Los Angeles Capital Management LLC Has $1.91 Million Stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Los Angeles Capital Management LLC reduced its stake in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 21.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 52,106 shares of the bank’s stock after selling 14,644 shares during the period. Los Angeles Capital Management LLC owned 0.27% of Orrstown Financial Services worth $1,908,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Fourthstone LLC lifted its stake in shares of Orrstown Financial Services by 223.8% in the third quarter. Fourthstone LLC now owns 1,811,825 shares of the bank’s stock worth $65,153,000 after acquiring an additional 1,252,356 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in Orrstown Financial Services during the 3rd quarter valued at approximately $8,734,000. Petiole USA ltd bought a new position in Orrstown Financial Services during the 3rd quarter worth approximately $6,543,000. Charles Schwab Investment Management Inc. lifted its position in shares of Orrstown Financial Services by 503.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 158,029 shares of the bank’s stock worth $5,683,000 after purchasing an additional 131,845 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Orrstown Financial Services by 32.2% in the 3rd quarter. Geode Capital Management LLC now owns 434,228 shares of the bank’s stock valued at $15,617,000 after purchasing an additional 105,735 shares during the last quarter. 44.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. 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. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $42.00 price objective (down from $46.00) on shares of Orrstown Financial Services in a research report on Monday, February 3rd. Finally, Piper Sandler started coverage on Orrstown Financial Services in a research note on Wednesday, January 8th. They issued an “overweight” rating and a $43.00 price objective on the stock.

Orrstown Financial Services Stock Up 1.1 %

Shares of NASDAQ ORRF opened at $33.50 on Friday. 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 $649.43 million, a PE ratio of 18.21 and a beta of 0.90. The company’s fifty day simple moving average is $35.18 and its 200 day simple moving average is $36.30. Orrstown Financial Services, Inc. has a 12-month low of $24.70 and a 12-month high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings data on Friday, January 31st. The bank reported $0.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.17). Orrstown Financial Services had a return on equity of 15.77% and a net margin of 7.70%. As a group, sell-side 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 company also recently declared a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Friday, February 14th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.04 annualized dividend and a yield of 3.10%. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.23. Orrstown Financial Services’s dividend payout ratio is presently 56.52%.

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.