Hovde Group Issues Positive Forecast for Orrstown Financial Services (NASDAQ:ORRF) Stock Price

Key Points

• Hovde Group raised Orrstown Financial Services’ price target from $42 to $46 and maintained an “outperform” rating, implying roughly 8.1% upside from the stock’s current price.
• Analyst sentiment is moderately positive: three analysts rate the stock “Buy” and three rate it “Hold,” resulting in a consensus “Moderate Buy” rating and an average price target of $44.33.
• Orrstown exceeded quarterly earnings expectations, reporting $1.09 EPS versus the $1.03 estimate and $64.3 million in revenue versus $64.1 million expected. The stock opened at $42.56, near its 12-month high of $43.00.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) had its price target hoisted by research analysts at Hovde Group from $42.00 to $46.00 in a note issued to investors on Monday. The firm presently has an "outperform" rating on the bank's stock. Hovde Group's target price would indicate a potential upside of 8.08% from the stock's current price.

Other analysts have also issued reports about the stock. Keefe, Bruyette & Woods lifted their price target on shares of Orrstown Financial Services from $44.00 to $46.00 and gave the stock an "outperform" rating in a research note on Thursday. Raymond James Financial assumed coverage on Orrstown Financial Services in a research report on Thursday, July 9th. They set a "market perform" rating on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of Orrstown Financial Services in a research note on Tuesday, July 7th. Finally, DA Davidson reiterated a "neutral" rating and set a $41.00 price objective on shares of Orrstown Financial Services in a research report on Wednesday, July 22nd. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $44.33.

Orrstown Financial Services Stock Performance

Shares of NASDAQ:ORRF opened at $42.56 on Monday. Orrstown Financial Services has a 12 month low of $31.51 and a 12 month high of $43.00. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.06. The company has a 50-day moving average price of $39.26 and a 200-day moving average price of $37.52. The company has a market cap of $836.30 million, a price-to-earnings ratio of 9.56 and a beta of 0.70.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The bank reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.06. Orrstown Financial Services had a return on equity of 14.66% and a net margin of 24.00%.The business had revenue of $64.30 million for the quarter, compared to analysts' expectations of $64.10 million. As a group, equities analysts anticipate that Orrstown Financial Services will post 4.37 EPS for the current year.

Hedge Funds Weigh In On Orrstown Financial Services

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quarry LP acquired a new position in shares of Orrstown Financial Services during the third quarter valued at about $42,000. Raymond James Financial Inc. acquired a new position in Orrstown Financial Services in the second quarter valued at approximately $45,000. Tower Research Capital LLC TRC lifted its stake in shares of Orrstown Financial Services by 86.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,748 shares of the bank's stock valued at $56,000 after purchasing an additional 810 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Orrstown Financial Services by 220.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,070 shares of the bank's stock worth $70,000 after acquiring an additional 1,424 shares in the last quarter. Finally, State of Wyoming acquired a new stake in Orrstown Financial Services in the fourth quarter valued at approximately $143,000. Hedge funds and other institutional investors own 44.27% of the company's stock.

Orrstown Financial Services Company Profile

Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank, a community banking organization headquartered in Shippensburg, Pennsylvania. The roots of Orrstown Bank date back to 1865, and the holding company structure was established to support its growth and diversification. As a regional financial institution, Orrstown Financial Services focuses on delivering personalized banking solutions to individuals, families and businesses across Central Pennsylvania.

The company's core offerings include a full suite of deposit products such as checking and savings accounts, money market accounts and certificates of deposit.

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