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

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, Keefe, Bruyette & Woods upgraded Orrstown Financial Services from a market perform rating to an outperform rating and increased their price target for the company from $24.00 to $28.00 in a report on Thursday, July 27th.

Orrstown Financial Services (NASDAQ ORRF) opened at 24.90 on Wednesday. The stock has a 50 day moving average of $24.82 and a 200 day moving average of $22.52. The stock has a market capitalization of $207.74 million, a P/E ratio of 23.47 and a beta of 0.89. Orrstown Financial Services has a 52 week low of $18.05 and a 52 week high of $26.55.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings results on Wednesday, July 26th. The bank reported $0.40 EPS for the quarter, beating the consensus estimate of $0.27 by $0.13. Orrstown Financial Services had a return on equity of 6.25% and a net margin of 13.25%. The company had revenue of $16.34 million for the quarter, compared to the consensus estimate of $16.09 million. On average, equities research analysts predict that Orrstown Financial Services will post $1.34 earnings per share for the current fiscal year.

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Institutional investors have recently made changes to their positions in the company. American International Group Inc. grew 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 worth $102,000 after acquiring an additional 306 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Orrstown Financial Services by 4.7% in the second quarter. The Manufacturers Life Insurance Company now owns 5,281 shares of the bank’s stock worth $120,000 after acquiring an additional 235 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Orrstown Financial Services in the first quarter worth $138,000. Teachers Advisors LLC grew its stake in shares of Orrstown Financial Services by 7.5% in the second quarter. Teachers Advisors LLC now owns 12,604 shares of the bank’s stock worth $288,000 after acquiring an additional 875 shares during the last quarter. Finally, Kennedy Capital Management Inc. acquired a new stake in shares of Orrstown Financial Services in the second quarter worth $442,000. Institutional investors and hedge funds own 37.97% of the company’s stock.

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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