Los Angeles Capital Management LLC Sells 14,644 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Los Angeles Capital Management LLC cut its holdings in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 21.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 52,106 shares of the bank’s stock after selling 14,644 shares during the period. Los Angeles Capital Management LLC’s holdings in Orrstown Financial Services were worth $1,908,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its stake in Orrstown Financial Services by 6.6% during the 4th quarter. Bank of New York Mellon Corp now owns 90,939 shares of the bank’s stock valued at $3,329,000 after purchasing an additional 5,599 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Orrstown Financial Services by 9.4% during the fourth quarter. Principal Financial Group Inc. now owns 14,535 shares of the bank’s stock valued at $532,000 after buying an additional 1,245 shares during the last quarter. Stonebridge Financial Group LLC bought a new stake in Orrstown Financial Services during the fourth quarter worth $92,000. Comprehensive Financial Planning Inc. PA purchased a new stake in Orrstown Financial Services in the 4th quarter valued at $38,000. Finally, Savant Capital LLC bought a new position in Orrstown Financial Services during the 4th quarter valued at $373,000. Institutional investors and hedge funds own 44.27% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ORRF. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $42.00 target price (down previously from $46.00) on shares of Orrstown Financial Services in a report on Monday, February 3rd. Piper Sandler began coverage on shares of Orrstown Financial Services in a research note on Wednesday, January 8th. They issued an “overweight” rating and a $43.00 price objective for the company. Finally, Hovde Group cut shares of Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th.

Orrstown Financial Services Price Performance

Shares of NASDAQ:ORRF opened at $33.50 on Friday. The company has a market capitalization of $649.43 million, a P/E ratio of 18.21 and a beta of 0.90. The company’s 50-day moving average is $35.18 and its 200 day moving average is $36.30. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88. Orrstown Financial Services, Inc. has a fifty-two week low of $24.70 and a fifty-two week high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF) last released its earnings results on Friday, January 31st. The bank reported $0.87 earnings per share 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%. On average, equities research analysts forecast that Orrstown Financial Services, Inc. will post 4.23 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Friday, February 14th were paid a $0.26 dividend. This is an increase from Orrstown Financial Services’s previous quarterly dividend of $0.23. The ex-dividend date was Friday, February 14th. This represents a $1.04 annualized dividend and a yield of 3.10%. Orrstown Financial Services’s dividend payout ratio is presently 56.52%.

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.