Cubist Systematic Strategies LLC Acquires 13,971 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Cubist Systematic Strategies LLC lifted its holdings in shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 89.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 29,541 shares of the bank’s stock after acquiring an additional 13,971 shares during the period. Cubist Systematic Strategies LLC’s holdings in Orrstown Financial Services were worth $1,081,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Assenagon Asset Management S.A. lifted its holdings in shares of Orrstown Financial Services by 36.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 55,297 shares of the bank’s stock worth $2,024,000 after acquiring an additional 14,894 shares during the period. Barclays PLC lifted its holdings in Orrstown Financial Services by 120.4% during the 3rd quarter. Barclays PLC now owns 33,721 shares of the bank’s stock valued at $1,212,000 after purchasing an additional 18,422 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Orrstown Financial Services by 36.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 89,407 shares of the bank’s stock valued at $3,215,000 after purchasing an additional 23,819 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Orrstown Financial Services by 9.4% during the 4th quarter. Principal Financial Group Inc. now owns 14,535 shares of the bank’s stock valued at $532,000 after purchasing an additional 1,245 shares during the last quarter. Finally, Swiss National Bank bought a new position in Orrstown Financial Services during the 4th quarter valued at about $1,395,000. 44.27% of the stock is owned by institutional investors.

Insider Transactions at Orrstown Financial Services

In other Orrstown Financial Services news, Director John W. Giambalvo purchased 1,000 shares of the stock in a transaction dated Monday, March 10th. The stock was bought at an average price of $30.80 per share, for a total transaction of $30,800.00. Following the transaction, the director now directly owns 40,562 shares in the company, valued at $1,249,309.60. This represents a 2.53% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Brian D. Brunner purchased 2,500 shares of the stock in a transaction dated Wednesday, March 19th. The shares were acquired 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 in the company, valued at $1,522,817.10. This trade represents a 5.34% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 6,500 shares of company stock worth $201,485 in the last quarter. 4.70% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on ORRF shares. Raymond James started coverage on shares of Orrstown Financial Services in a report on Thursday, April 10th. They set an “outperform” rating and a $35.00 price target for the company. Hovde Group raised shares of Orrstown Financial Services from a “market perform” rating to an “outperform” rating and set a $35.00 price target for the company in a report on Wednesday, April 30th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Orrstown Financial Services from $40.00 to $37.00 and set an “outperform” rating for the company in a report on Thursday, April 24th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $36.40.

Orrstown Financial Services Trading Up 0.2%

ORRF opened at $31.30 on Wednesday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $610.51 million, a PE ratio of 17.01 and a beta of 0.77. Orrstown Financial Services, Inc. has a 1-year low of $24.91 and a 1-year high of $41.99. The firm has a 50-day moving average price of $29.16 and a two-hundred day moving average price of $34.10.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings data on Tuesday, April 22nd. The bank reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.05. The firm had revenue of $60.39 million during the quarter, compared to analysts’ expectations of $51.83 million. Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. During the same quarter last year, the company posted $0.88 EPS. As a group, equities analysts anticipate that Orrstown Financial Services, Inc. will post 4.23 earnings per share for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 13th. Stockholders of record on Tuesday, May 6th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.32%. The ex-dividend date was Tuesday, May 6th. Orrstown Financial Services’s dividend payout ratio is 53.06%.

Orrstown Financial Services Company 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.