Insider Buying: Orrstown Financial Services, Inc. (NASDAQ:ORRF) Director Acquires $93,510.00 in Stock

Orrstown Financial Services, Inc. (NASDAQ:ORRF) Director Scott V. Fainor bought 3,000 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were bought at an average cost of $31.17 per share, with a total value of $93,510.00. Following the transaction, the director now directly owns 13,396 shares of the company’s stock, valued at approximately $417,553.32. This trade represents a 28.86 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Orrstown Financial Services Trading Down 1.7 %

Shares of Orrstown Financial Services stock opened at $30.00 on Friday. Orrstown Financial Services, Inc. has a 1 year low of $24.70 and a 1 year high of $41.99. The company’s fifty day simple moving average is $33.20 and its 200-day simple moving average is $35.83. The company has a market cap of $581.58 million, a price-to-earnings ratio of 16.30 and a beta of 0.87. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings results on Friday, January 31st. The bank reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.17). Orrstown Financial Services had a return on equity of 15.77% and a net margin of 7.70%. As a group, sell-side analysts expect that Orrstown Financial Services, Inc. will post 4.23 EPS for the current year.

Orrstown Financial Services Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Friday, February 14th were issued a $0.26 dividend. This is a boost from Orrstown Financial Services’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.04 annualized dividend and a yield of 3.47%. Orrstown Financial Services’s dividend payout ratio is 56.52%.

Institutional Trading of Orrstown Financial Services

Institutional investors have recently modified their holdings of the company. Comprehensive Financial Planning Inc. PA bought a new position in Orrstown Financial Services in the fourth quarter worth $38,000. R Squared Ltd bought a new position in shares of Orrstown Financial Services during the 4th quarter worth about $42,000. VSM Wealth Advisory LLC bought a new position in shares of Orrstown Financial Services during the 4th quarter worth about $47,000. Summit Investment Advisors Inc. boosted its position in shares of 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 acquiring an additional 349 shares in the last quarter. Finally, Stonebridge Financial Group LLC bought a new stake in Orrstown Financial Services in the fourth quarter valued at about $92,000. Institutional investors and hedge funds own 44.27% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $42.00 price objective (down from $46.00) on shares of Orrstown Financial Services in a report on Monday, February 3rd. Piper Sandler assumed coverage on shares of Orrstown Financial Services in a report on Wednesday, January 8th. They set an “overweight” rating and a $43.00 price target for the company.

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.