Assenagon Asset Management S.A. Makes New $10.74 Million Investment in Orrstown Financial Services Inc $ORRF

Assenagon Asset Management S.A. bought a new position in shares of Orrstown Financial Services Inc (NASDAQ:ORRF) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 297,763 shares of the bank’s stock, valued at approximately $10,743,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. SG Americas Securities LLC raised its stake in shares of Orrstown Financial Services by 21.8% in the first quarter. SG Americas Securities LLC now owns 10,711 shares of the bank’s stock valued at $386,000 after acquiring an additional 1,914 shares in the last quarter. Hsbc Holdings PLC grew its stake in Orrstown Financial Services by 94.1% during the 4th quarter. Hsbc Holdings PLC now owns 15,337 shares of the bank’s stock worth $544,000 after purchasing an additional 7,437 shares in the last quarter. Virtu Financial LLC purchased a new stake in Orrstown Financial Services during the 4th quarter worth about $256,000. State of Tennessee Department of Treasury raised its position in Orrstown Financial Services by 52.6% in the 4th quarter. State of Tennessee Department of Treasury now owns 9,121 shares of the bank’s stock valued at $329,000 after purchasing an additional 3,145 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in Orrstown Financial Services in the 4th quarter valued at about $444,000. Hedge funds and other institutional investors own 44.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, DA Davidson assumed coverage on shares of Orrstown Financial Services in a report on Friday, May 15th. They set a “neutral” rating and a $41.00 price target for the company. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Orrstown Financial Services currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.67.

Orrstown Financial Services Trading Up 1.2%

NASDAQ:ORRF opened at $41.23 on Friday. The stock’s 50 day moving average price is $37.61 and its 200 day moving average price is $36.90. The company has a market capitalization of $810.17 million, a PE ratio of 9.43 and a beta of 0.70. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.06. Orrstown Financial Services Inc has a 52-week low of $31.51 and a 52-week high of $41.52.

Orrstown Financial Services (NASDAQ:ORRF) last announced its earnings results on Wednesday, April 22nd. The bank reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.08. The business had revenue of $64.58 million during the quarter, compared to analysts’ expectations of $63.20 million. Orrstown Financial Services had a net margin of 23.58% and a return on equity of 14.75%. On average, research analysts anticipate that Orrstown Financial Services Inc will post 4.3 EPS for the current year.

Orrstown Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 12th. Shareholders of record on Tuesday, May 5th were given a $0.30 dividend. The ex-dividend date was Tuesday, May 5th. This represents a $1.20 annualized dividend and a yield of 2.9%. Orrstown Financial Services’s dividend payout ratio is presently 27.46%.

About Orrstown Financial Services

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.