Thrivent Financial for Lutherans Increases Stock Holdings in Orrstown Financial Services Inc $ORRF

Thrivent Financial for Lutherans increased its position in Orrstown Financial Services Inc (NASDAQ:ORRF) by 85.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 52,945 shares of the bank’s stock after acquiring an additional 24,412 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Orrstown Financial Services were worth $1,875,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Orrstown Financial Services by 2.5% in the 3rd quarter. Vanguard Group Inc. now owns 1,115,128 shares of the bank’s stock worth $37,892,000 after purchasing an additional 27,125 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Orrstown Financial Services by 10.4% in the third quarter. Dimensional Fund Advisors LP now owns 765,332 shares of the bank’s stock worth $26,006,000 after purchasing an additional 72,373 shares during the period. Wellington Management Group LLP increased its holdings in shares of Orrstown Financial Services by 9.2% in the third quarter. Wellington Management Group LLP now owns 608,402 shares of the bank’s stock worth $20,674,000 after purchasing an additional 51,140 shares during the period. Millennium Management LLC raised its position in shares of Orrstown Financial Services by 123.8% in the first quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock worth $9,913,000 after buying an additional 182,709 shares in the last quarter. Finally, Kennedy Capital Management LLC raised its position in shares of Orrstown Financial Services by 569.5% in the third quarter. Kennedy Capital Management LLC now owns 280,723 shares of the bank’s stock worth $9,539,000 after buying an additional 238,790 shares in the last quarter. Institutional investors own 44.27% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on ORRF. Hovde Group boosted their target price on Orrstown Financial Services from $40.00 to $42.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. Weiss Ratings raised Orrstown Financial Services from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. Finally, DA Davidson assumed coverage on Orrstown Financial Services in a research report on Friday, May 15th. They set a “neutral” rating and a $41.00 price target for the company. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $41.67.

Insider Transactions at Orrstown Financial Services

In other news, Director Brian D. Brunner acquired 1,000 shares of the business’s stock in a transaction dated Wednesday, March 18th. The stock was purchased at an average cost of $34.02 per share, for a total transaction of $34,020.00. Following the acquisition, the director owned 50,529 shares of the company’s stock, valued at $1,718,996.58. This trade represents a 2.02% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 4.30% of the stock is currently owned by company insiders.

Orrstown Financial Services Price Performance

Shares of NASDAQ:ORRF opened at $37.13 on Wednesday. The company’s fifty day moving average price is $36.55 and its 200-day moving average price is $36.34. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $729.60 million, a price-to-earnings ratio of 8.50 and a beta of 0.71. Orrstown Financial Services Inc has a one year low of $29.39 and a one year high of $40.72.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings data on Wednesday, April 22nd. The bank reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.08. Orrstown Financial Services had a net margin of 23.58% and a return on equity of 14.75%. The company had revenue of $64.58 million during the quarter, compared to the consensus estimate of $63.20 million. On average, equities research analysts anticipate that Orrstown Financial Services Inc will post 4.29 earnings per share for the current fiscal year.

Orrstown Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 12th. Shareholders of record on Tuesday, May 5th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $1.20 annualized dividend and a yield of 3.2%. Orrstown Financial Services’s payout ratio is 27.46%.

About Orrstown Financial Services

Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank, a community banking organization headquartered in Shippensburg, Pennsylvania. The roots of Orrstown Bank date back to 1865, and the holding company structure was established to support its growth and diversification. As a regional financial institution, Orrstown Financial Services focuses on delivering personalized banking solutions to individuals, families and businesses across Central Pennsylvania.

The company’s core offerings include a full suite of deposit products such as checking and savings accounts, money market accounts and certificates of deposit.