Zacks Investment Research downgraded shares of Orrstown Financial Services (NASDAQ:ORRF) from a hold rating to a sell rating in a research report report published on Friday morning, 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. “

A number of other equities research analysts have also issued reports on the company. ValuEngine lowered Orrstown Financial Services from a hold rating to a sell rating in a research report on Tuesday, March 5th. Hovde Group initiated coverage on Orrstown Financial Services in a research report on Friday, May 31st. They issued an outperform rating and a $25.00 price target for the company. Finally, Sandler O’Neill lowered Orrstown Financial Services from a buy rating to a hold rating and dropped their price target for the company from $22.00 to $21.50 in a research report on Friday, March 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. Orrstown Financial Services has a consensus rating of Hold and an average price target of $25.10.

ORRF stock opened at $21.95 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $208.13 million, a PE ratio of 12.13 and a beta of 0.60. 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 posted its quarterly earnings results on Wednesday, April 24th. The bank reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. The business had revenue of $19.92 million during the quarter, compared to analyst estimates of $19.65 million. Orrstown Financial Services had a return on equity of 9.45% and a net margin of 13.42%. Equities research analysts predict that Orrstown Financial Services will post 1.69 EPS for the current fiscal year.

The business also recently declared a dividend, which will be paid on Friday, July 5th. Stockholders of record on Tuesday, April 30th will be given a $0.15 dividend. The ex-dividend date is Monday, April 29th. This is a positive change from Orrstown Financial Services’s previous dividend of $0.07. Orrstown Financial Services’s dividend payout ratio is 33.15%.

Several hedge funds have recently bought and sold shares of ORRF. Martingale Asset Management L P grew its position in Orrstown Financial Services by 2.8% in the first quarter. Martingale Asset Management L P now owns 28,812 shares of the bank’s stock worth $536,000 after acquiring an additional 797 shares during the period. Bank of America Corp DE grew its position in Orrstown Financial Services by 20.5% in the fourth quarter. Bank of America Corp DE now owns 6,909 shares of the bank’s stock worth $127,000 after acquiring an additional 1,177 shares during the period. BNP Paribas Arbitrage SA grew its position in Orrstown Financial Services by 517.6% in the first quarter. BNP Paribas Arbitrage SA now owns 1,575 shares of the bank’s stock worth $29,000 after acquiring an additional 1,320 shares during the period. Penn Capital Management Co. Inc. grew its position in Orrstown Financial Services by 3.5% in the first quarter. Penn Capital Management Co. Inc. now owns 46,635 shares of the bank’s stock worth $867,000 after acquiring an additional 1,591 shares during the period. Finally, Millennium Management LLC grew its position in Orrstown Financial Services by 8.9% in the fourth quarter. Millennium Management LLC now owns 26,115 shares of the bank’s stock worth $476,000 after acquiring an additional 2,126 shares during the period. 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.

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