Orrstown Financial Services (NASDAQ:ORRF) Upgraded to “Outperform” at Hovde Group

Orrstown Financial Services (NASDAQ:ORRF) was upgraded by equities research analysts at Hovde Group from a “market perform” rating to an “outperform” rating in a research note issued to investors on Wednesday,Finviz reports. The brokerage presently has a $35.00 price target on the bank’s stock. Hovde Group’s price objective would indicate a potential upside of 17.57% from the company’s previous close.

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

Orrstown Financial Services Stock Up 3.0 %

Shares of Orrstown Financial Services stock opened at $29.77 on Wednesday. The company’s 50 day moving average price is $29.66 and its 200-day moving average price is $34.56. Orrstown Financial Services has a 52-week low of $24.91 and a 52-week high of $41.99. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market capitalization of $580.66 million, a price-to-earnings ratio of 16.18 and a beta of 0.78.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly 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. The business had revenue of $60.39 million for the quarter, compared to analyst estimates of $51.83 million. Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. During the same quarter last year, the firm earned $0.88 EPS. Equities research analysts forecast that Orrstown Financial Services will post 4.23 EPS for the current year.

Insider Buying and Selling

In related news, Director Brian D. Brunner bought 2,500 shares of the company’s stock in a transaction on Wednesday, March 19th. The shares were acquired at an average cost of $30.87 per share, with a total value of $77,175.00. Following the completion of the acquisition, the director now owns 49,330 shares of the company’s stock, valued at $1,522,817.10. The trade was a 5.34 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John W. Giambalvo purchased 1,000 shares of the stock in a transaction dated Monday, March 10th. The stock was bought at an average cost of $30.80 per share, with a total value of $30,800.00. Following the transaction, the director now owns 40,562 shares in the company, valued at $1,249,309.60. The trade was a 2.53 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 6,800 shares of company stock worth $211,892 in the last three months. 4.70% of the stock is owned by corporate insiders.

Institutional Trading of Orrstown Financial Services

Several institutional investors have recently bought and sold shares of ORRF. PL Capital Advisors LLC grew its holdings in shares of Orrstown Financial Services by 3,561.0% during the fourth quarter. PL Capital Advisors LLC now owns 2,356,073 shares of the bank’s stock valued at $86,256,000 after buying an additional 2,291,717 shares during the last quarter. Vanguard Group Inc. boosted its stake in Orrstown Financial Services by 6.2% during the 4th quarter. Vanguard Group Inc. now owns 1,042,866 shares of the bank’s stock valued at $38,179,000 after purchasing an additional 61,081 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Orrstown Financial Services by 0.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 833,950 shares of the bank’s stock worth $30,531,000 after purchasing an additional 2,872 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Orrstown Financial Services by 0.3% in the fourth quarter. American Century Companies Inc. now owns 228,067 shares of the bank’s stock worth $8,350,000 after purchasing an additional 755 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Orrstown Financial Services by 6.7% during the fourth quarter. Northern Trust Corp now owns 159,868 shares of the bank’s stock valued at $5,853,000 after purchasing an additional 10,096 shares in the last quarter. 44.27% of the stock is owned by hedge funds and other institutional investors.

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.