Pacific Ridge Capital Partners LLC Trims Stock Position in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Pacific Ridge Capital Partners LLC decreased its position in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 46.7% during the 4th quarter, HoldingsChannel.com reports. The firm owned 89,310 shares of the bank’s stock after selling 78,358 shares during the quarter. Pacific Ridge Capital Partners LLC’s holdings in Orrstown Financial Services were worth $3,270,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Quest Partners LLC purchased a new position in Orrstown Financial Services during the 3rd quarter worth $155,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Orrstown Financial Services by 110.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 44,387 shares of the bank’s stock worth $1,596,000 after buying an additional 23,333 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in shares of Orrstown Financial Services during the third quarter worth about $575,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Orrstown Financial Services by 503.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 158,029 shares of the bank’s stock worth $5,683,000 after buying an additional 131,845 shares during the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new position in Orrstown Financial Services in the 3rd quarter valued at about $8,734,000. Institutional investors and hedge funds own 44.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ORRF. Piper Sandler initiated coverage on Orrstown Financial Services in a research note on Wednesday, January 8th. They issued an “overweight” rating and a $43.00 target price on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $42.00 price target (down from $46.00) on shares of Orrstown Financial Services in a report on Monday, February 3rd.

Insider Activity at Orrstown Financial Services

In related news, Director Scott V. Fainor purchased 3,000 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was purchased at an average cost of $31.17 per share, for a total transaction of $93,510.00. Following the acquisition, the director now owns 13,396 shares in the company, valued at approximately $417,553.32. This trade represents a 28.86 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John W. Giambalvo bought 1,000 shares of the stock in a transaction dated Monday, March 10th. The stock was bought at an average price of $30.80 per share, with a total value of $30,800.00. Following the purchase, the director now owns 40,562 shares of the company’s stock, valued at approximately $1,249,309.60. This represents a 2.53 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 6,800 shares of company stock worth $211,892. Company insiders own 5.30% of the company’s stock.

Orrstown Financial Services Stock Down 1.0 %

Shares of NASDAQ:ORRF opened at $30.55 on Thursday. 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 company has a market capitalization of $592.24 million, a P/E ratio of 16.60 and a beta of 0.87. Orrstown Financial Services, Inc. has a 52-week low of $24.70 and a 52-week high of $41.99. The stock’s fifty day simple moving average is $33.43 and its 200-day simple moving average is $35.90.

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

Orrstown Financial Services Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Friday, February 14th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend was Friday, February 14th. This is an increase from Orrstown Financial Services’s previous quarterly dividend of $0.23. Orrstown Financial Services’s dividend payout ratio is 56.52%.

Orrstown Financial Services Profile

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.