The Manufacturers Life Insurance Company Invests $9.29 Million in Orrstown Financial Services Inc $ORRF

The Manufacturers Life Insurance Company purchased a new stake in shares of Orrstown Financial Services Inc (NASDAQ:ORRF) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 227,435 shares of the bank’s stock, valued at approximately $9,286,000. The Manufacturers Life Insurance Company owned about 1.16% of Orrstown Financial Services as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. purchased a new position in Orrstown Financial Services in the second quarter worth about $68,607,000. Assenagon Asset Management S.A. purchased a new stake in shares of Orrstown Financial Services in the first quarter worth $10,743,000. Kennedy Capital Management LLC increased its stake in Orrstown Financial Services by 569.5% in the 3rd quarter. Kennedy Capital Management LLC now owns 280,723 shares of the bank’s stock worth $9,539,000 after buying an additional 238,790 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Orrstown Financial Services during the second quarter worth about $7,424,000. Finally, Millennium Management LLC raised its position in shares of Orrstown Financial Services by 123.8% during the first quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock valued at $9,913,000 after buying an additional 182,709 shares during the last quarter. 44.27% of the stock is owned by hedge funds and other institutional investors.

Orrstown Financial Services Price Performance

Shares of ORRF stock opened at $41.96 on Friday. Orrstown Financial Services Inc has a twelve month low of $31.87 and a twelve month high of $43.81. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.01. The stock has a fifty day simple moving average of $41.80 and a two-hundred day simple moving average of $38.58. The stock has a market capitalization of $825.35 million, a price-to-earnings ratio of 9.43 and a beta of 0.69.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.09 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $62.67 million during the quarter, compared to the consensus estimate of $64.10 million. On average, analysts predict that Orrstown Financial Services Inc will post 4.41 EPS for the current fiscal year.

Orrstown Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Tuesday, August 4th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Tuesday, August 4th. Orrstown Financial Services’s dividend payout ratio is presently 26.97%.

Wall Street Analyst Weigh In

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

Insider Activity

In other news, EVP Amy Doll sold 3,002 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through this link. 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.