Orrstown Financial Services, Inc. (NASDAQ:ORRF) Shares Purchased by California State Teachers Retirement System

California State Teachers Retirement System increased its stake in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 1,257.1% during the 4th quarter, Holdings Channel.com reports. The fund owned 18,022 shares of the bank’s stock after purchasing an additional 16,694 shares during the quarter. California State Teachers Retirement System’s holdings in Orrstown Financial Services were worth $660,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. VSM Wealth Advisory LLC purchased a new stake in Orrstown Financial Services during the fourth quarter worth about $47,000. Summit Investment Advisors Inc. lifted its stake in shares of Orrstown Financial Services by 21.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank’s stock valued at $71,000 after buying an additional 349 shares during the period. Stonebridge Financial Group LLC acquired a new position in Orrstown Financial Services during the fourth quarter worth approximately $92,000. Wilmington Savings Fund Society FSB acquired a new position in Orrstown Financial Services during the fourth quarter worth approximately $123,000. Finally, Quantbot Technologies LP acquired a new position in Orrstown Financial Services during the fourth quarter worth approximately $127,000. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on ORRF shares. Raymond James initiated coverage on shares of Orrstown Financial Services in a research report on Thursday, April 10th. They issued an “outperform” rating and a $35.00 price objective for the company. Hovde Group increased their price objective on shares of Orrstown Financial Services from $35.00 to $37.00 and gave the company an “outperform” rating in a research note on Wednesday, May 14th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Orrstown Financial Services from $40.00 to $37.00 and set an “outperform” rating on the stock in a research report on Thursday, April 24th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $36.80.

Insider Transactions at Orrstown Financial Services

In other news, Director Scott V. Fainor purchased 3,000 shares of Orrstown Financial Services stock in a transaction on Monday, March 24th. The stock was purchased at an average price of $31.17 per share, with a total value of $93,510.00. Following the transaction, the director now directly owns 13,396 shares in the company, valued at $417,553.32. The trade was a 28.86% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Brian D. Brunner acquired 2,500 shares of the company’s stock in a transaction dated Wednesday, March 19th. The shares were bought at an average price of $30.87 per share, for a total transaction of $77,175.00. Following the purchase, the director now owns 49,330 shares in the company, valued at approximately $1,522,817.10. This represents a 5.34% increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.70% of the stock is owned by insiders.

Orrstown Financial Services Trading Down 0.7%

NASDAQ:ORRF opened at $30.97 on Thursday. Orrstown Financial Services, Inc. has a 12 month low of $25.06 and a 12 month high of $41.99. The firm has a market cap of $604.16 million, a price-to-earnings ratio of 16.83 and a beta of 0.79. 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 company’s 50 day moving average is $29.22 and its 200-day moving average is $32.83.

Orrstown Financial Services (NASDAQ:ORRF) last announced its earnings results on Tuesday, April 22nd. The bank reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.05. Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. The business had revenue of $60.39 million for the quarter, compared to analyst estimates of $51.83 million. During the same quarter in the previous year, the firm posted $0.88 earnings per share. Equities analysts anticipate that Orrstown Financial Services, Inc. will post 4.23 EPS for the current year.

Orrstown Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 13th. Shareholders of record on Tuesday, May 6th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, May 6th. This represents a $1.04 dividend on an annualized basis and a yield of 3.36%. Orrstown Financial Services’s dividend payout ratio is currently 53.06%.

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.