AQR Capital Management LLC Acquires New Position in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

AQR Capital Management LLC bought a new position in Orrstown Financial Services, Inc. (NASDAQ:ORRF) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 38,322 shares of the bank’s stock, valued at approximately $1,048,000.

A number of other institutional investors have also modified their holdings of the stock. Quadrature Capital Ltd purchased a new stake in shares of Orrstown Financial Services in the fourth quarter valued at approximately $234,000. BNP Paribas Financial Markets lifted its holdings in shares of Orrstown Financial Services by 92.9% in the 1st quarter. BNP Paribas Financial Markets now owns 5,227 shares of the bank’s stock worth $140,000 after buying an additional 2,518 shares during the period. Empowered Funds LLC lifted its holdings in shares of Orrstown Financial Services by 7.7% in the 1st quarter. Empowered Funds LLC now owns 22,092 shares of the bank’s stock worth $591,000 after buying an additional 1,575 shares during the period. Pacific Ridge Capital Partners LLC grew its position in shares of Orrstown Financial Services by 3.9% during the 1st quarter. Pacific Ridge Capital Partners LLC now owns 228,449 shares of the bank’s stock worth $6,116,000 after buying an additional 8,564 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Orrstown Financial Services by 1.0% during the first quarter. Vanguard Group Inc. now owns 547,755 shares of the bank’s stock valued at $14,663,000 after buying an additional 5,332 shares during the period. 44.27% of the stock is owned by hedge funds and other institutional investors.

Orrstown Financial Services Price Performance

ORRF opened at $35.85 on Friday. The business’s 50-day moving average is $34.58 and its two-hundred day moving average is $29.80. Orrstown Financial Services, Inc. has a 1 year low of $20.00 and a 1 year high of $36.65. 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 firm has a market capitalization of $694.41 million, a PE ratio of 11.42 and a beta of 0.90.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.83 EPS for the quarter, topping the consensus estimate of $0.73 by $0.10. The firm had revenue of $50.45 million during the quarter, compared to analyst estimates of $31.60 million. Orrstown Financial Services had a net margin of 17.26% and a return on equity of 13.45%. Research analysts anticipate that Orrstown Financial Services, Inc. will post 3.61 earnings per share for the current fiscal 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 issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 2.57%. The ex-dividend date was Thursday, August 8th. 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 29.30%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ORRF. Hovde Group upped their price objective on shares of Orrstown Financial Services from $33.00 to $37.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $32.00 price target on shares of Orrstown Financial Services in a research report on Tuesday, June 18th. Finally, Janney Montgomery Scott started coverage on shares of Orrstown Financial Services in a report on Friday, June 28th. They set a “buy” rating and a $32.00 price objective on the stock.

Orrstown Financial Services Company 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.