Orrstown Financial Services Inc $ORRF Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its stake in Orrstown Financial Services Inc (NASDAQ:ORRF) by 370.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,528 shares of the bank’s stock after acquiring an additional 3,566 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Orrstown Financial Services were worth $144,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ORRF. Millennium Management LLC raised its stake in Orrstown Financial Services by 123.8% in 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. Jane Street Group LLC acquired a new stake in shares of Orrstown Financial Services during the 1st quarter worth about $1,080,000. Nuveen LLC purchased a new stake in shares of Orrstown Financial Services during the first quarter worth about $1,058,000. Cubist Systematic Strategies LLC raised its position in shares of Orrstown Financial Services by 82.9% in the first quarter. Cubist Systematic Strategies LLC now owns 54,019 shares of the bank’s stock valued at $1,621,000 after buying an additional 24,478 shares during the last quarter. Finally, Rafferty Asset Management LLC purchased a new position in shares of Orrstown Financial Services during the first quarter valued at approximately $552,000. Hedge funds and other institutional investors own 44.27% of the company’s stock.

Orrstown Financial Services Price Performance

Orrstown Financial Services stock opened at $35.76 on Friday. The firm has a fifty day moving average of $34.04 and a 200-day moving average of $33.14. Orrstown Financial Services Inc has a 52-week low of $25.57 and a 52-week high of $40.55. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $697.22 million, a P/E ratio of 9.46 and a beta of 0.87.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings results on Tuesday, November 8th. The bank reported $0.65 earnings per share for the quarter. Orrstown Financial Services had a net margin of 20.48% and a return on equity of 14.39%. The firm had revenue of $28.27 million during the quarter. As a group, analysts predict that Orrstown Financial Services Inc will post 4.23 EPS for the current year.

Orrstown Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th were given a $0.27 dividend. The ex-dividend date of this dividend was Wednesday, November 5th. This represents a $1.08 annualized dividend and a yield of 3.0%. Orrstown Financial Services’s dividend payout ratio (DPR) is 28.57%.

Wall Street Analysts Forecast Growth

Several research firms have commented on ORRF. Wall Street Zen cut shares of Orrstown Financial Services from a “buy” rating to a “hold” rating in a research note on Saturday, August 16th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Orrstown Financial Services in a research report on Wednesday, October 8th. Finally, Zacks Research lowered Orrstown Financial Services from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 3rd. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $39.25.

About Orrstown Financial Services

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.