Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Orrstown Financial Services (NASDAQ:ORRF) Stock

Key Points

• Keefe, Bruyette & Woods raised its price target on Orrstown Financial Services from $44 to $46 and kept an outperform rating, implying about 11% upside from the prior close.
• The broader analyst view remains mixed but constructive: Orrstown has an average Moderate Buy rating with a consensus target of $43, while recent calls from other firms range from neutral to buy.
• The bank reported better-than-expected quarterly earnings of $1.09 per share versus $1.03 expected, with revenue also slightly ahead of estimates and full-year EPS projected at 4.29.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) had its target price raised by equities researchers at Keefe, Bruyette & Woods from $44.00 to $46.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the bank's stock. Keefe, Bruyette & Woods' target price would suggest a potential upside of 11.19% from the company's previous close.

A number of other equities analysts have also recently weighed in on ORRF. DA Davidson reaffirmed a "neutral" rating and set a $41.00 price objective on shares of Orrstown Financial Services in a research report on Wednesday. Weiss Ratings restated a "buy (b)" rating on shares of Orrstown Financial Services in a research note on Tuesday, July 7th. Finally, Raymond James Financial began coverage on Orrstown Financial Services in a research report on Thursday, July 9th. They set a "market perform" rating for the company. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $43.00.

Orrstown Financial Services Stock Performance

Shares of Orrstown Financial Services stock opened at $41.37 on Thursday. Orrstown Financial Services has a 52 week low of $31.51 and a 52 week high of $42.54. The business's fifty day simple moving average is $38.99 and its 200-day simple moving average is $37.42. The firm has a market cap of $812.84 million, a PE ratio of 9.30 and a beta of 0.70. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.06.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last announced its earnings results on Tuesday, July 21st. The bank reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.06. Orrstown Financial Services had a net margin of 24.00% and a return on equity of 14.66%. The company had revenue of $64.30 million during the quarter, compared to analyst estimates of $64.10 million. Equities analysts forecast that Orrstown Financial Services will post 4.29 earnings per share for the current year.

Hedge Funds Weigh In On Orrstown Financial Services

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. UBS Group AG lifted its stake in Orrstown Financial Services by 99.3% during the fourth quarter. UBS Group AG now owns 102,329 shares of the bank's stock worth $3,624,000 after purchasing an additional 50,979 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in Orrstown Financial Services by 85.6% during the 4th quarter. Thrivent Financial for Lutherans now owns 52,945 shares of the bank's stock worth $1,875,000 after purchasing an additional 24,412 shares during the period. Assenagon Asset Management S.A. purchased a new position in Orrstown Financial Services during the 1st quarter worth $10,743,000. Y Intercept Hong Kong Ltd grew its position in Orrstown Financial Services by 53.2% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 53,877 shares of the bank's stock worth $1,944,000 after purchasing an additional 18,703 shares during the last quarter. Finally, AlphaQuest LLC increased its stake in Orrstown Financial Services by 169.8% in the fourth quarter. AlphaQuest LLC now owns 43,992 shares of the bank's stock valued at $1,558,000 after purchasing an additional 27,688 shares during the period. 44.27% of the stock is owned by institutional investors and hedge funds.

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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