Orrstown Financial Services (NASDAQ:ORRF) Upgraded by Hovde Group to Outperform Rating

Hovde Group upgraded shares of Orrstown Financial Services (NASDAQ:ORRF) from a market perform rating to an outperform rating in a research report report published on Wednesday morning, Marketbeat.com reports. They currently have $35.00 target price on the bank’s stock.

Several other equities research analysts also recently commented on ORRF. Keefe, Bruyette & Woods dropped their price objective on shares of Orrstown Financial Services from $40.00 to $37.00 and set an “outperform” rating on the stock in a report on Thursday, April 24th. Piper Sandler started coverage on shares of Orrstown Financial Services in a research note on Wednesday, January 8th. They set an “overweight” rating and a $43.00 price target on the stock. Finally, Raymond James began coverage on shares of Orrstown Financial Services in a research note on Thursday, April 10th. They issued an “outperform” rating and a $35.00 price objective for the company. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $36.40.

Orrstown Financial Services Trading Up 1.5 %

Shares of ORRF stock opened at $30.35 on Wednesday. Orrstown Financial Services has a 12-month low of $24.91 and a 12-month high of $41.99. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The company has a 50 day moving average of $29.49 and a 200-day moving average of $34.44. The firm has a market cap of $591.98 million, a P/E ratio of 16.49 and a beta of 0.78.

Orrstown Financial Services (NASDAQ:ORRF) last released its earnings results on Tuesday, April 22nd. The bank reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.05. Orrstown Financial Services had a return on equity of 15.77% and a net margin of 7.70%. The business had revenue of $60.39 million during the quarter, compared to the consensus estimate of $51.83 million. During the same period last year, the business posted $0.88 earnings per share. Sell-side analysts anticipate that Orrstown Financial Services will post 4.23 earnings per share for the current year.

Orrstown Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 13th. Stockholders of record on Tuesday, May 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Tuesday, May 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.43%. Orrstown Financial Services’s dividend payout ratio (DPR) is currently 53.06%.

Insider Activity at Orrstown Financial Services

In other Orrstown Financial Services news, Director John W. Giambalvo acquired 1,000 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was bought at an average price of $30.80 per share, with a total value of $30,800.00. Following the completion of the purchase, the director now owns 40,562 shares of the company’s stock, valued at approximately $1,249,309.60. This represents a 2.53 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Brian D. Brunner bought 2,500 shares of Orrstown Financial Services stock in a transaction that occurred on Wednesday, March 19th. The shares were acquired at an average price of $30.87 per share, with a total value of $77,175.00. Following the completion of the transaction, the director now owns 49,330 shares of the company’s stock, valued at $1,522,817.10. This represents a 5.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 6,800 shares of company stock valued at $211,892. Corporate insiders own 4.70% of the company’s stock.

Institutional Trading of Orrstown Financial Services

A number of large investors have recently modified their holdings of ORRF. Comprehensive Financial Planning Inc. PA purchased a new stake in Orrstown Financial Services in the fourth quarter valued at approximately $38,000. R Squared Ltd purchased a new stake in shares of Orrstown Financial Services during the 4th quarter valued at $42,000. VSM Wealth Advisory LLC bought a new stake in shares of Orrstown Financial Services during the 4th quarter worth $47,000. Summit Investment Advisors Inc. grew its position in Orrstown Financial Services by 21.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank’s stock worth $71,000 after acquiring an additional 349 shares in the last quarter. Finally, Stonebridge Financial Group LLC bought a new position in Orrstown Financial Services in the fourth quarter valued at $92,000. Institutional investors own 44.27% of the company’s stock.

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.