Bank of New York Mellon Corp Acquires 6,200 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Bank of New York Mellon Corp increased its holdings in Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 9.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,528 shares of the bank’s stock after purchasing an additional 6,200 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.70% of Orrstown Financial Services worth $2,039,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the business. EntryPoint Capital LLC purchased a new stake in Orrstown Financial Services in the first quarter worth about $31,000. CWM LLC lifted its holdings in shares of Orrstown Financial Services by 227.9% during the second quarter. CWM LLC now owns 1,692 shares of the bank’s stock valued at $46,000 after purchasing an additional 1,176 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of Orrstown Financial Services by 7.7% during the first quarter. Empowered Funds LLC now owns 22,092 shares of the bank’s stock valued at $591,000 after purchasing an additional 1,575 shares during the last quarter. Panagora Asset Management Inc. lifted its holdings in shares of Orrstown Financial Services by 4.5% during the fourth quarter. Panagora Asset Management Inc. now owns 37,796 shares of the bank’s stock valued at $1,115,000 after purchasing an additional 1,642 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Orrstown Financial Services by 92.9% during the first quarter. BNP Paribas Financial Markets now owns 5,227 shares of the bank’s stock valued at $140,000 after purchasing an additional 2,518 shares during the last quarter. 44.27% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ORRF has been the subject of several recent research reports. Hovde Group lifted their target price on shares of Orrstown Financial Services from $33.00 to $37.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Janney Montgomery Scott initiated coverage on shares of Orrstown Financial Services in a report on Friday, June 28th. They set a “buy” rating and a $32.00 target price for the company. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $32.00 price target on shares of Orrstown Financial Services in a research report on Tuesday, June 18th.

Orrstown Financial Services Stock Up 0.3 %

ORRF opened at $35.12 on Wednesday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.87 and a current ratio of 0.87. Orrstown Financial Services, Inc. has a fifty-two week low of $20.00 and a fifty-two week high of $36.60. The firm’s fifty day moving average is $33.39 and its 200 day moving average is $28.69. The stock has a market cap of $680.27 million, a price-to-earnings ratio of 10.48 and a beta of 0.90.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.83 EPS for the quarter, beating the consensus estimate of $0.73 by $0.10. Orrstown Financial Services had a net margin of 17.26% and a return on equity of 13.45%. The business had revenue of $50.45 million during the quarter, compared to the consensus estimate of $31.60 million. On average, sell-side analysts forecast that Orrstown Financial Services, Inc. will post 3.61 earnings per share for the current fiscal year.

Orrstown Financial Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Thursday, August 8th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.62%. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Thursday, August 8th. Orrstown Financial Services’s dividend payout ratio (DPR) is presently 27.46%.

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.