The Manufacturers Life Insurance Company Buys Shares of 227,435 Orrstown Financial Services Inc $ORRF

The Manufacturers Life Insurance Company bought a new position in Orrstown Financial Services Inc (NASDAQ:ORRF) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 227,435 shares of the bank’s stock, valued at approximately $9,286,000.

Several other hedge funds have also modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Orrstown Financial Services in the 2nd quarter valued at about $68,607,000. Assenagon Asset Management S.A. purchased a new stake in Orrstown Financial Services during the first quarter valued at approximately $10,743,000. Kennedy Capital Management LLC lifted its position in Orrstown Financial Services by 569.5% during the third quarter. Kennedy Capital Management LLC now owns 280,723 shares of the bank’s stock valued at $9,539,000 after acquiring an additional 238,790 shares during the last quarter. Marshall Wace LLP acquired a new stake in Orrstown Financial Services in the second quarter valued at approximately $7,424,000. Finally, Millennium Management LLC boosted its stake in Orrstown Financial Services by 123.8% in the first quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock valued at $9,913,000 after acquiring an additional 182,709 shares in the last quarter. 44.27% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Amy Doll sold 3,002 shares of the company’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $41.61, for a total value of $124,913.22. Following the sale, the executive vice president directly owned 25,669 shares of the company’s stock, valued at $1,068,087.09. This represents a 10.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.30% of the company’s stock.

Orrstown Financial Services Stock Down 0.5%

Orrstown Financial Services stock opened at $41.96 on Friday. The business’s 50-day simple moving average is $41.80 and its two-hundred day simple moving average is $38.58. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market cap of $825.35 million, a PE ratio of 9.43 and a beta of 0.69. Orrstown Financial Services Inc has a fifty-two week low of $31.87 and a fifty-two week high of $43.81.

Orrstown Financial Services (NASDAQ:ORRF) last released its earnings results on Wednesday, July 22nd. The bank reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.06. The firm had revenue of $62.67 million during the quarter, compared to the consensus estimate of $64.10 million. Orrstown Financial Services had a return on equity of 14.46% and a net margin of 24.00%. Equities analysts anticipate that Orrstown Financial Services Inc will post 4.41 EPS for the current year.

Orrstown Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Shareholders of record on Tuesday, August 4th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.9%. The ex-dividend date was Tuesday, August 4th. Orrstown Financial Services’s payout ratio is presently 26.97%.

Analysts Set New Price Targets

ORRF has been the topic of a number of recent analyst reports. DA Davidson reaffirmed a “neutral” rating and set a $41.00 price target on shares of Orrstown Financial Services in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods boosted their target price on Orrstown Financial Services from $44.00 to $46.00 and gave the stock an “outperform” rating in a research note on Thursday, July 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Orrstown Financial Services in a research report on Tuesday, July 7th. Hovde Group increased their price target on Orrstown Financial Services from $42.00 to $46.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Finally, Raymond James Financial began coverage on Orrstown Financial Services in a research note on Thursday, July 9th. They issued a “market perform” rating for the company. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $44.33.

Orrstown Financial Services Profile

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.