Orrstown Financial Services (NASDAQ:ORRF) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Saturday, Zacks.com reports.

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. “

Several other research firms have also issued reports on ORRF. ValuEngine upgraded Orrstown Financial Services from a “sell” rating to a “hold” rating in a research report on Friday, May 3rd. Sandler O’Neill lowered Orrstown Financial Services from a “buy” rating to a “hold” rating and reduced their price target for the stock from $22.00 to $21.50 in a research report on Friday, March 29th. Finally, Hovde Group assumed coverage on Orrstown Financial Services in a research report on Friday, May 31st. They set an “outperform” rating and a $25.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Orrstown Financial Services presently has an average rating of “Buy” and an average target price of $25.10.

Shares of NASDAQ ORRF opened at $22.10 on Friday. The stock has a market cap of $209.55 million, a P/E ratio of 12.21 and a beta of 0.60. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.81 and a current ratio of 0.81. Orrstown Financial Services has a 1-year low of $17.30 and a 1-year high of $27.05.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings data on Wednesday, April 24th. The bank reported $0.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.02. The company had revenue of $19.92 million for the quarter, compared to analysts’ expectations of $19.65 million. Orrstown Financial Services had a return on equity of 9.45% and a net margin of 13.42%. As a group, equities analysts expect that Orrstown Financial Services will post 1.69 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. grew its position in shares of Orrstown Financial Services by 4.0% in the 4th quarter. BlackRock Inc. now owns 560,245 shares of the bank’s stock worth $10,202,000 after buying an additional 21,695 shares during the last quarter. EJF Capital LLC grew its position in shares of Orrstown Financial Services by 66.5% in the 4th quarter. EJF Capital LLC now owns 167,235 shares of the bank’s stock worth $3,045,000 after buying an additional 66,803 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Orrstown Financial Services by 14.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 164,116 shares of the bank’s stock worth $2,989,000 after buying an additional 20,494 shares during the last quarter. Pacific Ridge Capital Partners LLC grew its position in shares of Orrstown Financial Services by 20.8% in the 1st quarter. Pacific Ridge Capital Partners LLC now owns 110,345 shares of the bank’s stock worth $2,051,000 after buying an additional 19,027 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Orrstown Financial Services by 19.5% in the 4th quarter. Geode Capital Management LLC now owns 78,061 shares of the bank’s stock worth $1,421,000 after buying an additional 12,760 shares during the last quarter. Institutional investors and hedge funds own 39.77% of the company’s stock.

About Orrstown Financial Services

Orrstown Financial Services, Inc operates as the holding company for Orrstown Bank that provides commercial banking and trust services in the United States. The company accepts various deposits, including checking, savings, time, demand, and money market deposits. It also offers commercial loans, such as commercial real estate, equipment, working capital, and other commercial purpose loans; consumer loans comprising home equity and other consumer loans, as well as home equity lines of credit; residential mortgage loans; agribusiness loans; acquisition and development loans; municipal loans; and installment and other loans.

Featured Story: What is the Federal Reserve?

Get a free copy of the Zacks research report on Orrstown Financial Services (ORRF)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Orrstown Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Orrstown Financial Services and related companies with MarketBeat.com's FREE daily email newsletter.