Empowered Funds LLC Buys Shares of 44,329 Orrstown Financial Services Inc $ORRF

Empowered Funds LLC bought a new position in shares of Orrstown Financial Services Inc (NASDAQ:ORRF) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 44,329 shares of the bank’s stock, valued at approximately $1,810,000.

Several other institutional investors also recently made changes to their positions in ORRF. Bank of America Corp DE increased its holdings in shares of Orrstown Financial Services by 24.2% in the 1st quarter. Bank of America Corp DE now owns 139,990 shares of the bank’s stock valued at $5,051,000 after purchasing an additional 27,301 shares in the last quarter. UBS Group AG boosted its holdings in Orrstown Financial Services by 99.3% during the fourth quarter. UBS Group AG now owns 102,329 shares of the bank’s stock worth $3,624,000 after buying an additional 50,979 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Orrstown Financial Services during the second quarter worth about $9,286,000. Thrivent Financial for Lutherans grew its position in Orrstown Financial Services by 85.6% during the fourth quarter. Thrivent Financial for Lutherans now owns 52,945 shares of the bank’s stock worth $1,875,000 after buying an additional 24,412 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in Orrstown Financial Services during the first quarter worth about $10,743,000. 44.27% of the stock is currently owned by hedge funds and other institutional investors.

Orrstown Financial Services Price Performance

Shares of NASDAQ ORRF opened at $42.46 on Friday. The stock has a market cap of $835.19 million, a price-to-earnings ratio of 9.54 and a beta of 0.69. Orrstown Financial Services Inc has a 52 week low of $31.87 and a 52 week high of $43.81. The company’s 50-day moving average price is $41.95 and its 200 day moving average price is $38.70. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.01.

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

Orrstown Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Tuesday, August 4th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Tuesday, August 4th. Orrstown Financial Services’s dividend payout ratio (DPR) is 26.97%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Hovde Group lifted their price target on shares of Orrstown Financial Services from $42.00 to $46.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. Weiss Ratings restated a “buy (b)” rating on shares of Orrstown Financial Services in a report on Tuesday, July 7th. DA Davidson restated a “neutral” rating and issued a $41.00 price target on shares of Orrstown Financial Services in a report on Wednesday, July 22nd. Raymond James Financial started coverage on Orrstown Financial Services in a research note on Thursday, July 9th. They issued a “market perform” rating for the company. Finally, Keefe, Bruyette & Woods lifted their price objective on Orrstown Financial Services from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Thursday, July 23rd. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $44.33.

Insider Buying and Selling at Orrstown Financial Services

In related news, EVP Amy Doll sold 3,002 shares of Orrstown Financial Services stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $41.61, for a total transaction of $124,913.22. Following the completion of the transaction, the executive vice president directly owned 25,669 shares in the company, valued at $1,068,087.09. The trade was a 10.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.30% of the stock is currently owned by company insiders.

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.