Assenagon Asset Management S.A. Buys New Stake in Orrstown Financial Services Inc $ORRF

Assenagon Asset Management S.A. acquired a new stake in shares of Orrstown Financial Services Inc (NASDAQ:ORRF) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 297,763 shares of the bank’s stock, valued at approximately $10,743,000. Assenagon Asset Management S.A. owned about 1.52% of Orrstown Financial Services at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ORRF. SG Americas Securities LLC raised its holdings in shares of Orrstown Financial Services by 21.8% in the first quarter. SG Americas Securities LLC now owns 10,711 shares of the bank’s stock worth $386,000 after buying an additional 1,914 shares during the last quarter. Hsbc Holdings PLC raised its stake in Orrstown Financial Services by 94.1% in the 4th quarter. Hsbc Holdings PLC now owns 15,337 shares of the bank’s stock worth $544,000 after acquiring an additional 7,437 shares during the last quarter. Virtu Financial LLC acquired a new stake in Orrstown Financial Services during the 4th quarter worth about $256,000. State of Tennessee Department of Treasury lifted its position in Orrstown Financial Services by 52.6% during the 4th quarter. State of Tennessee Department of Treasury now owns 9,121 shares of the bank’s stock worth $329,000 after acquiring an additional 3,145 shares during the period. Finally, XTX Topco Ltd purchased a new stake in Orrstown Financial Services during the 4th quarter valued at about $444,000. 44.27% of the stock is currently owned by hedge funds and other institutional investors.

Orrstown Financial Services Trading Up 1.2%

Shares of NASDAQ:ORRF opened at $41.23 on Friday. The business’s 50 day moving average price is $37.61 and its 200-day moving average price is $36.90. Orrstown Financial Services Inc has a 1 year low of $31.51 and a 1 year high of $41.52. The firm has a market capitalization of $810.17 million, a price-to-earnings ratio of 9.43 and a beta of 0.70. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.87 and a quick ratio of 0.87.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings data on Wednesday, April 22nd. The bank reported $1.12 EPS for the quarter, topping the consensus estimate of $1.04 by $0.08. Orrstown Financial Services had a return on equity of 14.75% and a net margin of 23.58%.The company had revenue of $64.58 million during the quarter, compared to analyst estimates of $63.20 million. On average, equities research analysts forecast that Orrstown Financial Services Inc will post 4.3 earnings per share for the current fiscal year.

Orrstown Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 12th. Investors of record on Tuesday, May 5th were issued a $0.30 dividend. The ex-dividend date was Tuesday, May 5th. This represents a $1.20 dividend on an annualized basis and a yield of 2.9%. Orrstown Financial Services’s dividend payout ratio is currently 27.46%.

Analyst Ratings Changes

Separately, DA Davidson initiated coverage on shares of Orrstown Financial Services in a research note on Friday, May 15th. They set a “neutral” rating and a $41.00 price objective for the company. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.