Aigen Investment Management LP Invests $802,000 in Orrstown Financial Services Inc $ORRF

Aigen Investment Management LP bought a new position in shares of Orrstown Financial Services Inc (NASDAQ:ORRF) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 22,654 shares of the bank’s stock, valued at approximately $802,000.

Other institutional investors also recently added to or reduced their stakes in the company. Quarry LP acquired a new position in Orrstown Financial Services during the third quarter worth approximately $42,000. Raymond James Financial Inc. acquired a new position in Orrstown Financial Services during the second quarter worth approximately $45,000. Tower Research Capital LLC TRC increased its position in Orrstown Financial Services by 86.4% during the second quarter. Tower Research Capital LLC TRC now owns 1,748 shares of the bank’s stock worth $56,000 after buying an additional 810 shares during the period. Russell Investments Group Ltd. increased its position in Orrstown Financial Services by 220.4% during the third quarter. Russell Investments Group Ltd. now owns 2,070 shares of the bank’s stock worth $70,000 after buying an additional 1,424 shares during the period. Finally, State of Wyoming acquired a new position in Orrstown Financial Services during the fourth quarter worth approximately $143,000. Institutional investors and hedge funds own 44.27% of the company’s stock.

Orrstown Financial Services Stock Performance

NASDAQ:ORRF opened at $39.94 on Monday. The firm has a market cap of $784.82 million, a P/E ratio of 9.14 and a beta of 0.70. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.06. The stock’s 50 day simple moving average is $37.23 and its 200-day simple moving average is $36.68. Orrstown Financial Services Inc has a 12-month low of $29.39 and a 12-month high of $40.72.

Orrstown Financial Services (NASDAQ:ORRF) last released its earnings results on Wednesday, April 22nd. The bank reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.08. The business had revenue of $64.58 million for the quarter, compared to analyst estimates of $63.20 million. Orrstown Financial Services had a return on equity of 14.75% and a net margin of 23.58%. Equities analysts anticipate that Orrstown Financial Services Inc will post 4.3 EPS for the current year.

Orrstown Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 12th. Investors of record on Tuesday, May 5th were paid a $0.30 dividend. The ex-dividend date was Tuesday, May 5th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.0%. Orrstown Financial Services’s payout ratio is 27.46%.

Insider Buying and Selling at Orrstown Financial Services

In other Orrstown Financial Services news, Director Brian D. Brunner purchased 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 18th. The shares were purchased at an average cost of $34.02 per share, for a total transaction of $34,020.00. Following the completion of the purchase, the director directly owned 50,529 shares in the company, valued at $1,718,996.58. This represents a 2.02% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 4.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ORRF has been the topic of several research analyst reports. Weiss Ratings raised Orrstown Financial Services from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. DA Davidson initiated coverage on Orrstown Financial Services in a research report on Friday, May 15th. They set a “neutral” rating and a $41.00 price target on the stock. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.67.

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.