Orrstown Financial Services Inc (ORRF) Position Raised by American International Group Inc.
American International Group Inc. raised its stake in shares of Orrstown Financial Services Inc (NASDAQ:ORRF) by 7.2% during the first quarter, Holdings Channel reports. The firm owned 4,559 shares of the bank’s stock after buying an additional 306 shares during the period. American International Group Inc.’s holdings in Orrstown Financial Services were worth $102,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Pacific Ridge Capital Partners LLC boosted its position in Orrstown Financial Services by 51.6% in the first quarter. Pacific Ridge Capital Partners LLC now owns 96,389 shares of the bank’s stock valued at $2,154,000 after buying an additional 32,811 shares during the period. Bank of New York Mellon Corp boosted its position in Orrstown Financial Services by 24.8% in the first quarter. Bank of New York Mellon Corp now owns 32,494 shares of the bank’s stock valued at $726,000 after buying an additional 6,462 shares during the period. State Street Corp boosted its position in Orrstown Financial Services by 7.1% in the fourth quarter. State Street Corp now owns 95,136 shares of the bank’s stock valued at $2,127,000 after buying an additional 6,281 shares during the period. Finally, SG Americas Securities LLC acquired a new position in Orrstown Financial Services during the first quarter valued at $138,000. Institutional investors and hedge funds own 37.63% of the company’s stock.
Orrstown Financial Services Inc (ORRF) remained flat at $25.10 during trading on Friday. 218 shares of the stock traded hands. Orrstown Financial Services Inc has a 12-month low of $18.05 and a 12-month high of $26.55. The stock has a market cap of $202.51 million, a price-to-earnings ratio of 23.66 and a beta of 0.89. The stock’s 50 day moving average is $23.36 and its 200 day moving average is $22.12.
Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings results on Wednesday, July 26th. The bank reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.13. The business had revenue of $16.34 million for the quarter, compared to analyst estimates of $16.09 million. Orrstown Financial Services had a return on equity of 6.32% and a net margin of 13.25%. On average, equities research analysts expect that Orrstown Financial Services Inc will post $1.34 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 8th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, August 4th. This represents a $0.40 annualized dividend and a yield of 1.59%. Orrstown Financial Services’s payout ratio is currently 37.74%.
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Several equities analysts have recently weighed in on ORRF shares. Zacks Investment Research cut Orrstown Financial Services from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 29th. Keefe, Bruyette & Woods upgraded Orrstown Financial Services from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $24.00 to $28.00 in a report on Thursday, July 27th.
About Orrstown Financial Services
Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank (the Bank). The Bank is engaged in commercial banking and trust business. The Company operates through Community Banking segment. The Bank’s activities involve accepting demand, time and savings deposits, and granting loans.
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