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

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

A number of other analysts have also commented on the company. 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 target price for the company. Keefe, Bruyette & Woods decreased their price objective on Orrstown Financial Services from $40.00 to $37.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. Finally, Piper Sandler initiated coverage on Orrstown Financial Services in a report on Wednesday, January 8th. They issued an "overweight" rating and a $43.00 target price on the stock. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $36.40.

Orrstown Financial Services Trading Up 1.5 %

ORRF traded up $0.44 during trading on Wednesday, hitting $30.35. The company's stock had a trading volume of 90,102 shares, compared to its average volume of 117,329. The firm has a market capitalization of $591.98 million, a P/E ratio of 16.49 and a beta of 0.78. Orrstown Financial Services has a twelve month low of $24.91 and a twelve month high of $41.99. The stock's fifty day moving average price is $29.49 and its 200-day moving average price is $34.44. 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 released its earnings results on Tuesday, April 22nd. The bank reported $1.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.95 by $0.05. The company had revenue of $60.39 million for the quarter, compared to the consensus estimate of $51.83 million. Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. During the same quarter in the previous year, the company earned $0.88 EPS. Analysts anticipate that Orrstown Financial Services will post 4.23 EPS for the current year.

Orrstown Financial Services Announces Dividend

The business also recently disclosed 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 3.43%. The ex-dividend date is Tuesday, May 6th. Orrstown Financial Services's dividend payout ratio is currently 53.06%.

Insider Activity

In other news, Director Brian D. Brunner bought 2,500 shares of Orrstown Financial Services stock in a transaction dated Wednesday, March 19th. The stock was purchased at an average price of $30.87 per share, for a total transaction of $77,175.00. Following the purchase, the director now directly owns 49,330 shares in the company, valued at $1,522,817.10. The trade was a 5.34 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Scott V. Fainor purchased 3,000 shares of the company's stock in a transaction that occurred on Monday, March 24th. The shares were purchased at an average cost of $31.17 per share, for a total transaction of $93,510.00. Following the completion of the transaction, the director now directly owns 13,396 shares of the company's stock, valued at $417,553.32. This represents a 28.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 6,800 shares of company stock worth $211,892 over the last 90 days. 4.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Orrstown Financial Services

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its stake in shares of Orrstown Financial Services by 36.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 55,297 shares of the bank's stock worth $2,024,000 after buying an additional 14,894 shares during the last quarter. Barclays PLC grew its stake in Orrstown Financial Services by 120.4% in the 3rd quarter. Barclays PLC now owns 33,721 shares of the bank's stock valued at $1,212,000 after purchasing an additional 18,422 shares during the period. JPMorgan Chase & Co. grew its stake in Orrstown Financial Services by 36.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 89,407 shares of the bank's stock valued at $3,215,000 after purchasing an additional 23,819 shares during the period. Jane Street Group LLC increased its position in shares of Orrstown Financial Services by 21.5% during the 3rd quarter. Jane Street Group LLC now owns 20,768 shares of the bank's stock valued at $747,000 after purchasing an additional 3,680 shares during the last quarter. Finally, Principal Financial Group Inc. bought a new stake in shares of Orrstown Financial Services during the 3rd quarter worth $478,000. Hedge funds and other institutional investors 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.