Connor Clark & Lunn Investment Management Ltd. Makes New $2.51 Million Investment in Orrstown Financial Services Inc $ORRF

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Orrstown Financial Services Inc (NASDAQ:ORRF) in the 2nd quarter, HoldingsChannel reports. The firm acquired 61,445 shares of the bank’s stock, valued at approximately $2,509,000.

A number of other institutional investors also recently modified their holdings of ORRF. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Orrstown Financial Services by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,009 shares of the bank’s stock worth $330,000 after acquiring an additional 490 shares in the last quarter. Millennium Management LLC increased its holdings in Orrstown Financial Services by 123.8% during the 1st quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock valued at $9,913,000 after purchasing an additional 182,709 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Orrstown Financial Services by 2.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 85,047 shares of the bank’s stock valued at $2,552,000 after purchasing an additional 2,417 shares during the last quarter. Jane Street Group LLC bought a new position in Orrstown Financial Services in the 1st quarter valued at $1,080,000. Finally, Creative Planning acquired a new position in Orrstown Financial Services in the second quarter worth $365,000. Institutional investors own 44.27% of the company’s stock.

Orrstown Financial Services Stock Down 0.5%

NASDAQ:ORRF opened at $41.96 on Friday. The company has a market cap of $825.35 million, a price-to-earnings ratio of 9.43 and a beta of 0.69. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.87 and a current ratio of 0.87. The stock’s fifty day moving average price is $41.80 and its two-hundred day moving average price is $38.58. Orrstown Financial Services Inc has a 52-week low of $31.87 and a 52-week high of $43.81.

Orrstown Financial Services (NASDAQ:ORRF) last released its earnings results on Wednesday, July 22nd. The bank reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.06. Orrstown Financial Services had a return on equity of 14.46% and a net margin of 24.00%.The company had revenue of $62.67 million during the quarter, compared to the consensus estimate of $64.10 million. On average, analysts anticipate that Orrstown Financial Services Inc will post 4.41 EPS for the current year.

Orrstown Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Shareholders of record on Tuesday, August 4th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, August 4th. Orrstown Financial Services’s payout ratio is currently 26.97%.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other Orrstown Financial Services news, EVP Amy Doll sold 3,002 shares of the business’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $41.61, for a total transaction of $124,913.22. Following the completion of the sale, the executive vice president directly owned 25,669 shares of the company’s stock, valued at approximately $1,068,087.09. The trade was a 10.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.30% of the company’s stock.

About Orrstown Financial Services

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.