Orrstown Financial Services (NASDAQ:ORRF) Now Covered by DA Davidson

DA Davidson started coverage on shares of Orrstown Financial Services (NASDAQ:ORRF) in a research report sent to investors on Friday morning, Marketbeat reports. The brokerage issued a neutral rating and a $41.00 price objective on the bank’s stock.

Several other research analysts also recently weighed in on the stock. Weiss Ratings upgraded shares of Orrstown Financial Services from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. Hovde Group upped their price target on shares of Orrstown Financial Services from $40.00 to $42.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $41.67.

Orrstown Financial Services Trading Down 2.3%

ORRF stock opened at $35.19 on Friday. The company’s 50-day simple moving average is $36.31 and its 200-day simple moving average is $36.18. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.06. Orrstown Financial Services has a 52-week low of $29.31 and a 52-week high of $40.72. The firm has a market cap of $691.48 million, a P/E ratio of 8.05 and a beta of 0.71.

Orrstown Financial Services (NASDAQ:ORRF) last posted its earnings results on Wednesday, April 22nd. The bank reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.08. Orrstown Financial Services had a net margin of 23.58% and a return on equity of 14.75%. The business had revenue of $64.58 million for the quarter, compared to analyst estimates of $63.20 million. As a group, equities analysts forecast that Orrstown Financial Services will post 4.33 EPS for the current fiscal year.

Orrstown Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 12th. Investors of record on Tuesday, May 5th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Tuesday, May 5th. Orrstown Financial Services’s dividend payout ratio is 27.46%.

Insider Buying and Selling at Orrstown Financial Services

In related news, Director Brian D. Brunner purchased 1,000 shares of Orrstown Financial Services stock in a transaction that occurred on Wednesday, March 18th. The stock was purchased at an average price of $34.02 per share, for a total transaction of $34,020.00. Following the transaction, the director directly owned 50,529 shares in the company, valued at approximately $1,718,996.58. This trade represents a 2.02% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 4.30% of the stock is currently owned by company insiders.

Institutional Trading of Orrstown Financial Services

A number of hedge funds have recently bought and sold shares of ORRF. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Orrstown Financial Services by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,009 shares of the bank’s stock valued at $330,000 after acquiring an additional 490 shares during the last quarter. Millennium Management LLC raised its holdings in Orrstown Financial Services by 123.8% in the 1st quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock valued at $9,913,000 after acquiring an additional 182,709 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Orrstown Financial Services by 2.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 85,047 shares of the bank’s stock valued at $2,552,000 after acquiring an additional 2,417 shares during the last quarter. Jane Street Group LLC acquired a new stake in Orrstown Financial Services in the 1st quarter valued at about $1,080,000. Finally, Creative Planning acquired a new stake in Orrstown Financial Services in the 2nd quarter valued at about $365,000. Institutional investors and hedge funds own 44.27% of the company’s stock.

About Orrstown Financial Services

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.