Orrstown Financial Services (NASDAQ:ORRF) Upgraded to "Outperform" at Hovde Group

Hovde Group upgraded shares of Orrstown Financial Services (NASDAQ:ORRF - Free Report) from a market perform rating to an outperform rating in a report released on Wednesday morning, MarketBeat reports. Hovde Group currently has $35.00 target price on the bank's stock.

Other equities analysts have also recently issued research reports about the company. Piper Sandler initiated coverage on Orrstown Financial Services in a research report on Wednesday, January 8th. They set an "overweight" rating and a $43.00 price objective for the company. Keefe, Bruyette & Woods reduced their target price on shares of Orrstown Financial Services from $40.00 to $37.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Finally, Raymond James assumed 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. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $36.40.

Orrstown Financial Services Stock Up 0.3 %

Shares of ORRF traded up $0.11 during trading hours on Wednesday, reaching $30.46. The company's stock had a trading volume of 84,304 shares, compared to its average volume of 117,471. The company has a 50 day moving average of $29.49 and a two-hundred day moving average of $34.40. Orrstown Financial Services has a 1-year low of $24.91 and a 1-year high of $41.99. The firm has a market cap of $594.02 million, a price-to-earnings ratio of 16.52 and a beta of 0.78. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The bank reported $1.00 EPS for the quarter, beating the consensus estimate of $0.95 by $0.05. Orrstown Financial Services had a return on equity of 15.77% and a net margin of 7.70%. The business had revenue of $60.39 million during the quarter, compared to analysts' expectations of $51.83 million. During the same quarter in the previous year, the business posted $0.88 EPS. As a group, research analysts predict that Orrstown Financial Services will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 13th. Shareholders of record on Tuesday, May 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date is Tuesday, May 6th. Orrstown Financial Services's dividend payout ratio (DPR) is presently 53.06%.

Insider Transactions at Orrstown Financial Services

In other news, Director John W. Giambalvo acquired 1,000 shares of the firm's stock in a transaction on Monday, March 10th. The shares were purchased at an average cost of $30.80 per share, with a total value of $30,800.00. Following the acquisition, the director now directly owns 40,562 shares in the company, valued at $1,249,309.60. This represents a 2.53 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Scott V. Fainor purchased 3,000 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was bought at an average price of $31.17 per share, with a total value of $93,510.00. Following the completion of the purchase, the director now owns 13,396 shares of the company's stock, valued at $417,553.32. This trade represents a 28.86 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 6,800 shares of company stock valued at $211,892 over the last 90 days. 4.70% of the stock is owned by corporate insiders.

Institutional Trading of Orrstown Financial Services

Hedge funds have recently made changes to their positions in the company. PL Capital Advisors LLC raised its holdings in shares of Orrstown Financial Services by 3,561.0% during the fourth quarter. PL Capital Advisors LLC now owns 2,356,073 shares of the bank's stock valued at $86,256,000 after purchasing an additional 2,291,717 shares during the period. Millennium Management LLC purchased a new position in shares of Orrstown Financial Services during the 4th quarter valued at $5,404,000. Vanguard Group Inc. boosted its holdings in Orrstown Financial Services by 6.2% in the 4th quarter. Vanguard Group Inc. now owns 1,042,866 shares of the bank's stock worth $38,179,000 after buying an additional 61,081 shares during the period. JPMorgan Chase & Co. boosted its stake in Orrstown Financial Services by 55.6% in the 4th quarter. JPMorgan Chase & Co. now owns 139,081 shares of the bank's stock worth $5,092,000 after purchasing an additional 49,674 shares during the period. Finally, Barclays PLC grew its position in shares of Orrstown Financial Services by 119.2% during the 4th quarter. Barclays PLC now owns 73,922 shares of the bank's stock valued at $2,707,000 after purchasing an additional 40,201 shares in the last quarter. 44.27% of the stock is owned by institutional investors and hedge funds.

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.