The Manufacturers Life Insurance Company Invests $8.73 Million in Orrstown Financial Services, Inc. (NASDAQ:ORRF)

The Manufacturers Life Insurance Company purchased a new stake in Orrstown Financial Services, Inc. (NASDAQ:ORRF) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 242,876 shares of the bank’s stock, valued at approximately $8,734,000. The Manufacturers Life Insurance Company owned approximately 1.25% of Orrstown Financial Services at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. CWM LLC raised 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 purchasing an additional 525 shares in the last quarter. Segall Bryant & Hamill LLC raised its stake in 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 buying an additional 2,143 shares in the last quarter. RKL Wealth Management LLC lifted its holdings in Orrstown Financial Services by 22.8% during the 3rd quarter. RKL Wealth Management LLC now owns 12,286 shares of the bank’s stock worth $442,000 after buying an additional 2,281 shares during the last quarter. SG Americas Securities LLC grew its position in shares of Orrstown Financial Services by 65.3% in the 3rd quarter. SG Americas Securities LLC now owns 9,318 shares of the bank’s stock worth $335,000 after acquiring an additional 3,682 shares in the last quarter. Finally, Quest Partners LLC bought a new stake in shares of Orrstown Financial Services in the 3rd quarter valued at approximately $155,000. 44.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Orrstown Financial Services Stock Down 1.2 %

Shares of Orrstown Financial Services stock opened at $39.33 on Wednesday. The stock has a market capitalization of $762.45 million, a price-to-earnings ratio of 21.15 and a beta of 0.90. Orrstown Financial Services, Inc. has a twelve month low of $23.52 and a twelve month high of $41.99. 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 business’s 50 day simple moving average is $37.88 and its 200-day simple moving average is $33.17.

Orrstown Financial Services (NASDAQ:ORRF) last issued 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 firm had revenue of $95.37 million during the quarter, compared to the consensus estimate of $60.90 million. Orrstown Financial Services had a return on equity of 14.41% and a net margin of 6.63%. Equities research analysts forecast that Orrstown Financial Services, Inc. will post 4 earnings per share for the current year.

Orrstown Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 12th. Shareholders of record on Tuesday, November 5th were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date was Tuesday, November 5th. Orrstown Financial Services’s payout ratio is 49.46%.

Insider Buying and Selling at Orrstown Financial Services

In other 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 transaction, the executive vice president now owns 20,877 shares of the company’s stock, valued at approximately $789,568.14. This represents a 16.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 6.20% of the stock is currently owned by company insiders.

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.