Orrstown Financial Services Inc (NASDAQ:ORRF) Upgraded to Outperform by Keefe, Bruyette & Woods
Keefe, Bruyette & Woods upgraded shares of Orrstown Financial Services Inc (NASDAQ:ORRF) from a market perform rating to an outperform rating in a research report released on Thursday morning, MarketBeat Ratings reports. The brokerage currently has $28.00 target price on the bank’s stock, up from their prior target price of $24.00.
Separately, Zacks Investment Research lowered shares of Orrstown Financial Services from a buy rating to a hold rating in a report on Thursday, March 30th.
Shares of Orrstown Financial Services (NASDAQ ORRF) traded up 2.30% during trading on Thursday, hitting $24.50. 4,400 shares of the company were exchanged. Orrstown Financial Services has a 12 month low of $18.05 and a 12 month high of $24.50. The firm’s 50-day moving average price is $22.49 and its 200 day moving average price is $21.91. The firm has a market capitalization of $197.67 million, a PE ratio of 23.09 and a beta of 0.88.
Orrstown Financial Services (NASDAQ:ORRF) last posted its earnings results on Wednesday, July 26th. The bank reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.13. The firm had revenue of $16.34 million during the quarter, compared to analyst estimates of $16.09 million. Orrstown Financial Services had a net margin of 13.25% and a return on equity of 6.32%. On average, equities research analysts expect that Orrstown Financial Services will post $1.34 earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Tuesday, August 8th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend is Friday, August 4th. Orrstown Financial Services’s payout ratio is presently 37.74%.
In related news, Director Anthony F. Ceddia sold 1,250 shares of the business’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $20.31, for a total value of $25,387.50. Following the completion of the sale, the director now owns 8,312 shares of the company’s stock, valued at approximately $168,816.72. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last three months, insiders sold 2,508 shares of company stock valued at $52,850. 5.40% of the stock is owned by insiders.
A number of large investors have recently modified their holdings of the company. American International Group Inc. raised its stake in shares of Orrstown Financial Services by 7.2% in the first quarter. American International Group Inc. now owns 4,559 shares of the bank’s stock valued at $102,000 after buying an additional 306 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Orrstown Financial Services by 3.6% in the first quarter. Geode Capital Management LLC now owns 51,019 shares of the bank’s stock valued at $1,140,000 after buying an additional 1,759 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Orrstown Financial Services during the first quarter valued at approximately $138,000. State Street Corp raised its stake in shares of Orrstown Financial Services by 7.1% in the fourth quarter. State Street Corp now owns 95,136 shares of the bank’s stock valued at $2,127,000 after buying an additional 6,281 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Orrstown Financial Services by 24.8% in the first quarter. Bank of New York Mellon Corp now owns 32,494 shares of the bank’s stock valued at $726,000 after buying an additional 6,462 shares during the last quarter. 37.63% of the stock is owned by institutional investors.
Orrstown Financial Services Company Profile
Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank (the Bank). The Bank is engaged in commercial banking and trust business. The Company operates through Community Banking segment. The Bank’s activities involve accepting demand, time and savings deposits, and granting loans.
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