Orrstown Financial Services Inc (ORRF) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Orrstown Financial Services Inc (NASDAQ:ORRF) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. The firm currently has $30.00 target price on the bank’s stock.
According to Zacks, “Orrstown Financial Services, Inc. is a financial holding company. The Company’s primary activity consists of owning and supervising its subsidiary, Orrstown Bank, that is engaged in providing banking and bank related services. The Bank provides these services in south central Pennsylvania, principally Franklin, Perry and Cumberland Counties in Pennsylvania and in Washington County, Maryland. The Company’s subsidiary is The First National Bank of Newport. The day-to-day management of the Bank is conducted by the subsidiary’s officers. “
A number of other analysts have also weighed in on the stock. Keefe, Bruyette & Woods upgraded shares of Orrstown Financial Services from a market perform rating to an outperform rating and upped their target price for the stock from $24.00 to $28.00 in a research note on Thursday, July 27th. Boenning Scattergood reaffirmed a hold rating on shares of Orrstown Financial Services in a report on Friday, October 27th.
Orrstown Financial Services (ORRF) traded down $0.48 during mid-day trading on Tuesday, hitting $25.25. 10,074 shares of the company were exchanged, compared to its average volume of 13,868. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.75 and a quick ratio of 0.74. Orrstown Financial Services has a 12-month low of $18.05 and a 12-month high of $26.95. The stock has a market capitalization of $210.66, a price-to-earnings ratio of 21.19 and a beta of 0.68.
Orrstown Financial Services (NASDAQ:ORRF) last released its earnings results on Wednesday, October 25th. The bank reported $0.34 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.34. Orrstown Financial Services had a net margin of 14.58% and a return on equity of 7.23%. The firm had revenue of $16.34 million for the quarter, compared to analyst estimates of $16.25 million. sell-side analysts forecast that Orrstown Financial Services will post 1.37 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Monday, November 6th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.90%. This is an increase from Orrstown Financial Services’s previous quarterly dividend of $0.10. The ex-dividend date is Friday, November 3rd. Orrstown Financial Services’s dividend payout ratio is 32.79%.
A number of institutional investors and hedge funds have recently made changes to their positions in ORRF. Bank of New York Mellon Corp boosted its holdings in 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 purchasing an additional 6,462 shares in the last quarter. SG Americas Securities LLC acquired a new position in Orrstown Financial Services in the first quarter valued at approximately $138,000. American International Group Inc. boosted its holdings in 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 purchasing an additional 306 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Orrstown Financial Services by 17.0% in the first quarter. Wellington Management Group LLP now owns 79,813 shares of the bank’s stock valued at $1,784,000 after purchasing an additional 11,578 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in 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 purchasing an additional 1,759 shares in the last quarter. 38.00% of the stock is owned by hedge funds and other institutional investors.
About Orrstown Financial Services
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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