Orrstown Financial Services (NASDAQ:ORRF) Downgraded to Hold Rating by Wall Street Zen

Key Points

• Orrstown Financial Services (NASDAQ:ORRF) has been downgraded by Wall Street Zen from a "buy" rating to a "hold" rating.
• Despite the downgrade, the stock maintains a consensus rating of "Moderate Buy" and an average price target of $39.25.
• The company recently reported earnings of $1.04 per share, exceeding expectations, and has a market capitalization of approximately $649.21 million.

Wall Street Zen lowered shares of Orrstown Financial Services (NASDAQ:ORRF - Free Report) from a buy rating to a hold rating in a report published on Saturday.

A number of other brokerages also recently commented on ORRF. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $42.00 price target (up from $39.00) on shares of Orrstown Financial Services in a research report on Thursday, July 24th. Hovde Group increased their price target on Orrstown Financial Services from $35.00 to $37.00 and gave the company an "outperform" rating in a research report on Wednesday, May 14th. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $39.25.

Orrstown Financial Services Stock Down 0.1%

NASDAQ:ORRF traded down $0.04 on Friday, hitting $33.14. The stock had a trading volume of 136,472 shares, compared to its average volume of 171,377. The business's fifty day moving average is $32.69 and its 200 day moving average is $31.28. The company has a market cap of $645.90 million, a PE ratio of 14.79 and a beta of 0.83. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.13. Orrstown Financial Services has a 52 week low of $25.57 and a 52 week high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The bank reported $1.04 earnings per share for the quarter, beating analysts' consensus estimates of $0.99 by $0.05. Orrstown Financial Services had a return on equity of 14.69% and a net margin of 11.97%.The company had revenue of $62.43 million for the quarter, compared to analyst estimates of $51.98 million. On average, equities research analysts expect that Orrstown Financial Services will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 12th. Stockholders of record on Tuesday, August 5th were issued a $0.27 dividend. The ex-dividend date of this dividend was Tuesday, August 5th. This is an increase from Orrstown Financial Services's previous quarterly dividend of $0.26. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.3%. Orrstown Financial Services's dividend payout ratio is 48.21%.

Hedge Funds Weigh In On Orrstown Financial Services

A number of large investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. boosted its stake in Orrstown Financial Services by 55.6% during the fourth quarter. JPMorgan Chase & Co. now owns 139,081 shares of the bank's stock valued at $5,092,000 after buying an additional 49,674 shares during the period. Wells Fargo & Company MN boosted its stake in Orrstown Financial Services by 21.1% during the fourth quarter. Wells Fargo & Company MN now owns 11,195 shares of the bank's stock valued at $410,000 after buying an additional 1,947 shares during the period. Invesco Ltd. boosted its stake in Orrstown Financial Services by 5.4% during the fourth quarter. Invesco Ltd. now owns 41,155 shares of the bank's stock valued at $1,507,000 after buying an additional 2,114 shares during the period. Legal & General Group Plc boosted its stake in Orrstown Financial Services by 819.7% during the fourth quarter. Legal & General Group Plc now owns 15,543 shares of the bank's stock valued at $569,000 after buying an additional 13,853 shares during the period. Finally, Sterling Capital Management LLC boosted its stake in Orrstown Financial Services by 4.9% during the fourth quarter. Sterling Capital Management LLC now owns 11,258 shares of the bank's stock valued at $412,000 after buying an additional 524 shares during the period. 44.27% of the stock is owned by institutional investors.

Orrstown Financial Services Company Profile

Orrstown Financial Services, Inc operates as the financial holding company for Orrstown Bank that provides commercial banking and financial advisory services to retail, commercial, non-profit, and government clients in the United States. It accepts various deposits, including checking, savings, time, demand, and money market deposits, as well as certificates of deposit.