Zacks Investment Research cut shares of Orrstown Financial Services (NASDAQ:ORRF) from a buy rating to a hold rating in a research report released on Friday.

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. “

Separately, Boenning Scattergood reiterated a hold rating on shares of Orrstown Financial Services in a research report on Thursday, October 18th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $26.33.

Shares of NASDAQ:ORRF opened at $18.78 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.76 and a quick ratio of 0.76. The stock has a market cap of $179.98 million, a price-to-earnings ratio of 10.38 and a beta of 0.60. Orrstown Financial Services has a twelve month low of $17.30 and a twelve month high of $27.05.

Orrstown Financial Services (NASDAQ:ORRF) last issued its earnings results on Wednesday, January 23rd. The bank reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.10). The business had revenue of $19.78 million for the quarter, compared to the consensus estimate of $20.21 million. Orrstown Financial Services had a return on equity of 10.40% and a net margin of 14.77%. Analysts predict that Orrstown Financial Services will post 1.94 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 11th. Stockholders of record on Monday, February 4th will be given a $0.15 dividend. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date is Friday, February 1st. Orrstown Financial Services’s dividend payout ratio (DPR) is 28.73%.

Several hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. bought a new position in shares of Orrstown Financial Services in the second quarter valued at approximately $101,000. BlackRock Inc. boosted its position in shares of Orrstown Financial Services by 0.8% in the third quarter. BlackRock Inc. now owns 538,550 shares of the bank’s stock valued at $12,818,000 after acquiring an additional 4,141 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA bought a new position in shares of Orrstown Financial Services in the fourth quarter valued at approximately $88,000. Acadian Asset Management LLC boosted its position in shares of Orrstown Financial Services by 14.4% in the third quarter. Acadian Asset Management LLC now owns 47,010 shares of the bank’s stock valued at $1,119,000 after acquiring an additional 5,912 shares during the period. Finally, Ativo Capital Management LLC boosted its position in shares of Orrstown Financial Services by 32.0% in the third quarter. Ativo Capital Management LLC now owns 33,013 shares of the bank’s stock valued at $786,000 after acquiring an additional 8,005 shares during the period. Institutional investors own 38.37% 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.

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