Renaissance Technologies LLC Decreases Stock Holdings in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Renaissance Technologies LLC reduced its position in Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 23.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 216,845 shares of the bank’s stock after selling 64,601 shares during the period. Renaissance Technologies LLC owned 1.12% of Orrstown Financial Services worth $7,939,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Comprehensive Financial Planning Inc. PA acquired a new stake in Orrstown Financial Services in the fourth quarter valued at approximately $38,000. R Squared Ltd acquired a new stake in shares of Orrstown Financial Services in the 4th quarter worth $42,000. VSM Wealth Advisory LLC acquired a new stake in shares of Orrstown Financial Services in the 4th quarter worth $47,000. Stonebridge Financial Group LLC purchased a new position in Orrstown Financial Services during the 4th quarter worth $92,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in Orrstown Financial Services during the 4th quarter valued at about $123,000. Hedge funds and other institutional investors own 44.27% of the company’s stock.

Orrstown Financial Services Price Performance

Shares of NASDAQ ORRF opened at $26.95 on Friday. Orrstown Financial Services, Inc. has a 52 week low of $24.90 and a 52 week high of $41.99. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The firm has a market cap of $525.66 million, a P/E ratio of 14.65 and a beta of 0.78. The business’s 50 day moving average price is $30.70 and its 200 day moving average price is $35.00.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings data on Friday, January 31st. The bank reported $0.87 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.17). Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. On average, sell-side analysts expect that Orrstown Financial Services, Inc. will post 4.23 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Friday, February 14th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, February 14th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.86%. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.23. Orrstown Financial Services’s dividend payout ratio (DPR) is presently 56.52%.

Insider Activity

In other news, Director John W. Giambalvo acquired 1,000 shares of the business’s stock in a transaction on Monday, March 10th. The stock was bought at an average price of $30.80 per share, with a total value of $30,800.00. Following the completion of the acquisition, the director now owns 40,562 shares of the company’s stock, valued at approximately $1,249,309.60. This represents a 2.53 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Brian D. Brunner acquired 2,500 shares of the firm’s stock in a transaction on Wednesday, March 19th. The stock was purchased at an average price of $30.87 per share, with a total value of $77,175.00. Following the transaction, the director now owns 49,330 shares of the company’s stock, valued at approximately $1,522,817.10. This trade represents a 5.34 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 6,800 shares of company stock valued at $211,892 in the last quarter. 4.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ORRF shares. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $42.00 price target (down previously from $46.00) on shares of Orrstown Financial Services in a report on Monday, February 3rd. Raymond James began coverage on shares of Orrstown Financial Services in a research report on Thursday, April 10th. They set an “outperform” rating and a $35.00 target price on the stock. Finally, Piper Sandler began coverage on shares of Orrstown Financial Services in a research note on Wednesday, January 8th. They set an “overweight” rating and a $43.00 price objective for the company. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $38.80.

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.