Massachusetts Financial Services Co. MA Makes New Investment in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Massachusetts Financial Services Co. MA acquired a new stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 15,993 shares of the bank’s stock, valued at approximately $575,000. Massachusetts Financial Services Co. MA owned 0.08% of Orrstown Financial Services as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Orrstown Financial Services by 110.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 44,387 shares of the bank’s stock valued at $1,596,000 after buying an additional 23,333 shares during the period. Segall Bryant & Hamill LLC boosted its position in shares of Orrstown Financial Services by 1.7% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 124,652 shares of the bank’s stock worth $4,482,000 after purchasing an additional 2,143 shares in the last quarter. Quest Partners LLC acquired a new position in shares of Orrstown Financial Services during the 3rd quarter worth $155,000. Empowered Funds LLC boosted its holdings in Orrstown Financial Services by 206.0% during the third quarter. Empowered Funds LLC now owns 72,563 shares of the bank’s stock worth $2,609,000 after buying an additional 48,851 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its holdings in Orrstown Financial Services by 139.3% during the third quarter. Los Angeles Capital Management LLC now owns 66,750 shares of the bank’s stock worth $2,400,000 after buying an additional 38,859 shares in the last quarter. Hedge funds and other institutional investors own 44.27% of the company’s stock.

Orrstown Financial Services Trading Down 0.4 %

NASDAQ:ORRF opened at $39.63 on Thursday. Orrstown Financial Services, Inc. has a 52-week low of $22.86 and a 52-week high of $41.99. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The stock has a fifty day simple moving average of $37.49 and a 200-day simple moving average of $32.72. The company has a market capitalization of $768.43 million, a PE ratio of 21.39 and a beta of 0.89.

Orrstown Financial Services (NASDAQ:ORRF) last announced its earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.19. The company had revenue of $95.37 million during the quarter, compared to analysts’ expectations of $60.90 million. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 14.41%. On average, equities research analysts expect that Orrstown Financial Services, Inc. will post 4 earnings per share for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 12th. Investors of record on Tuesday, November 5th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend was Tuesday, November 5th. Orrstown Financial Services’s payout ratio is currently 49.46%.

Analyst Upgrades and Downgrades

Separately, Hovde Group downgraded shares of Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th.

Insiders Place Their Bets

In related news, EVP David Todd Hornberger sold 4,000 shares of Orrstown Financial Services stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $37.82, for a total transaction of $151,280.00. Following the completion of the sale, the executive vice president now owns 20,877 shares in the company, valued at approximately $789,568.14. This trade represents a 16.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 6.20% of the stock is currently owned by company insiders.

Orrstown Financial Services Company 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.