Wedge Capital Management L L P NC Boosts Stake in Orrstown Financial Services, Inc. (ORRF)

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Wedge Capital Management L L P NC lifted its position in Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 27.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,520 shares of the bank’s stock after purchasing an additional 3,720 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Orrstown Financial Services were worth $326,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. raised its position in shares of Orrstown Financial Services by 0.8% during the third quarter. BlackRock Inc. now owns 538,550 shares of the bank’s stock worth $12,818,000 after acquiring an additional 4,141 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Orrstown Financial Services by 23.5% in the third quarter. Dimensional Fund Advisors LP now owns 143,622 shares of the bank’s stock worth $3,418,000 after purchasing an additional 27,346 shares in the last quarter. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in Orrstown Financial Services in the fourth quarter worth approximately $88,000. BB&T Corp bought a new stake in Orrstown Financial Services in the fourth quarter worth approximately $279,000. Finally, Rhumbline Advisers bought a new stake in Orrstown Financial Services in the fourth quarter worth approximately $189,000. Hedge funds and other institutional investors own 39.37% of the company’s stock.

A number of equities research analysts have weighed in on ORRF shares. Zacks Investment Research upgraded Orrstown Financial Services from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a report on Saturday, January 19th. ValuEngine upgraded Orrstown Financial Services from a “sell” rating to a “hold” rating in a report on Wednesday, February 13th. Finally, Sandler O’Neill downgraded Orrstown Financial Services from a “buy” rating to a “hold” rating and lowered their target price for the stock from $22.00 to $21.50 in a report on Friday, March 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $25.13.

ORRF stock traded down $0.03 during mid-day trading on Friday, reaching $20.97. The company’s stock had a trading volume of 1,781 shares, compared to its average volume of 47,564. The company has a market cap of $198.17 million, a P/E ratio of 11.59 and a beta of 0.67. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.81 and a current ratio of 0.81. Orrstown Financial Services, Inc. has a 12 month low of $17.30 and a 12 month high of $27.05.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings data on Wednesday, April 24th. The bank reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.02. The firm had revenue of $19.92 million during the quarter, compared to the consensus estimate of $19.65 million. Orrstown Financial Services had a return on equity of 9.45% and a net margin of 13.42%. On average, research analysts predict that Orrstown Financial Services, Inc. will post 1.69 earnings per share for the current year.

The company also recently disclosed a dividend, which will be paid on Friday, July 5th. Stockholders of record on Tuesday, April 30th will be issued a dividend of $0.15 per share. This is an increase from Orrstown Financial Services’s previous dividend of $0.07. The ex-dividend date of this dividend is Monday, April 29th. Orrstown Financial Services’s payout ratio is currently 33.15%.

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Orrstown Financial Services Profile

Orrstown Financial Services, Inc operates as the holding company for Orrstown Bank that provides commercial banking and trust services in the United States. The company accepts various deposits, including checking, savings, time, demand, and money market deposits. It also offers commercial loans, such as commercial real estate, equipment, working capital, and other commercial purpose loans; consumer loans comprising home equity and other consumer loans, as well as home equity lines of credit; residential mortgage loans; agribusiness loans; acquisition and development loans; municipal loans; and installment and other loans.

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Institutional Ownership by Quarter for Orrstown Financial Services (NASDAQ:ORRF)

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