,000 after acquiring an additional 2,221 shares during the last quarter. Institutional investors own 44.27% of the company’s stock.

Orrstown Financial Services Price Performance

Shares of NASDAQ ORRF opened at $42.62 on Friday. The firm has a market cap of $837.48 million, a P/E ratio of 9.58 and a beta of 0.69. The business’s 50 day moving average is $40.54 and its 200-day moving average is $38.01. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.06. Orrstown Financial Services Inc has a 1-year low of $31.60 and a 1-year high of $43.81.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.06. Orrstown Financial Services had a return on equity of 14.66% and a net margin of 24.00%.The business had revenue of $62.67 million during the quarter, compared to the consensus estimate of $64.10 million. Equities research analysts predict that Orrstown Financial Services Inc will post 4.41 earnings per share for the current year.

Orrstown Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 11th. Stockholders of record on Tuesday, August 4th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, August 4th. Orrstown Financial Services’s payout ratio is presently 26.97%.

Analysts Set New Price Targets

ORRF has been the topic of a number of research analyst reports. Hovde Group increased their price target on Orrstown Financial Services from $42.00 to $46.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Orrstown Financial Services in a report on Tuesday, July 7th. Keefe, Bruyette & Woods increased their price objective on shares of Orrstown Financial Services from $44.00 to $46.00 and gave the company an “outperform” rating in a research report on Thursday, July 23rd. DA Davidson restated a “neutral” rating and set a $41.00 target price on shares of Orrstown Financial Services in a research note on Wednesday, July 22nd. Finally, Raymond James Financial began coverage on shares of Orrstown Financial Services in a report on Thursday, July 9th. They set a “market perform” rating for the company. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Orrstown Financial Services currently has an average rating of “Moderate Buy” and an average price target of $44.33.

Insider Activity

In related news, EVP Amy Doll sold 3,002 shares of the company’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $41.61, for a total value of $124,913.22. Following the transaction, the executive vice president directly owned 25,669 shares in the company, valued at approximately $1,068,087.09. This represents a 10.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 4.30% of the company’s stock.

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.