ProShare Advisors LLC Sells 18,278 Shares of Orrstown Financial Services Inc $ORRF

ProShare Advisors LLC trimmed its position in shares of Orrstown Financial Services Inc (NASDAQ:ORRF) by 9.2% during the third quarter, Holdings Channel.com reports. The institutional investor owned 180,990 shares of the bank’s stock after selling 18,278 shares during the period. ProShare Advisors LLC’s holdings in Orrstown Financial Services were worth $6,150,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Marshall Wace LLP bought a new position in shares of Orrstown Financial Services in the 2nd quarter valued at about $7,424,000. Assenagon Asset Management S.A. bought a new position in Orrstown Financial Services during the third quarter worth about $6,628,000. Millennium Management LLC grew its holdings in Orrstown Financial Services by 123.8% during the first quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock worth $9,913,000 after purchasing an additional 182,709 shares during the period. Rosenthal Henry Capital Advisors Inc. acquired a new position in Orrstown Financial Services during the third quarter worth approximately $1,668,000. Finally, Kennedy Capital Management LLC bought a new stake in Orrstown Financial Services in the second quarter valued at approximately $1,335,000. 44.27% of the stock is owned by institutional investors.

Orrstown Financial Services Price Performance

Shares of NASDAQ ORRF opened at $37.38 on Friday. The firm has a market cap of $728.91 million, a P/E ratio of 8.94 and a beta of 0.83. The business’s 50 day moving average is $36.75 and its 200-day moving average is $35.04. 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 $25.57 and a 1-year high of $40.72.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings results on Tuesday, January 27th. The bank reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.03. The business had revenue of $64.92 million during the quarter, compared to the consensus estimate of $51.54 million. Orrstown Financial Services had a return on equity of 15.04% and a net margin of 22.71%. Equities research analysts predict that Orrstown Financial Services Inc will post 4.23 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 17th. Investors of record on Tuesday, February 10th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.2%. This is a boost from Orrstown Financial Services’s previous quarterly dividend of $0.27. The ex-dividend date is Tuesday, February 10th. Orrstown Financial Services’s dividend payout ratio is currently 28.71%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ORRF shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Orrstown Financial Services in a research note on Thursday, January 22nd. Hovde Group lifted their price objective on shares of Orrstown Financial Services from $40.00 to $42.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.67.

Orrstown Financial Services 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.