Zacks Investment Research Downgrades Orrstown Financial Services (ORRF) to Strong Sell
Orrstown Financial Services (NASDAQ:ORRF) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Wednesday.
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. “
ORRF has been the topic of a number of other reports. ValuEngine raised shares of Orrstown Financial Services from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Boenning Scattergood reaffirmed a “hold” rating on shares of Orrstown Financial Services in a research note on Friday, October 27th.
Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings results on Wednesday, January 24th. The bank reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.04). The company had revenue of $16.51 million during the quarter, compared to analyst estimates of $17.08 million. Orrstown Financial Services had a return on equity of 7.57% and a net margin of 11.33%. equities analysts predict that Orrstown Financial Services will post 1.4 EPS for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the business. Macquarie Group Ltd. bought a new position in shares of Orrstown Financial Services in the third quarter valued at $292,000. Dimensional Fund Advisors LP lifted its stake in shares of Orrstown Financial Services by 11.8% in the second quarter. Dimensional Fund Advisors LP now owns 20,696 shares of the bank’s stock valued at $473,000 after buying an additional 2,188 shares in the last quarter. Orrstown Financial Services Inc. lifted its stake in shares of Orrstown Financial Services by 57,850.0% in the fourth quarter. Orrstown Financial Services Inc. now owns 4,636 shares of the bank’s stock valued at $117,000 after buying an additional 4,628 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Orrstown Financial Services by 1.8% in the second quarter. Northern Trust Corp now owns 77,865 shares of the bank’s stock valued at $1,779,000 after buying an additional 1,400 shares in the last quarter. Finally, TIAA CREF Investment Management LLC lifted its stake in shares of Orrstown Financial Services by 2.5% in the second quarter. TIAA CREF Investment Management LLC now owns 20,938 shares of the bank’s stock valued at $478,000 after buying an additional 513 shares in the last quarter. 41.28% of the stock is currently owned by hedge funds and other institutional investors.
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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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