Fulton Bank N.A. Reduces Holdings in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Fulton Bank N.A. reduced its stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 5.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,509 shares of the bank’s stock after selling 300 shares during the quarter. Fulton Bank N.A.’s holdings in Orrstown Financial Services were worth $202,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Fourthstone LLC raised its holdings in shares of Orrstown Financial Services by 223.8% in the third quarter. Fourthstone LLC now owns 1,811,825 shares of the bank’s stock worth $65,153,000 after buying an additional 1,252,356 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Orrstown Financial Services by 1.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 499,814 shares of the bank’s stock worth $13,674,000 after acquiring an additional 7,465 shares during the period. Geode Capital Management LLC grew its stake in Orrstown Financial Services by 32.2% during the 3rd quarter. Geode Capital Management LLC now owns 434,228 shares of the bank’s stock valued at $15,617,000 after purchasing an additional 105,735 shares during the last quarter. State Street Corp raised its stake in shares of Orrstown Financial Services by 12.8% in the third quarter. State Street Corp now owns 342,119 shares of the bank’s stock worth $12,303,000 after purchasing an additional 38,886 shares during the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Orrstown Financial Services during the third quarter worth about $8,734,000. 44.27% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Orrstown Financial Services

In related news, EVP David Todd Hornberger sold 4,000 shares of the business’s stock in a transaction 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 sale, the executive vice president now owns 20,877 shares of the company’s stock, valued at approximately $789,568.14. The trade was a 16.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.30% of the stock is owned by company insiders.

Orrstown Financial Services Trading Down 3.2 %

Shares of NASDAQ:ORRF opened at $33.98 on Friday. 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, Inc. has a 12-month low of $24.70 and a 12-month high of $41.99. The business has a 50 day moving average of $38.37 and a two-hundred day moving average of $35.35. The company has a market capitalization of $658.74 million, a PE ratio of 18.27 and a beta of 0.91.

Orrstown Financial Services (NASDAQ:ORRF) last posted its earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share (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 analysts’ expectations 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, analysts forecast that Orrstown Financial Services, Inc. will post 4 EPS for the current year.

Orrstown Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Tuesday, November 5th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date of this dividend was Tuesday, November 5th. Orrstown Financial Services’s dividend payout ratio (DPR) is presently 49.46%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Hovde Group downgraded shares of Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Piper Sandler began coverage on shares of Orrstown Financial Services in a research note on Wednesday. They issued an “overweight” rating and a $43.00 price objective on the 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.