Man Group plc Takes $5.96 Million Position in Orrstown Financial Services Inc $ORRF

Man Group plc acquired a new position in Orrstown Financial Services Inc (NASDAQ:ORRF) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 146,012 shares of the bank’s stock, valued at approximately $5,962,000. Man Group plc owned about 0.74% of Orrstown Financial Services as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in ORRF. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Orrstown Financial Services by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,009 shares of the bank’s stock worth $330,000 after purchasing an additional 490 shares during the last quarter. Millennium Management LLC boosted its holdings in Orrstown Financial Services by 123.8% in the first quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock worth $9,913,000 after purchasing an additional 182,709 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Orrstown Financial Services by 2.9% during the first quarter. Goldman Sachs Group Inc. now owns 85,047 shares of the bank’s stock worth $2,552,000 after buying an additional 2,417 shares during the last quarter. Jane Street Group LLC acquired a new position in Orrstown Financial Services during the first quarter worth $1,080,000. Finally, Creative Planning bought a new position in Orrstown Financial Services during the second quarter valued at about $365,000. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ORRF. Weiss Ratings reiterated a “buy (b)” rating on shares of Orrstown Financial Services in a research note on Tuesday, July 7th. DA Davidson reiterated a “neutral” rating and issued a $41.00 target price on shares of Orrstown Financial Services in a report on Wednesday, July 22nd. Raymond James Financial assumed coverage on shares of Orrstown Financial Services in a research report on Thursday, July 9th. They set a “market perform” rating for the company. Keefe, Bruyette & Woods upped their price target on shares of Orrstown Financial Services from $44.00 to $46.00 and gave the company an “outperform” rating in a report on Thursday, July 23rd. Finally, Hovde Group raised their price target on Orrstown Financial Services from $42.00 to $46.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $44.33.

Insider Buying and Selling at Orrstown Financial Services

In other news, EVP Amy Doll sold 3,002 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $41.61, for a total transaction of $124,913.22. Following the sale, the executive vice president directly owned 25,669 shares in the company, valued at approximately $1,068,087.09. The trade was a 10.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 4.30% of the company’s stock.

Orrstown Financial Services Stock Down 0.5%

NASDAQ ORRF opened at $41.96 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a 50-day simple moving average of $41.80 and a 200 day simple moving average of $38.58. Orrstown Financial Services Inc has a twelve month low of $31.87 and a twelve month high of $43.81. The stock has a market cap of $825.35 million, a PE ratio of 9.43 and a beta of 0.69.

Orrstown Financial Services (NASDAQ:ORRF) last released its earnings results on Wednesday, July 22nd. The bank reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.06. Orrstown Financial Services had a return on equity of 14.46% and a net margin of 24.00%.The business had revenue of $62.67 million for the quarter, compared to the consensus estimate of $64.10 million. On average, research analysts forecast that Orrstown Financial Services Inc will post 4.41 EPS for the current year.

Orrstown Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Tuesday, August 4th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Tuesday, August 4th. Orrstown Financial Services’s dividend payout ratio (DPR) is presently 26.97%.

About Orrstown Financial Services

Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank, a community banking organization headquartered in Shippensburg, Pennsylvania. The roots of Orrstown Bank date back to 1865, and the holding company structure was established to support its growth and diversification. As a regional financial institution, Orrstown Financial Services focuses on delivering personalized banking solutions to individuals, families and businesses across Central Pennsylvania.

The company’s core offerings include a full suite of deposit products such as checking and savings accounts, money market accounts and certificates of deposit.