Massachusetts Financial Services Co. MA Invests $575,000 in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Massachusetts Financial Services Co. MA acquired a new stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF) in the third quarter, HoldingsChannel.com reports. The firm acquired 15,993 shares of the bank’s stock, valued at approximately $575,000.

Several other institutional investors have also recently added to or reduced their stakes in ORRF. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Orrstown Financial Services by 110.8% in the 3rd 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 last quarter. Segall Bryant & Hamill LLC boosted its position in shares of Orrstown Financial Services by 1.7% in the third quarter. Segall Bryant & Hamill LLC now owns 124,652 shares of the bank’s stock worth $4,482,000 after acquiring an additional 2,143 shares during the last quarter. Quest Partners LLC purchased a new stake in Orrstown Financial Services in the third quarter valued at approximately $155,000. Empowered Funds LLC increased its position in Orrstown Financial Services by 206.0% during the third quarter. Empowered Funds LLC now owns 72,563 shares of the bank’s stock worth $2,609,000 after purchasing an additional 48,851 shares during the last quarter. Finally, Los Angeles Capital Management LLC raised its stake in Orrstown Financial Services by 139.3% during the third quarter. Los Angeles Capital Management LLC now owns 66,750 shares of the bank’s stock worth $2,400,000 after purchasing an additional 38,859 shares during the period. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Orrstown Financial Services Stock Down 0.4 %

Shares of NASDAQ:ORRF opened at $39.63 on Thursday. The stock has a 50-day simple moving average of $37.49 and a 200-day simple moving average of $32.72. The stock has a market capitalization of $768.43 million, a P/E ratio of 21.39 and a beta of 0.89. Orrstown Financial Services, Inc. has a 1 year low of $22.86 and a 1 year high of $41.99. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.19. The company had revenue of $95.37 million during the quarter, compared to analyst estimates of $60.90 million. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 14.41%. Equities analysts forecast that Orrstown Financial Services, Inc. will post 4 earnings per share for the current year.

Orrstown Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 12th. Shareholders of record on Tuesday, November 5th were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date was Tuesday, November 5th. Orrstown Financial Services’s dividend payout ratio is presently 49.46%.

Insider Transactions at Orrstown Financial Services

In related news, EVP David Todd Hornberger sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $37.82, for a total transaction of $151,280.00. Following the sale, the executive vice president now directly owns 20,877 shares in the company, valued at approximately $789,568.14. This trade represents a 16.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 6.20% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Hovde Group cut shares of Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th.

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.