ProShare Advisors LLC Sells 5,524 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

ProShare Advisors LLC trimmed its stake in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 2.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 200,543 shares of the bank’s stock after selling 5,524 shares during the quarter. ProShare Advisors LLC owned about 1.03% of Orrstown Financial Services worth $7,342,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its stake in shares of Orrstown Financial Services by 36.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 89,407 shares of the bank’s stock worth $3,215,000 after buying an additional 23,819 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Orrstown Financial Services by 36.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 55,297 shares of the bank’s stock valued at $2,024,000 after acquiring an additional 14,894 shares during the period. R Squared Ltd acquired a new stake in Orrstown Financial Services during the fourth quarter worth approximately $42,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Orrstown Financial Services during the fourth quarter worth approximately $123,000. Finally, Empowered Funds LLC boosted its holdings in shares of Orrstown Financial Services by 5.1% during the fourth quarter. Empowered Funds LLC now owns 76,236 shares of the bank’s stock worth $2,791,000 after acquiring an additional 3,673 shares during the period. 44.27% of the stock is owned by institutional investors.

Orrstown Financial Services Trading Down 0.4%

Shares of NASDAQ:ORRF opened at $31.03 on Monday. The business’s 50 day simple moving average is $29.16 and its 200 day simple moving average is $33.93. Orrstown Financial Services, Inc. has a 1 year low of $24.91 and a 1 year high of $41.99. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market capitalization of $605.33 million, a P/E ratio of 16.86 and a beta of 0.77.

Orrstown Financial Services (NASDAQ:ORRF) last released its earnings results on Tuesday, April 22nd. The bank reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $51.83 million. During the same period in the prior year, the firm posted $0.88 EPS. On average, research analysts anticipate that Orrstown Financial Services, Inc. will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 13th. Shareholders of record on Tuesday, May 6th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, May 6th. This represents a $1.04 dividend on an annualized basis and a yield of 3.35%. Orrstown Financial Services’s payout ratio is 53.06%.

Insider Buying and Selling at Orrstown Financial Services

In other news, Director John W. Giambalvo acquired 1,000 shares of the stock in a transaction on Monday, March 10th. The stock was acquired at an average cost of $30.80 per share, for a total transaction of $30,800.00. Following the completion of the transaction, the director now directly owns 40,562 shares in the company, valued at approximately $1,249,309.60. This trade represents a 2.53% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Scott V. Fainor bought 3,000 shares of the business’s stock in a transaction on Monday, March 24th. The shares were acquired at an average price of $31.17 per share, with a total value of $93,510.00. Following the completion of the purchase, the director now directly owns 13,396 shares of the company’s stock, valued at approximately $417,553.32. The trade was a 28.86% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 6,500 shares of company stock valued at $201,485 in the last ninety days. 4.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ORRF shares. Raymond James assumed coverage on Orrstown Financial Services in a research note on Thursday, April 10th. They set an “outperform” rating and a $35.00 target price on the stock. Keefe, Bruyette & Woods lowered their price objective on Orrstown Financial Services from $40.00 to $37.00 and set an “outperform” rating on the stock in a research report on Thursday, April 24th. Finally, Hovde Group lifted their target price on Orrstown Financial Services from $35.00 to $37.00 and gave the stock an “outperform” rating in a report on Wednesday, May 14th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, Orrstown Financial Services presently has an average rating of “Buy” and a consensus price target of $36.80.

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.