AlphaQuest LLC Raises Stake in Orrstown Financial Services Inc $ORRF

AlphaQuest LLC raised its position in shares of Orrstown Financial Services Inc (NASDAQ:ORRF) by 169.8% during the 4th quarter, Holdings Channel.com reports. The firm owned 43,992 shares of the bank’s stock after purchasing an additional 27,688 shares during the period. AlphaQuest LLC’s holdings in Orrstown Financial Services were worth $1,558,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd purchased a new position in Orrstown Financial Services during the third quarter valued at approximately $594,000. UBS Group AG raised its stake in Orrstown Financial Services by 99.3% during the fourth quarter. UBS Group AG now owns 102,329 shares of the bank’s stock valued at $3,624,000 after purchasing an additional 50,979 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in Orrstown Financial Services by 85.6% during the fourth quarter. Thrivent Financial for Lutherans now owns 52,945 shares of the bank’s stock valued at $1,875,000 after purchasing an additional 24,412 shares in the last quarter. Russell Investments Group Ltd. raised its stake 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 valued at $70,000 after purchasing an additional 1,424 shares in the last quarter. Finally, 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 valued at $56,000 after acquiring an additional 810 shares during the last quarter. Hedge funds and other institutional investors own 44.27% of the company’s stock.

Insiders Place Their Bets

In other Orrstown Financial Services news, Director Brian D. Brunner acquired 1,000 shares of the stock in a transaction that occurred on Wednesday, March 18th. The stock was bought at an average cost of $34.02 per share, with a total value 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. The trade was a 2.02% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ORRF. DA Davidson began coverage on shares of Orrstown Financial Services in a research report on Friday, May 15th. They set a “neutral” rating and a $41.00 price objective on the stock. Weiss Ratings upgraded shares of Orrstown Financial Services from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. Finally, Hovde Group upped their price target on shares of Orrstown Financial Services from $40.00 to $42.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Orrstown Financial Services has an average rating of “Moderate Buy” and an average target price of $41.67.

Orrstown Financial Services Trading Down 0.1%

NASDAQ ORRF opened at $37.08 on Thursday. The company’s 50-day moving average price is $36.60 and its 200-day moving average price is $36.37. 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 has a market cap of $728.62 million, a PE ratio of 8.49 and a beta of 0.71. 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 posted its quarterly earnings results on Wednesday, April 22nd. The bank reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.08. The firm had revenue of $64.58 million for the quarter, compared to analysts’ expectations of $63.20 million. Orrstown Financial Services had a net margin of 23.58% and a return on equity of 14.75%. Equities research analysts forecast that Orrstown Financial Services Inc will post 4.29 earnings per share for the current 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 paid a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $1.20 dividend on an annualized basis and a yield of 3.2%. Orrstown Financial Services’s dividend payout ratio is 27.46%.

Orrstown Financial Services Company Profile

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.