Hovde Group Issues Positive Forecast for Orrstown Financial Services (NASDAQ:ORRF) Stock Price

Orrstown Financial Services (NASDAQ:ORRF) had its target price lifted by Hovde Group from $35.00 to $37.00 in a research report sent to investors on Wednesday, MarketBeat.com reports. Hovde Group currently has an outperform rating on the bank’s stock.

Several other analysts have also recently issued reports on the stock. Raymond James started coverage on shares of Orrstown Financial Services in a research note on Thursday, April 10th. They set an “outperform” rating and a $35.00 price objective for the company. Keefe, Bruyette & Woods decreased their target price on 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 equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $36.80.

Orrstown Financial Services Price Performance

ORRF stock opened at $31.06 on Wednesday. The stock has a market capitalization of $605.83 million, a price-to-earnings ratio of 16.88 and a beta of 0.77. The stock’s fifty day simple moving average is $29.14 and its 200-day simple moving average is $34.08. Orrstown Financial Services has a 52-week low of $24.91 and a 52-week 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.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings data on Tuesday, April 22nd. The bank reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.05. Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. The business had revenue of $60.39 million for the quarter, compared to analyst estimates of $51.83 million. During the same period in the prior year, the firm posted $0.88 EPS. Equities research analysts expect that Orrstown Financial Services will post 4.23 EPS for the current year.

Orrstown Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 13th. Stockholders of record on Tuesday, May 6th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend was Tuesday, May 6th. Orrstown Financial Services’s payout ratio is currently 53.06%.

Insider Transactions at Orrstown Financial Services

In other Orrstown Financial Services news, Director Brian D. Brunner purchased 2,500 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The stock was acquired at an average cost of $30.87 per share, with a total value of $77,175.00. Following the acquisition, the director now owns 49,330 shares of the company’s stock, valued at approximately $1,522,817.10. This represents a 5.34% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John W. Giambalvo purchased 1,000 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were bought at an average price of $30.80 per share, for a total transaction of $30,800.00. Following the completion of the transaction, the director now directly owns 40,562 shares in the company, valued at approximately $1,249,309.60. This trade represents a 2.53% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 6,500 shares of company stock valued at $201,485. Insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Orrstown Financial Services

Several hedge funds and other institutional investors have recently modified their holdings of ORRF. Comprehensive Financial Planning Inc. PA bought a new position in Orrstown Financial Services in the 4th quarter worth about $38,000. R Squared Ltd acquired a new position in Orrstown Financial Services during the 4th quarter worth $42,000. VSM Wealth Advisory LLC acquired a new position in Orrstown Financial Services during the 4th quarter valued at about $47,000. Summit Investment Advisors Inc. raised 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 acquired a new stake in Orrstown Financial Services in the 4th quarter valued at about $92,000. Institutional investors and hedge funds own 44.27% of the company’s stock.

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.