Geode Capital Management LLC Purchases 105,735 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Geode Capital Management LLC boosted its position in Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 32.2% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 434,228 shares of the bank’s stock after acquiring an additional 105,735 shares during the period. Geode Capital Management LLC’s holdings in Orrstown Financial Services were worth $15,617,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. CWM LLC increased its stake in shares of Orrstown Financial Services by 31.0% in the third quarter. CWM LLC now owns 2,217 shares of the bank’s stock worth $80,000 after purchasing an additional 525 shares in the last quarter. Quest Partners LLC bought a new position in Orrstown Financial Services in the 3rd quarter worth approximately $155,000. Fulton Bank N.A. purchased a new position in Orrstown Financial Services in the 3rd quarter valued at approximately $209,000. Y Intercept Hong Kong Ltd bought a new stake in Orrstown Financial Services during the 3rd quarter valued at $227,000. Finally, Beese Fulmer Investment Management Inc. purchased a new stake in shares of Orrstown Financial Services during the third quarter worth $242,000. 44.27% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Orrstown Financial Services Price Performance

ORRF stock opened at $36.49 on Monday. The firm has a 50 day moving average of $38.70 and a 200-day moving average of $34.70. The firm has a market capitalization of $707.40 million, a P/E ratio of 19.62 and a beta of 0.90. Orrstown Financial Services, Inc. has a 12 month low of $24.70 and a 12 month high of $41.99. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.11 EPS for the quarter, beating the consensus estimate of $0.92 by $0.19. The firm had revenue of $95.37 million during the quarter, compared to the consensus estimate of $60.90 million. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 14.41%. As a group, sell-side analysts predict that Orrstown Financial Services, Inc. will post 4 earnings per share for the current fiscal year.

Orrstown Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 12th. Shareholders of record on Tuesday, November 5th were paid a $0.23 dividend. The ex-dividend date was Tuesday, November 5th. This represents a $0.92 dividend on an annualized basis and a yield of 2.52%. Orrstown Financial Services’s dividend payout ratio is currently 49.46%.

Insider Buying and Selling at Orrstown Financial Services

In other Orrstown Financial Services news, EVP David Todd Hornberger sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $37.82, for a total value of $151,280.00. Following the completion of the transaction, the executive vice president now owns 20,877 shares of the company’s stock, valued at $789,568.14. The trade was a 16.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 5.30% of the company’s stock.

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.