Petiole USA ltd Buys New Holdings in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Petiole USA ltd purchased a new position in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 181,966 shares of the bank’s stock, valued at approximately $6,543,000. Orrstown Financial Services comprises about 4.3% of Petiole USA ltd’s holdings, making the stock its 5th biggest holding.

Several other institutional investors and hedge funds have also bought and sold shares of ORRF. Vanguard Group Inc. increased its holdings in shares of Orrstown Financial Services by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 547,755 shares of the bank’s stock valued at $14,663,000 after purchasing an additional 5,332 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Orrstown Financial Services by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 499,814 shares of the bank’s stock worth $13,674,000 after acquiring an additional 7,465 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in shares of Orrstown Financial Services during the 3rd quarter worth about $8,734,000. Renaissance Technologies LLC grew its position in shares of Orrstown Financial Services by 42.2% during the 2nd quarter. Renaissance Technologies LLC now owns 223,399 shares of the bank’s stock valued at $6,112,000 after acquiring an additional 66,300 shares during the period. Finally, FMR LLC increased its stake in shares of Orrstown Financial Services by 9.0% in the 3rd quarter. FMR LLC now owns 178,478 shares of the bank’s stock valued at $6,418,000 after purchasing an additional 14,711 shares in the last quarter. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Orrstown Financial Services news, EVP David Todd Hornberger sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $37.82, for a total value of $151,280.00. Following the transaction, the executive vice president now directly owns 20,877 shares of the company’s stock, valued at $789,568.14. This trade represents a 16.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Separately, Hovde Group lowered Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th.

Orrstown Financial Services Stock Down 1.7 %

ORRF stock opened at $39.41 on Tuesday. Orrstown Financial Services, Inc. has a 52 week low of $22.86 and a 52 week high of $41.99. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The firm has a 50-day simple moving average of $37.30 and a 200-day simple moving average of $32.53. The stock has a market capitalization of $764.00 million, a P/E ratio of 21.56 and a beta of 0.89.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.11 EPS for the quarter, topping the consensus estimate of $0.92 by $0.19. The company had revenue of $95.37 million during the quarter, compared to analyst estimates of $60.90 million. Orrstown Financial Services had a return on equity of 14.41% and a net margin of 6.63%. Equities analysts forecast that Orrstown Financial Services, Inc. will post 4 earnings per share for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 12th. Shareholders of record on Tuesday, November 5th were issued a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.92 dividend on an annualized basis and a yield of 2.33%. Orrstown Financial Services’s payout ratio is currently 49.46%.

About Orrstown Financial Services

Orrstown Financial Services, Inc operates as the financial holding company for Orrstown Bank that provides commercial banking and financial advisory services to retail, commercial, non-profit, and government clients in the United States. It accepts various deposits, including checking, savings, time, demand, and money market deposits, as well as certificates of deposit.