Principal Financial Group Inc. Purchases Shares of 13,290 Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Principal Financial Group Inc. acquired a new position in Orrstown Financial Services, Inc. (NASDAQ:ORRF) in the third quarter, Holdings Channel.com reports. The firm acquired 13,290 shares of the bank’s stock, valued at approximately $478,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ORRF. EntryPoint Capital LLC bought a new position in Orrstown Financial Services during the first quarter valued at approximately $31,000. CWM LLC grew its holdings in shares of Orrstown Financial Services by 227.9% during the 2nd 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. SG Americas Securities LLC purchased a new position in Orrstown Financial Services in the 2nd quarter worth $154,000. Fulton Bank N.A. bought a new stake in Orrstown Financial Services in the third quarter worth $209,000. Finally, Beese Fulmer Investment Management Inc. purchased a new stake in Orrstown Financial Services during the third quarter valued at about $242,000. 44.27% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Orrstown Financial Services news, EVP David Todd Hornberger sold 4,000 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $37.82, for a total value of $151,280.00. Following the completion of the sale, the executive vice president now owns 20,877 shares in the company, valued at approximately $789,568.14. This represents a 16.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 5.30% of the company’s stock.

Analysts Set New Price Targets

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

Orrstown Financial Services Stock Up 1.4 %

Shares of NASDAQ:ORRF opened at $40.49 on Monday. Orrstown Financial Services, Inc. has a 12-month low of $22.86 and a 12-month high of $41.99. The stock has a market capitalization of $785.10 million, a price-to-earnings ratio of 21.77 and a beta of 0.89. The stock has a fifty day simple moving average of $37.30 and a two-hundred day simple moving average of $32.53. 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 issued its earnings results on Tuesday, October 22nd. The bank reported $1.11 EPS for the quarter, beating the consensus estimate of $0.92 by $0.19. Orrstown Financial Services had a return on equity of 14.41% and a net margin of 6.63%. The business had revenue of $95.37 million for the quarter, compared to the consensus estimate of $60.90 million. On average, research analysts anticipate that Orrstown Financial Services, Inc. will post 4 earnings per share for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 12th. Shareholders of record on Tuesday, November 5th were issued a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.92 dividend on an annualized basis and a yield of 2.27%. Orrstown Financial Services’s dividend payout ratio is currently 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.