Bank of New York Mellon Corp increased its position in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 57.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,129 shares of the bank’s stock after acquiring an additional 19,458 shares during the quarter. Bank of New York Mellon Corp owned 0.56% of Orrstown Financial Services worth $968,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the company. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in Orrstown Financial Services in the 4th quarter valued at approximately $88,000. Rhumbline Advisers bought a new stake in Orrstown Financial Services in the fourth quarter worth approximately $189,000. BB&T Corp bought a new stake in Orrstown Financial Services in the fourth quarter worth approximately $279,000. Econ Financial Services Corp bought a new stake in Orrstown Financial Services in the fourth quarter worth approximately $975,000. Finally, Penn Capital Management Co. Inc. grew its position in Orrstown Financial Services by 79.8% in the third quarter. Penn Capital Management Co. Inc. now owns 42,706 shares of the bank’s stock worth $1,016,000 after acquiring an additional 18,952 shares in the last quarter. Institutional investors and hedge funds own 39.37% of the company’s stock.
ORRF stock traded down $0.10 during trading hours on Wednesday, hitting $20.99. The company’s stock had a trading volume of 66,100 shares, compared to its average volume of 24,278. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $199.98 million, a price-to-earnings ratio of 11.60 and a beta of 0.67. Orrstown Financial Services, Inc. has a 12 month low of $17.30 and a 12 month high of $27.05.
Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings data on Wednesday, April 24th. The bank reported $0.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.02. The business had revenue of $19.92 million during the quarter, compared to the consensus estimate of $19.65 million. Orrstown Financial Services had a net margin of 13.42% and a return on equity of 9.45%. On average, research analysts expect that Orrstown Financial Services, Inc. will post 1.69 EPS for the current fiscal year.
The company also recently disclosed a dividend, which will be paid on Friday, July 5th. Investors of record on Tuesday, April 30th will be issued a dividend of $0.15 per share. This is an increase from Orrstown Financial Services’s previous dividend of $0.07. The ex-dividend date of this dividend is Monday, April 29th. Orrstown Financial Services’s dividend payout ratio is currently 33.15%.
Several analysts have commented on ORRF shares. ValuEngine raised shares of Orrstown Financial Services from a “sell” rating to a “hold” rating in a research report on Wednesday, February 13th. Sandler O’Neill downgraded shares of Orrstown Financial Services from a “buy” rating to a “hold” rating and decreased their target price for the stock from $22.00 to $21.50 in a research report on Friday, March 29th. Finally, Zacks Investment Research raised shares of Orrstown Financial Services from a “sell” rating to a “hold” rating in a research report on Wednesday, March 27th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $25.13.
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About Orrstown Financial Services
Orrstown Financial Services, Inc operates as the holding company for Orrstown Bank that provides commercial banking and trust services in the United States. The company accepts various deposits, including checking, savings, time, demand, and money market deposits. It also offers commercial loans, such as commercial real estate, equipment, working capital, and other commercial purpose loans; consumer loans comprising home equity and other consumer loans, as well as home equity lines of credit; residential mortgage loans; agribusiness loans; acquisition and development loans; municipal loans; and installment and other loans.
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