Keefe, Bruyette & Woods Boosts Orrstown Financial Services (NASDAQ:ORRF) Price Target to $39.00

Orrstown Financial Services (NASDAQ:ORRF - Free Report) had its price target hoisted by Keefe, Bruyette & Woods from $37.00 to $39.00 in a research note released on Friday,Benzinga reports. The brokerage currently has an outperform rating on the bank's stock.

Other research analysts also recently issued reports about the stock. Hovde Group lifted their target price on shares of Orrstown Financial Services from $35.00 to $37.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 14th. Raymond James Financial began coverage on shares of Orrstown Financial Services in a research report on Thursday, April 10th. They set an "outperform" rating and a $35.00 price objective on the stock.

Orrstown Financial Services Price Performance

Shares of ORRF traded up $0.20 during trading hours on Friday, hitting $33.57. 91,637 shares of the company were exchanged, compared to its average volume of 122,031. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market capitalization of $654.88 million, a PE ratio of 17.13 and a beta of 0.79. The firm has a fifty day simple moving average of $31.05 and a 200-day simple moving average of $31.72. Orrstown Financial Services has a one year low of $25.57 and a one year high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The bank reported $1.00 earnings per share for the quarter, beating analysts' consensus estimates of $0.95 by $0.05. The business had revenue of $60.39 million during the quarter, compared to analyst estimates of $51.83 million. Orrstown Financial Services had a return on equity of 14.35% and a net margin of 9.74%. During the same quarter last year, the company posted $0.88 EPS. As a group, sell-side analysts predict that Orrstown Financial Services will post 4.23 earnings per share for the current year.

Orrstown Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 13th. Stockholders of record on Tuesday, May 6th were issued a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, May 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.10%. Orrstown Financial Services's dividend payout ratio is 53.06%.

Institutional Trading of Orrstown Financial Services

Several institutional investors have recently made changes to their positions in the stock. Millennium Management LLC increased its stake in Orrstown Financial Services by 123.8% in the 1st quarter. Millennium Management LLC now owns 330,322 shares of the bank's stock valued at $9,913,000 after buying an additional 182,709 shares during the period. Vanguard Group Inc. grew its holdings in shares of Orrstown Financial Services by 6.2% during the 4th quarter. Vanguard Group Inc. now owns 1,042,866 shares of the bank's stock valued at $38,179,000 after acquiring an additional 61,081 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Orrstown Financial Services by 55.6% during the fourth quarter. JPMorgan Chase & Co. now owns 139,081 shares of the bank's stock worth $5,092,000 after acquiring an additional 49,674 shares in the last quarter. Barclays PLC raised its holdings in shares of Orrstown Financial Services by 119.2% during the fourth quarter. Barclays PLC now owns 73,922 shares of the bank's stock worth $2,707,000 after acquiring an additional 40,201 shares in the last quarter. Finally, Tudor Investment Corp ET AL acquired a new stake in Orrstown Financial Services during the fourth quarter valued at $1,457,000. 44.27% of the stock is currently owned by institutional investors and hedge funds.

About Orrstown Financial Services

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.