Orrstown Financial Services (NASDAQ:ORRF) Upgraded to Buy at Wall Street Zen

Key Points

• Orrstown Financial Services has been upgraded from a "hold" rating to a "buy" rating by Wall Street Zen, indicating increased confidence from analysts in the company's future performance.
• The stock currently has a consensus rating of "Buy" with an average target price of $39.25, following several positive adjustments by research analysts.
• Orrstown reported earnings of $1.04 EPS, exceeding estimates and marking a strong performance with a net margin of 11.97% and revenue of $62.43 million for the quarter.

Wall Street Zen upgraded shares of Orrstown Financial Services (NASDAQ:ORRF - Free Report) from a hold rating to a buy rating in a research report released on Saturday morning.

Several other equities analysts have also recently issued reports on ORRF. 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 target on the stock. Hovde Group boosted their price target on shares of Orrstown Financial Services from $35.00 to $37.00 and gave the company an "outperform" rating in a research report on Wednesday, May 14th. Finally, Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $42.00 price target (up previously from $39.00) on shares of Orrstown Financial Services in a research report on Thursday, July 24th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $39.25.

Orrstown Financial Services Trading Down 0.4%

Shares of NASDAQ:ORRF traded down $0.15 during midday trading on Friday, hitting $34.15. 5,329 shares of the stock traded hands, compared to its average volume of 148,741. The stock has a market capitalization of $666.27 million, a PE ratio of 15.27 and a beta of 0.79. The business's 50 day moving average is $31.79 and its two-hundred day moving average is $31.59. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.13. 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 issued its quarterly earnings data on Tuesday, July 22nd. The bank reported $1.04 EPS for the quarter, beating the consensus estimate of $0.99 by $0.05. The firm had revenue of $62.43 million during the quarter, compared to the consensus estimate of $51.98 million. Orrstown Financial Services had a net margin of 11.97% and a return on equity of 14.88%. As a group, research analysts forecast that Orrstown Financial Services will post 4.23 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 12th. Shareholders of record on Tuesday, August 5th will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend is Tuesday, August 5th. This is a boost from Orrstown Financial Services's previous quarterly dividend of $0.26. Orrstown Financial Services's dividend payout ratio is 46.43%.

Institutional Investors Weigh In On Orrstown Financial Services

A number of hedge funds and other institutional investors have recently bought and sold shares of ORRF. Millennium Management LLC lifted its stake in shares of Orrstown Financial Services by 123.8% in the first quarter. Millennium Management LLC now owns 330,322 shares of the bank's stock worth $9,913,000 after buying an additional 182,709 shares in the last quarter. Vanguard Group Inc. raised its position in Orrstown Financial Services by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 1,042,866 shares of the bank's stock worth $38,179,000 after acquiring an additional 61,081 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Orrstown Financial Services by 55.6% in the fourth 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 in the last quarter. Barclays PLC increased its stake in shares of Orrstown Financial Services by 119.2% in the fourth quarter. Barclays PLC now owns 73,922 shares of the bank's stock worth $2,707,000 after purchasing an additional 40,201 shares in the last quarter. Finally, Tudor Investment Corp ET AL purchased a new stake in shares of Orrstown Financial Services in the fourth quarter worth $1,457,000. 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.