Wall Street Zen Downgrades Orrstown Financial Services (NASDAQ:ORRF) to Hold

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

Several other analysts have also issued reports on the company. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $42.00 target price (up previously from $39.00) on shares of Orrstown Financial Services in a 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 note on Wednesday, May 14th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $39.25.

Orrstown Financial Services Price Performance

Shares of NASDAQ:ORRF traded down $0.56 during midday trading on Friday, hitting $33.31. 189,717 shares of the stock were exchanged, compared to its average volume of 186,578. The company has a 50 day moving average price of $32.56 and a 200-day moving average price of $31.28. Orrstown Financial Services has a twelve month low of $25.57 and a twelve month high of $41.99. The stock has a market cap of $649.21 million, a P/E ratio of 14.87 and a beta of 0.83. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.13.

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

Orrstown Financial Services Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 12th. Shareholders of record on Tuesday, August 5th were given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.2%. This is a boost from Orrstown Financial Services's previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, August 5th. Orrstown Financial Services's dividend payout ratio (DPR) is presently 48.21%.

Institutional Trading of Orrstown Financial Services

Several institutional investors and hedge funds have recently bought and sold shares of ORRF. Summit Investment Advisors Inc. grew its stake in shares of Orrstown Financial Services by 21.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank's stock valued at $71,000 after buying an additional 349 shares in the last quarter. Vista Investment Management raised its stake in shares of Orrstown Financial Services by 5.6% in the second quarter. Vista Investment Management now owns 8,444 shares of the bank's stock valued at $269,000 after purchasing an additional 450 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Orrstown Financial Services by 4.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,519 shares of the bank's stock valued at $385,000 after purchasing an additional 456 shares in the last quarter. Principal Financial Group Inc. raised its stake in Orrstown Financial Services by 3.2% during the first quarter. Principal Financial Group Inc. now owns 14,997 shares of the bank's stock worth $450,000 after acquiring an additional 462 shares in the last quarter. Finally, Farmers & Merchants Trust Co of Chambersburg PA raised its stake in Orrstown Financial Services by 7.4% during the second quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 7,302 shares of the bank's stock worth $232,000 after acquiring an additional 500 shares in the last quarter. Institutional investors and hedge funds own 44.27% of the company's stock.

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.