Emerald Advisers LLC Sells 4,000 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Emerald Advisers LLC reduced its holdings in Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 30.3% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 9,193 shares of the bank’s stock after selling 4,000 shares during the quarter. Emerald Advisers LLC’s holdings in Orrstown Financial Services were worth $337,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in ORRF. Vanguard Group Inc. lifted its stake in Orrstown Financial Services by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 1,042,866 shares of the bank’s stock worth $38,179,000 after acquiring an additional 61,081 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in shares of Orrstown Financial Services in the 4th quarter worth about $132,000. Sei Investments Co. bought a new stake in shares of Orrstown Financial Services during the 4th quarter valued at about $213,000. American Century Companies Inc. increased its position in shares of Orrstown Financial Services by 0.3% during the fourth quarter. American Century Companies Inc. now owns 228,067 shares of the bank’s stock valued at $8,350,000 after buying an additional 755 shares during the period. Finally, Quantbot Technologies LP bought a new position in Orrstown Financial Services in the fourth quarter worth about $127,000. 44.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ORRF has been the topic of several research reports. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $42.00 price objective (down from $46.00) on shares of Orrstown Financial Services in a research report on Monday, February 3rd. 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 for the company.

Orrstown Financial Services Trading Down 1.1 %

Shares of NASDAQ ORRF opened at $30.50 on Monday. Orrstown Financial Services, Inc. has a 1 year low of $24.70 and a 1 year high of $41.99. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a 50-day moving average of $33.68 and a 200 day moving average of $35.99. The stock has a market cap of $591.27 million, a P/E 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 EPS for the quarter, missing analysts’ consensus estimates 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, sell-side 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. Stockholders of record on Friday, February 14th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, February 14th. This is an increase from Orrstown Financial Services’s previous quarterly dividend of $0.23. This represents a $1.04 annualized dividend and a dividend yield of 3.41%. Orrstown Financial Services’s dividend payout ratio (DPR) is presently 56.52%.

Insider Transactions at Orrstown Financial Services

In other news, Director Brian D. Brunner bought 2,500 shares of the firm’s stock in a transaction on Wednesday, March 19th. The stock was acquired at an average cost of $30.87 per share, with a total value of $77,175.00. Following the completion of the acquisition, the director now owns 49,330 shares of the company’s stock, valued at approximately $1,522,817.10. This represents a 5.34 % 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 company’s stock in a transaction dated Monday, March 10th. The stock was purchased at an average price of $30.80 per share, for a total transaction 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. Insiders purchased a total of 3,800 shares of company stock valued at $118,382 in the last quarter. 5.30% of the stock is owned by insiders.

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.