Legal & General Group Plc Buys 13,853 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Legal & General Group Plc raised its position in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 819.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,543 shares of the bank’s stock after purchasing an additional 13,853 shares during the period. Legal & General Group Plc’s holdings in Orrstown Financial Services were worth $569,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. Comprehensive Financial Planning Inc. PA bought a new stake in Orrstown Financial Services in the 4th quarter valued at about $38,000. R Squared Ltd bought a new position in Orrstown Financial Services in the 4th quarter worth approximately $42,000. VSM Wealth Advisory LLC purchased a new position in Orrstown Financial Services in the 4th quarter valued at approximately $47,000. Stonebridge Financial Group LLC bought a new stake in Orrstown Financial Services during the 4th quarter valued at $92,000. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Orrstown Financial Services in the fourth quarter worth $123,000. 44.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ORRF. Piper Sandler assumed coverage on shares of Orrstown Financial Services in a report on Wednesday, January 8th. They set an “overweight” rating and a $43.00 target price on the stock. Raymond James began coverage on shares of Orrstown Financial Services in a report on Thursday, April 10th. They issued an “outperform” rating and a $35.00 price target on the stock. Finally, Keefe, Bruyette & Woods dropped their price objective on Orrstown Financial Services from $40.00 to $37.00 and set an “outperform” rating for the company in a research note on Thursday, April 24th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $37.80.

Insider Transactions at Orrstown Financial Services

In other news, Director Brian D. Brunner acquired 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The stock was bought at an average price of $30.87 per share, with a total value of $77,175.00. Following the completion of the acquisition, the director now directly owns 49,330 shares of the company’s stock, valued at approximately $1,522,817.10. The trade was a 5.34 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John W. Giambalvo bought 1,000 shares of the company’s stock in a transaction on Monday, March 10th. The stock was purchased at an average cost of $30.80 per share, for a total transaction of $30,800.00. Following the completion of the transaction, the director now directly owns 40,562 shares of the company’s stock, valued at approximately $1,249,309.60. The trade was a 2.53 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 6,800 shares of company stock worth $211,892. Corporate insiders own 4.70% of the company’s stock.

Orrstown Financial Services Stock Performance

NASDAQ:ORRF opened at $28.90 on Tuesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The firm’s fifty day simple moving average is $29.74 and its 200 day simple moving average is $34.60. The stock has a market cap of $563.69 million, a P/E ratio of 15.71 and a beta of 0.78. Orrstown Financial Services, Inc. has a twelve month low of $24.91 and a twelve month high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF) last issued its quarterly earnings results on Tuesday, April 22nd. The bank reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.05. The company had revenue of $60.39 million for the quarter, compared to analysts’ expectations of $51.83 million. Orrstown Financial Services had a return on equity of 15.77% and a net margin of 7.70%. During the same period in the prior year, the firm earned $0.88 earnings per share. As a group, research analysts predict that Orrstown Financial Services, Inc. will post 4.23 EPS for the current year.

Orrstown Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 13th. Shareholders of record on Tuesday, May 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Tuesday, May 6th. This represents a $1.04 dividend on an annualized basis and a yield of 3.60%. Orrstown Financial Services’s dividend payout ratio is currently 53.06%.

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.