Orrstown Financial Services (NASDAQ:ORRF) Releases Earnings Results, Beats Expectations By $0.05 EPS

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) issued its quarterly earnings results on Tuesday. The bank reported $1.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.99 by $0.05, Zacks reports. Orrstown Financial Services had a return on equity of 14.35% and a net margin of 9.74%.

Orrstown Financial Services Stock Up 1.1%

ORRF stock traded up $0.38 during midday trading on Tuesday, hitting $33.91. The stock had a trading volume of 386,875 shares, compared to its average volume of 123,767. The firm has a market cap of $661.58 million, a price-to-earnings ratio of 17.30 and a beta of 0.79. The business has a 50-day moving average of $31.36 and a two-hundred day moving average of $31.61. Orrstown Financial Services has a 52-week low of $25.57 and a 52-week high of $41.99. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.87 and a quick ratio of 0.87.

Institutional Investors Weigh In On Orrstown Financial Services

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Orrstown Financial Services by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,009 shares of the bank's stock worth $330,000 after acquiring an additional 490 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of Orrstown Financial Services during the first quarter valued at $1,080,000. Goldman Sachs Group Inc. boosted its position in shares of Orrstown Financial Services by 2.9% during the first quarter. Goldman Sachs Group Inc. now owns 85,047 shares of the bank's stock valued at $2,552,000 after buying an additional 2,417 shares during the last quarter. Finally, Millennium Management LLC boosted its position in shares of Orrstown Financial Services by 123.8% during the first 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 last quarter. 44.27% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on ORRF shares. Hovde Group boosted their target price on 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 Orrstown Financial Services in a research report on Thursday, April 10th. They issued an "outperform" rating and a $35.00 price objective for the company. Finally, Keefe, Bruyette & Woods boosted their price objective on Orrstown Financial Services from $37.00 to $39.00 and gave the company an "outperform" rating in a research report on Friday, July 11th.

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.

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