Pacific Ridge Capital Partners LLC Sells 9,038 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Pacific Ridge Capital Partners LLC lessened its position in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 4.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 219,411 shares of the bank’s stock after selling 9,038 shares during the period. Orrstown Financial Services comprises 1.4% of Pacific Ridge Capital Partners LLC’s holdings, making the stock its 21st largest position. Pacific Ridge Capital Partners LLC owned approximately 2.05% of Orrstown Financial Services worth $6,003,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vista Investment Management bought a new position in shares of Orrstown Financial Services during the fourth quarter worth about $229,000. Quadrature Capital Ltd bought a new position in shares of Orrstown Financial Services during the 4th quarter worth approximately $234,000. BNP Paribas Financial Markets raised its holdings in shares of Orrstown Financial Services by 92.9% in the first quarter. BNP Paribas Financial Markets now owns 5,227 shares of the bank’s stock valued at $140,000 after purchasing an additional 2,518 shares during the last quarter. Empowered Funds LLC lifted its position in shares of Orrstown Financial Services by 7.7% in the first quarter. Empowered Funds LLC now owns 22,092 shares of the bank’s stock worth $591,000 after purchasing an additional 1,575 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Orrstown Financial Services by 1.0% in the first quarter. Vanguard Group Inc. now owns 547,755 shares of the bank’s stock worth $14,663,000 after purchasing an additional 5,332 shares in the last quarter. Institutional investors and hedge funds own 44.27% of the company’s stock.

Orrstown Financial Services Stock Performance

NASDAQ ORRF opened at $35.75 on Friday. The firm has a market capitalization of $383.28 million, a P/E ratio of 10.67 and a beta of 0.90. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. The firm’s fifty day moving average price is $34.35 and its two-hundred day moving average price is $29.17. 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 issued its earnings results on Tuesday, July 23rd. The bank reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.10. Orrstown Financial Services had a net margin of 17.26% and a return on equity of 13.45%. The company had revenue of $50.45 million for the quarter, compared to analysts’ expectations of $31.60 million. As a group, research analysts anticipate that Orrstown Financial Services, Inc. will post 3.61 EPS for the current year.

Orrstown Financial Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Thursday, August 8th were given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.57%. This is a boost from Orrstown Financial Services’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Thursday, August 8th. Orrstown Financial Services’s dividend payout ratio (DPR) is presently 27.46%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on ORRF shares. Janney Montgomery Scott started coverage on shares of Orrstown Financial Services in a research note on Friday, June 28th. They issued a “buy” rating and a $32.00 price target on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $32.00 target price on shares of Orrstown Financial Services in a research report on Tuesday, June 18th. Finally, Hovde Group increased their price target on Orrstown Financial Services from $33.00 to $37.00 and gave the company an “outperform” rating in a research 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.