Connor Clark & Lunn Investment Management Ltd. Acquires 23,333 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 110.8% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 44,387 shares of the bank’s stock after acquiring an additional 23,333 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Orrstown Financial Services were worth $1,596,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of ORRF. CWM LLC lifted its stake in shares of Orrstown Financial Services by 31.0% in the 3rd quarter. CWM LLC now owns 2,217 shares of the bank’s stock valued at $80,000 after acquiring an additional 525 shares during the last quarter. EntryPoint Capital LLC bought a new position in Orrstown Financial Services in the first quarter valued at about $31,000. Segall Bryant & Hamill LLC boosted its stake in shares of Orrstown Financial Services by 1.7% during the third quarter. Segall Bryant & Hamill LLC now owns 124,652 shares of the bank’s stock valued at $4,482,000 after purchasing an additional 2,143 shares in the last quarter. RKL Wealth Management LLC grew its holdings in shares of Orrstown Financial Services by 22.8% during the third quarter. RKL Wealth Management LLC now owns 12,286 shares of the bank’s stock worth $442,000 after purchasing an additional 2,281 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of Orrstown Financial Services by 65.3% during the third quarter. SG Americas Securities LLC now owns 9,318 shares of the bank’s stock worth $335,000 after purchasing an additional 3,682 shares during the last quarter. Institutional investors and hedge funds own 44.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Hovde Group downgraded shares of Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th.

Insider Buying and Selling

In related news, EVP David Todd Hornberger sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $37.82, for a total transaction of $151,280.00. Following the completion of the sale, the executive vice president now owns 20,877 shares of the company’s stock, valued at $789,568.14. This trade represents a 16.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 5.30% of the stock is owned by insiders.

Orrstown Financial Services Stock Down 0.8 %

Shares of ORRF opened at $39.78 on Wednesday. The stock’s 50-day moving average price is $37.40 and its two-hundred day moving average price is $32.63. Orrstown Financial Services, Inc. has a 12 month low of $22.86 and a 12 month high of $41.99. The company has a market capitalization of $771.18 million, a PE ratio of 21.41 and a beta of 0.89. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.19. The company had revenue of $95.37 million for the quarter, compared to analyst estimates of $60.90 million. Orrstown Financial Services had a return on equity of 14.41% and a net margin of 6.63%. On average, analysts anticipate that Orrstown Financial Services, Inc. will post 4 EPS for the current year.

Orrstown Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Tuesday, November 5th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend was Tuesday, November 5th. Orrstown Financial Services’s dividend payout ratio (DPR) is presently 49.46%.

About Orrstown Financial Services

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.