Man Group plc Takes Position in Orrstown Financial Services Inc $ORRF

Man Group plc bought a new position in Orrstown Financial Services Inc (NASDAQ:ORRF) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 146,012 shares of the bank’s stock, valued at approximately $5,962,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Orrstown Financial Services by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,009 shares of the bank’s stock worth $330,000 after purchasing an additional 490 shares during the last quarter. Millennium Management LLC lifted its holdings in Orrstown Financial Services by 123.8% during the 1st quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock valued at $9,913,000 after purchasing an additional 182,709 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Orrstown Financial Services by 2.9% in the first quarter. Goldman Sachs Group Inc. now owns 85,047 shares of the bank’s stock valued at $2,552,000 after buying an additional 2,417 shares in the last quarter. Jane Street Group LLC bought a new stake in Orrstown Financial Services during the first quarter worth about $1,080,000. Finally, Creative Planning acquired a new stake in shares of Orrstown Financial Services during the second quarter worth approximately $365,000. Institutional investors and hedge funds own 44.27% of the company’s stock.

Orrstown Financial Services Stock Performance

Shares of NASDAQ:ORRF opened at $41.96 on Friday. The stock has a market capitalization of $825.35 million, a P/E ratio of 9.43 and a beta of 0.69. Orrstown Financial Services Inc has a 1-year low of $31.87 and a 1-year high of $43.81. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average price of $41.80 and a two-hundred day moving average price of $38.58.

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

Orrstown Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Investors of record on Tuesday, August 4th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.9%. The ex-dividend date was Tuesday, August 4th. Orrstown Financial Services’s dividend payout ratio is currently 26.97%.

Analysts Set New Price Targets

ORRF has been the topic of several recent analyst reports. Keefe, Bruyette & Woods boosted their target price on Orrstown Financial Services from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Thursday, July 23rd. DA Davidson reiterated a “neutral” rating and issued a $41.00 price objective on shares of Orrstown Financial Services in a research report on Wednesday, July 22nd. Raymond James Financial initiated coverage on Orrstown Financial Services in a research note on Thursday, July 9th. They issued a “market perform” rating on the stock. Hovde Group increased their target price on Orrstown Financial Services from $42.00 to $46.00 and gave the stock an “outperform” rating in a report on Monday, July 27th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Orrstown Financial Services in a report on Tuesday, July 7th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $44.33.

Insiders Place Their Bets

In other Orrstown Financial Services news, EVP Amy Doll sold 3,002 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $41.61, for a total value of $124,913.22. Following the transaction, the executive vice president directly owned 25,669 shares of the company’s stock, valued at approximately $1,068,087.09. This trade represents a 10.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.30% of the stock is owned by corporate insiders.

About Orrstown Financial Services

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.