JPMorgan Chase & Co. Purchases 23,819 Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF)

JPMorgan Chase & Co. raised its position in Orrstown Financial Services, Inc. (NASDAQ:ORRF) by 36.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 89,407 shares of the bank’s stock after buying an additional 23,819 shares during the quarter. JPMorgan Chase & Co.’s holdings in Orrstown Financial Services were worth $3,215,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Principal Financial Group Inc. acquired a new stake in shares of Orrstown Financial Services in the third quarter valued at about $478,000. Barclays PLC increased its position in shares of Orrstown Financial Services by 120.4% during the 3rd quarter. Barclays PLC now owns 33,721 shares of the bank’s stock worth $1,212,000 after purchasing an additional 18,422 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Orrstown Financial Services by 32.2% in the 3rd quarter. Geode Capital Management LLC now owns 434,228 shares of the bank’s stock valued at $15,617,000 after buying an additional 105,735 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Orrstown Financial Services in the 3rd quarter valued at approximately $227,000. Finally, Jane Street Group LLC grew its stake in shares of Orrstown Financial Services by 21.5% in the third quarter. Jane Street Group LLC now owns 20,768 shares of the bank’s stock valued at $747,000 after buying an additional 3,680 shares in the last quarter. Institutional investors and hedge funds own 44.27% of the company’s stock.

Orrstown Financial Services Stock Performance

NASDAQ:ORRF opened at $36.06 on Monday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88. Orrstown Financial Services, Inc. has a fifty-two week low of $24.70 and a fifty-two week high of $41.99. The company has a market cap of $699.06 million, a price-to-earnings ratio of 19.39 and a beta of 0.91. The stock has a fifty day moving average price of $38.00 and a 200-day moving average price of $35.69.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.19. The firm had revenue of $95.37 million for the quarter, compared to the consensus estimate of $60.90 million. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 14.41%. As a group, equities analysts anticipate that Orrstown Financial Services, Inc. will post 4 EPS 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 given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend was Tuesday, November 5th. Orrstown Financial Services’s dividend payout ratio is presently 49.46%.

Insiders Place Their Bets

In related news, EVP David Todd Hornberger sold 4,000 shares of the business’s stock in a transaction 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 sale, the executive vice president now owns 20,877 shares in the company, valued at $789,568.14. The trade was a 16.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 5.30% of the company’s stock.

Analyst Upgrades and Downgrades

ORRF has been the subject of a number of recent analyst reports. Piper Sandler started coverage on shares of Orrstown Financial Services in a research note on Wednesday, January 8th. They issued an “overweight” rating and a $43.00 price target for the company. Hovde Group downgraded shares of Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th.

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.