State of Tennessee Department of Treasury Invests $687,000 in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

State of Tennessee Department of Treasury bought a new position in Orrstown Financial Services, Inc. (NASDAQ:ORRF) during the 4th quarter, Holdings Channel reports. The fund bought 18,753 shares of the bank’s stock, valued at approximately $687,000.

Other hedge funds also recently bought and sold shares of the company. Comprehensive Financial Planning Inc. PA bought a new stake in shares of Orrstown Financial Services in the 4th quarter worth approximately $38,000. R Squared Ltd purchased a new stake in Orrstown Financial Services in the fourth quarter worth $42,000. VSM Wealth Advisory LLC purchased a new position in Orrstown Financial Services during the 4th quarter valued at $47,000. Summit Investment Advisors Inc. increased its position in Orrstown Financial Services by 21.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank’s stock valued at $71,000 after purchasing an additional 349 shares during the period. Finally, Stonebridge Financial Group LLC purchased a new stake in shares of Orrstown Financial Services in the 4th quarter worth about $92,000. Hedge funds and other institutional investors own 44.27% of the company’s stock.

Insider Activity at Orrstown Financial Services

In other Orrstown Financial Services news, Director Brian D. Brunner bought 2,500 shares of Orrstown Financial Services stock in a transaction on Wednesday, March 19th. The stock was acquired at an average price of $30.87 per share, with a total value of $77,175.00. Following 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 ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John W. Giambalvo purchased 1,000 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was acquired at an average price of $30.80 per share, with a total value of $30,800.00. Following the purchase, the director now directly owns 40,562 shares of the company’s stock, valued at approximately $1,249,309.60. The trade was a 2.53 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 6,800 shares of company stock valued at $211,892. 4.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ORRF. Hovde Group upgraded shares of Orrstown Financial Services from a “market perform” rating to an “outperform” rating and set a $35.00 price target on the stock in a research report on Wednesday. Piper Sandler started coverage on Orrstown Financial Services in a report on Wednesday, January 8th. They set an “overweight” rating and a $43.00 target price on the stock. Raymond James assumed coverage on Orrstown Financial Services in a research note on Thursday, April 10th. They issued an “outperform” rating and a $35.00 target price for the company. Finally, Keefe, Bruyette & Woods reduced their price target on Orrstown Financial Services from $40.00 to $37.00 and set an “outperform” rating on the stock in a research note on Thursday, April 24th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Orrstown Financial Services presently has a consensus rating of “Buy” and an average target price of $36.40.

Orrstown Financial Services Price Performance

Shares of NASDAQ ORRF opened at $30.35 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88. The company has a 50 day simple moving average of $29.49 and a two-hundred day simple moving average of $34.44. Orrstown Financial Services, Inc. has a fifty-two week low of $24.91 and a fifty-two week high of $41.99. The company has a market capitalization of $591.98 million, a price-to-earnings ratio of 16.49 and a beta of 0.78.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings data on Tuesday, April 22nd. The bank reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.05. Orrstown Financial Services had a return on equity of 15.77% and a net margin of 7.70%. The company had revenue of $60.39 million during the quarter, compared to analyst estimates of $51.83 million. During the same quarter last year, the company earned $0.88 EPS. Analysts expect that Orrstown Financial Services, Inc. will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 13th. Investors of record on Tuesday, May 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 3.43%. The ex-dividend date is Tuesday, May 6th. Orrstown Financial Services’s payout ratio is 53.06%.

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.