Renaissance Technologies LLC Increases Stock Holdings in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Renaissance Technologies LLC increased its stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 42.2% in the 2nd quarter, Holdings Channel.com reports. The fund owned 223,399 shares of the bank’s stock after acquiring an additional 66,300 shares during the quarter. Renaissance Technologies LLC’s holdings in Orrstown Financial Services were worth $6,112,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. EntryPoint Capital LLC acquired a new stake in shares of Orrstown Financial Services in the first quarter valued at about $31,000. CWM LLC lifted its stake in Orrstown Financial Services by 227.9% in the 2nd quarter. CWM LLC now owns 1,692 shares of the bank’s stock valued at $46,000 after buying an additional 1,176 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Orrstown Financial Services by 92.9% in the 1st quarter. BNP Paribas Financial Markets now owns 5,227 shares of the bank’s stock valued at $140,000 after buying an additional 2,518 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Orrstown Financial Services in the 2nd quarter worth about $154,000. Finally, Vista Investment Management purchased a new stake in Orrstown Financial Services during the 4th quarter worth approximately $229,000. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Orrstown Financial Services Trading Up 0.4 %

Shares of Orrstown Financial Services stock opened at $35.61 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The stock’s 50 day simple moving average is $34.25 and its 200-day simple moving average is $29.11. The stock has a market cap of $381.77 million, a P/E ratio of 10.63 and a beta of 0.90. Orrstown Financial Services, Inc. has a 1-year low of $20.00 and a 1-year high of $36.65.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.10. Orrstown Financial Services had a return on equity of 13.45% and a net margin of 17.26%. The company had revenue of $50.45 million for the quarter, compared to analyst estimates of $31.60 million. Analysts predict that Orrstown Financial Services, Inc. will post 3.61 EPS for the current fiscal year.

Orrstown Financial Services Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Thursday, August 8th were issued a $0.23 dividend. The ex-dividend date was Thursday, August 8th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.58%. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.20. Orrstown Financial Services’s dividend payout ratio is currently 27.46%.

Analyst Ratings Changes

ORRF has been the topic of several research reports. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $32.00 target price on shares of Orrstown Financial Services in a research report on Tuesday, June 18th. Janney Montgomery Scott initiated coverage on Orrstown Financial Services in a report on Friday, June 28th. They issued a “buy” rating and a $32.00 price objective on the stock. Finally, Hovde Group upped their target price on shares of Orrstown Financial Services from $33.00 to $37.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th.

About Orrstown Financial Services

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.