Quantinno Capital Management LP Raises Stock Position in Orrstown Financial Services Inc $ORRF

Quantinno Capital Management LP boosted its holdings in shares of Orrstown Financial Services Inc (NASDAQ:ORRF) by 75.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 27,365 shares of the bank’s stock after purchasing an additional 11,808 shares during the period. Quantinno Capital Management LP’s holdings in Orrstown Financial Services were worth $987,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Orrstown Financial Services by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,009 shares of the bank’s stock valued at $330,000 after buying an additional 490 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Orrstown Financial Services by 123.8% in the first quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock worth $9,913,000 after buying an additional 182,709 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Orrstown Financial Services by 2.9% during the first quarter. Goldman Sachs Group Inc. now owns 85,047 shares of the bank’s stock worth $2,552,000 after acquiring an additional 2,417 shares during the period. Jane Street Group LLC acquired a new stake in Orrstown Financial Services during the first quarter worth about $1,080,000. Finally, Creative Planning purchased a new position in Orrstown Financial Services during the second quarter valued at approximately $365,000. 44.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Orrstown Financial Services

In other Orrstown Financial Services news, EVP Amy Doll sold 3,002 shares of the stock in a transaction on Monday, July 27th. The shares were sold at an average price of $41.61, for a total transaction of $124,913.22. Following the transaction, the executive vice president directly owned 25,669 shares of the company’s stock, valued at $1,068,087.09. This trade represents a 10.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.30% of the stock is currently owned by insiders.

Orrstown Financial Services Stock Performance

NASDAQ ORRF opened at $43.34 on Monday. The stock has a market capitalization of $852.50 million, a price-to-earnings ratio of 9.74 and a beta of 0.69. The stock has a 50-day moving average of $41.14 and a 200 day moving average of $38.24. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.01. Orrstown Financial Services Inc has a twelve month low of $31.87 and a twelve month high of $43.81.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.06. The business had revenue of $62.67 million during the quarter, compared to analysts’ expectations of $64.10 million. Orrstown Financial Services had a return on equity of 14.46% and a net margin of 24.00%. Sell-side analysts anticipate that Orrstown Financial Services Inc will post 4.41 EPS for the current fiscal year.

Orrstown Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 11th. Investors of record on Tuesday, August 4th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, August 4th. Orrstown Financial Services’s payout ratio is presently 26.97%.

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.