Orrstown Financial Services, Inc. (NASDAQ:ORRF) Director Brian D. Brunner Acquires 2,500 Shares

Orrstown Financial Services, Inc. (NASDAQ:ORRF) Director Brian D. Brunner purchased 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The shares were acquired at an average price of $30.87 per share, for a total transaction of $77,175.00. Following the completion of the purchase, the director now directly owns 49,330 shares in the company, valued at $1,522,817.10. This represents a 5.34 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Orrstown Financial Services Price Performance

NASDAQ:ORRF opened at $30.50 on Friday. Orrstown Financial Services, Inc. has a 52-week low of $24.70 and a 52-week high of $41.99. The stock has a fifty day moving average of $33.68 and a 200 day moving average of $35.98. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market capitalization of $591.27 million, a price-to-earnings ratio of 16.58 and a beta of 0.87.

Orrstown Financial Services (NASDAQ:ORRF) last issued its quarterly earnings results on Friday, January 31st. The bank reported $0.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.17). Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. On average, research analysts expect that Orrstown Financial Services, Inc. will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Friday, February 14th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date was Friday, February 14th. This is a boost from Orrstown Financial Services’s previous quarterly dividend of $0.23. Orrstown Financial Services’s payout ratio is currently 56.52%.

Analysts Set New Price Targets

ORRF has been the subject of several analyst reports. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $42.00 target price (down previously from $46.00) on shares of Orrstown Financial Services in a research note on Monday, February 3rd. Piper Sandler assumed coverage on shares of Orrstown Financial Services in a report on Wednesday, January 8th. They issued an “overweight” rating and a $43.00 price target on the stock.

Hedge Funds Weigh In On Orrstown Financial Services

A number of institutional investors have recently made changes to their positions in ORRF. California State Teachers Retirement System increased its stake in Orrstown Financial Services by 1,257.1% in the fourth quarter. California State Teachers Retirement System now owns 18,022 shares of the bank’s stock valued at $660,000 after acquiring an additional 16,694 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Orrstown Financial Services during the 4th quarter valued at about $833,000. Squarepoint Ops LLC raised its holdings in shares of Orrstown Financial Services by 266.1% during the 4th quarter. Squarepoint Ops LLC now owns 27,112 shares of the bank’s stock valued at $993,000 after buying an additional 19,706 shares in the last quarter. Millennium Management LLC purchased a new position in shares of Orrstown Financial Services during the 4th quarter valued at about $5,404,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Orrstown Financial Services by 4.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,519 shares of the bank’s stock worth $385,000 after buying an additional 456 shares during the last quarter. Institutional investors own 44.27% of the company’s stock.

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.