Orrstown Financial Services (NASDAQ:ORRF) Price Target Raised to $46.00

Orrstown Financial Services (NASDAQ:ORRF) had its price target raised by Hovde Group from $42.00 to $46.00 in a report published on Monday, Marketbeat Ratings reports. The firm currently has an outperform rating on the bank’s stock.

Other equities research analysts have also issued reports about the stock. 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. Raymond James Financial initiated coverage on Orrstown Financial Services in a report on Thursday, July 9th. They issued a “market perform” rating for the company. DA Davidson restated a “neutral” rating and issued a $41.00 target price on shares of Orrstown Financial Services in a research note on Wednesday, July 22nd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Orrstown Financial Services in a report on Tuesday, July 7th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $44.33.

Orrstown Financial Services Stock Performance

Shares of NASDAQ ORRF opened at $43.28 on Monday. The company has a 50 day simple moving average of $39.68 and a two-hundred day simple moving average of $37.68. The stock has a market cap of $850.45 million, a price-to-earnings ratio of 9.73 and a beta of 0.70. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.06. Orrstown Financial Services has a 12 month low of $31.51 and a 12 month high of $43.78.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings data on Tuesday, July 21st. 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 net margin of 24.00% and a return on equity of 14.66%. The firm had revenue of $64.30 million for the quarter, compared to analyst estimates of $64.10 million. As a group, analysts predict that Orrstown Financial Services will post 4.41 earnings per share for the current year.

Orrstown Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 11th. Investors of record on Tuesday, August 4th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Tuesday, August 4th. Orrstown Financial Services’s payout ratio is currently 26.97%.

Insiders Place Their Bets

In other Orrstown Financial Services news, EVP Amy Doll sold 3,002 shares of the 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 transaction, the executive vice president owned 25,669 shares in the company, valued at approximately $1,068,087.09. This represents a 10.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ORRF. Royal Bank of Canada increased its holdings in Orrstown Financial Services by 5.7% in the 4th quarter. Royal Bank of Canada now owns 4,963 shares of the bank’s stock worth $176,000 after acquiring an additional 267 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Orrstown Financial Services by 5.3% during the fourth quarter. SG Americas Securities LLC now owns 8,797 shares of the bank’s stock valued at $312,000 after purchasing an additional 440 shares in the last quarter. Vista Investment Management lifted its holdings in Orrstown Financial Services by 5.6% during the second quarter. Vista Investment Management now owns 8,444 shares of the bank’s stock valued at $269,000 after purchasing an additional 450 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Orrstown Financial Services by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,009 shares of the bank’s stock valued at $330,000 after purchasing an additional 490 shares during the period. Finally, Tower Research Capital LLC TRC grew its position in shares of Orrstown Financial Services by 86.4% in the second quarter. Tower Research Capital LLC TRC now owns 1,748 shares of the bank’s stock valued at $56,000 after purchasing an additional 810 shares during the period. Hedge funds and other institutional investors own 44.27% of the company’s stock.

Orrstown Financial Services Company Profile

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.