Pinnacle Holdings LLC Acquires Shares of 31,140 Orrstown Financial Services Inc $ORRF

Pinnacle Holdings LLC bought a new position in Orrstown Financial Services Inc (NASDAQ:ORRF) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 31,140 shares of the bank’s stock, valued at approximately $1,271,000.

A number of other institutional investors have also recently made changes to their positions in ORRF. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Orrstown Financial Services by 4.7% in the first 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 increased its holdings in Orrstown Financial Services by 123.8% in the 1st quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock worth $9,913,000 after buying an additional 182,709 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Orrstown Financial Services by 2.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 85,047 shares of the bank’s stock worth $2,552,000 after buying an additional 2,417 shares during the last quarter. Jane Street Group LLC purchased a new position in Orrstown Financial Services in the 1st quarter worth about $1,080,000. Finally, Creative Planning bought a new position in Orrstown Financial Services during the 2nd quarter valued at about $365,000. Hedge funds and other institutional investors own 44.27% of the company’s stock.

Insider Transactions at Orrstown Financial Services

In other Orrstown Financial Services news, EVP Amy Doll sold 3,002 shares of the business’s stock in a transaction 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 sale, the executive vice president owned 25,669 shares in the company, valued at $1,068,087.09. The trade was a 10.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ORRF shares. Hovde Group increased their price objective on shares of Orrstown Financial Services from $42.00 to $46.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. DA Davidson reaffirmed a “neutral” rating and issued a $41.00 target price on shares of Orrstown Financial Services in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods boosted their target price on shares of Orrstown Financial Services from $44.00 to $46.00 and gave the company an “outperform” rating in a research note on Thursday, July 23rd. Raymond James Financial assumed coverage on Orrstown Financial Services in a report on Thursday, July 9th. They set a “market perform” rating on the stock. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Orrstown Financial Services in a research note on Tuesday, July 7th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $44.33.

Orrstown Financial Services Stock Performance

NASDAQ ORRF opened at $42.02 on Monday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.01. Orrstown Financial Services Inc has a twelve month low of $31.87 and a twelve month high of $43.81. The business has a 50-day moving average price of $41.49 and a 200-day moving average price of $38.47. The firm has a market cap of $826.53 million, a price-to-earnings ratio of 9.44 and a beta of 0.69.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.06. Orrstown Financial Services had a return on equity of 14.46% and a net margin of 24.00%.The business had revenue of $62.67 million during the quarter, compared to the consensus estimate of $64.10 million. As a group, equities research analysts predict that Orrstown Financial Services Inc will post 4.41 EPS for the current fiscal year.

Orrstown Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 11th. Investors of record on Tuesday, August 4th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, August 4th. Orrstown Financial Services’s dividend payout ratio (DPR) is presently 26.97%.

Orrstown Financial Services Company Profile

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.