Salzhauer Michael Sells 10,900 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Salzhauer Michael lessened its stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 42.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,000 shares of the bank’s stock after selling 10,900 shares during the quarter. Salzhauer Michael owned approximately 0.08% of Orrstown Financial Services worth $549,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. SG Americas Securities LLC lifted its position in shares of Orrstown Financial Services by 65.3% during the 3rd quarter. SG Americas Securities LLC now owns 9,318 shares of the bank’s stock worth $335,000 after buying an additional 3,682 shares in the last quarter. CWM LLC increased its holdings in Orrstown Financial Services by 31.0% in the 3rd quarter. CWM LLC now owns 2,217 shares of the bank’s stock worth $80,000 after acquiring an additional 525 shares during the last quarter. Rodgers & Associates LTD bought a new stake in shares of Orrstown Financial Services in the third quarter valued at approximately $479,000. Beese Fulmer Investment Management Inc. bought a new stake in Orrstown Financial Services during the 3rd quarter valued at $242,000. Finally, Assenagon Asset Management S.A. lifted its holdings in Orrstown Financial Services by 112.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 40,403 shares of the bank’s stock worth $1,453,000 after purchasing an additional 21,373 shares in the last quarter. Hedge funds and other institutional investors own 44.27% of the company’s stock.

Orrstown Financial Services Stock Down 0.5 %

Shares of ORRF opened at $34.51 on Monday. Orrstown Financial Services, Inc. has a 1 year low of $24.70 and a 1 year high of $41.99. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a 50 day simple moving average of $36.64 and a two-hundred day simple moving average of $36.34. The firm has a market cap of $669.15 million, a P/E ratio of 18.76 and a beta of 0.90.

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

Orrstown Financial Services Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 21st. Investors of record on Friday, February 14th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, February 14th. This is a boost from Orrstown Financial Services’s previous quarterly dividend of $0.23. This represents a $1.04 annualized dividend and a dividend yield of 3.01%. Orrstown Financial Services’s dividend payout ratio (DPR) is presently 50.00%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $42.00 price objective (down previously from $46.00) on shares of Orrstown Financial Services in a research note on Monday, February 3rd. Piper Sandler began coverage on Orrstown Financial Services in a report on Wednesday, January 8th. They set an “overweight” rating and a $43.00 price objective for the company. Finally, Hovde Group downgraded shares of Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th.

Orrstown Financial Services Profile

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.