Corebridge Financial Inc. Sells 576 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Corebridge Financial Inc. cut its position in Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 5.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,228 shares of the bank’s stock after selling 576 shares during the period. Corebridge Financial Inc.’s holdings in Orrstown Financial Services were worth $338,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. PL Capital Advisors LLC boosted its holdings in shares of Orrstown Financial Services by 3,561.0% in the 4th quarter. PL Capital Advisors LLC now owns 2,356,073 shares of the bank’s stock worth $86,256,000 after acquiring an additional 2,291,717 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Orrstown Financial Services by 503.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 158,029 shares of the bank’s stock valued at $5,683,000 after purchasing an additional 131,845 shares during the last quarter. Geode Capital Management LLC boosted its stake in Orrstown Financial Services by 32.2% in the third quarter. Geode Capital Management LLC now owns 434,228 shares of the bank’s stock worth $15,617,000 after purchasing an additional 105,735 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Orrstown Financial Services by 6.2% during the fourth quarter. Vanguard Group Inc. now owns 1,042,866 shares of the bank’s stock worth $38,179,000 after purchasing an additional 61,081 shares during the last quarter. Finally, State Street Corp increased 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 valued at $12,303,000 after buying an additional 38,886 shares in the last quarter. 44.27% of the stock is owned by institutional investors.

Insider Buying and Selling at Orrstown Financial Services

In other news, Director Brian D. Brunner bought 2,500 shares of the business’s stock in a transaction on Wednesday, March 19th. The shares were bought at an average cost of $30.87 per share, for a total transaction of $77,175.00. Following the completion of the acquisition, the director now owns 49,330 shares in the company, valued at approximately $1,522,817.10. This trade represents a 5.34 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott V. Fainor purchased 3,000 shares of the firm’s stock in a transaction dated Monday, March 24th. The stock was purchased at an average cost of $31.17 per share, with a total value of $93,510.00. Following the acquisition, the director now directly owns 13,396 shares in the company, valued at $417,553.32. This trade represents a 28.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 6,800 shares of company stock valued at $211,892. 5.30% of the stock is currently owned by company insiders.

Orrstown Financial Services Stock Down 3.7 %

Shares of NASDAQ ORRF opened at $26.31 on Friday. Orrstown Financial Services, Inc. has a 1 year low of $24.70 and a 1 year high of $41.99. The firm’s 50-day moving average is $31.33 and its 200-day moving average is $35.25. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $513.18 million, a PE ratio of 14.30 and a beta of 0.78.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings data on Friday, January 31st. The bank reported $0.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.17). Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. Equities analysts expect that Orrstown Financial Services, Inc. will post 4.23 EPS for the current year.

Orrstown Financial Services Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Friday, February 14th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date of this dividend was Friday, February 14th. This is an increase from Orrstown Financial Services’s previous quarterly dividend of $0.23. Orrstown Financial Services’s dividend payout ratio is currently 56.52%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ORRF. Piper Sandler assumed coverage on shares of Orrstown Financial Services in a research report on Wednesday, January 8th. They set an “overweight” rating and a $43.00 price target on the stock. Raymond James began coverage on shares of Orrstown Financial Services in a research report on Thursday. They set an “outperform” rating and a $35.00 target price on the stock. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $42.00 price target (down previously from $46.00) on shares of Orrstown Financial Services in a report on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Orrstown Financial Services presently has a consensus rating of “Moderate Buy” and an average target price of $38.80.

Orrstown Financial Services 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.