Orrstown Financial Services (NASDAQ:ORRF) Stock Rating Upgraded by Zacks Research

Key Points

• Orrstown Financial Services has received an upgrade from Zacks Research, moving from a "hold" rating to a "strong-buy" rating.
• Despite the upgrade, the stock has seen a slight decline of 0.7%, with a current price of $34.97.
• Institutional investors and hedge funds have increased their stakes in Orrstown, with notable increases in positions from firms like PNC Financial Services Group, which raised its holdings by 370.7%.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Thursday,Zacks.com reports.

ORRF has been the topic of several other reports. Wall Street Zen lowered Orrstown Financial Services from a "buy" rating to a "hold" rating in a research report on Saturday, August 16th. Hovde Group raised their price target 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. Finally, Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $42.00 target price (up from $39.00) on shares of Orrstown Financial Services in a report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, Orrstown Financial Services presently has a consensus rating of "Buy" and a consensus price target of $39.25.

Orrstown Financial Services Stock Down 0.7%

NASDAQ ORRF opened at $34.97 on Thursday. The stock has a fifty day moving average of $33.65 and a 200-day moving average of $31.33. The stock has a market capitalization of $681.60 million, a P/E ratio of 15.61 and a beta of 0.86. 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 quick ratio of 0.87 and a current ratio of 0.87.

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

Hedge Funds Weigh In On Orrstown Financial Services

Institutional investors and hedge funds have recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new position in shares of Orrstown Financial Services in the second quarter valued at approximately $45,000. Tower Research Capital LLC TRC grew its position in Orrstown Financial Services by 86.4% during the second quarter. Tower Research Capital LLC TRC now owns 1,748 shares of the bank's stock worth $56,000 after buying an additional 810 shares in the last quarter. CWM LLC grew its position in Orrstown Financial Services by 36.9% during the second quarter. CWM LLC now owns 2,417 shares of the bank's stock worth $77,000 after buying an additional 651 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Orrstown Financial Services by 370.7% during the second quarter. PNC Financial Services Group Inc. now owns 4,528 shares of the bank's stock worth $144,000 after buying an additional 3,566 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in Orrstown Financial Services by 3,994.9% during the first quarter. GAMMA Investing LLC now owns 4,832 shares of the bank's stock worth $161,000 after buying an additional 4,714 shares in the last quarter. Institutional investors and hedge funds own 44.27% of the company's stock.

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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