Orrstown Financial Services (NASDAQ:ORRF) Price Target Raised to $37.00

Orrstown Financial Services (NASDAQ:ORRF) had its price objective raised by equities researchers at Hovde Group from $35.00 to $37.00 in a research note issued to investors on Wednesday, MarketBeat reports. The brokerage currently has an “outperform” rating on the bank’s stock. Hovde Group’s target price suggests a potential upside of 18.82% from the stock’s previous close.

Several other research firms have also weighed in on ORRF. Keefe, Bruyette & Woods dropped their price objective on shares of Orrstown Financial Services from $40.00 to $37.00 and set an “outperform” rating for the company in a report on Thursday, April 24th. Raymond James initiated coverage on shares of Orrstown Financial Services in a report on Thursday, April 10th. They set an “outperform” rating and a $35.00 price objective for the company. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $36.80.

Orrstown Financial Services Stock Up 0.3%

Shares of ORRF opened at $31.14 on Wednesday. The stock has a market cap of $607.39 million, a price-to-earnings ratio of 16.92 and a beta of 0.77. 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 has a 12 month low of $24.91 and a 12 month high of $41.99. The company has a 50-day moving average price of $29.15 and a two-hundred day moving average price of $34.03.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings results on Tuesday, April 22nd. The bank reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.05. The firm had revenue of $60.39 million during the quarter, compared to analysts’ expectations 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 last year, the company earned $0.88 earnings per share. Equities analysts predict that Orrstown Financial Services will post 4.23 EPS for the current fiscal year.

Insider Activity at Orrstown Financial Services

In related news, Director Brian D. Brunner purchased 2,500 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was acquired at an average price of $30.87 per share, with a total value of $77,175.00. Following the completion of the acquisition, the director now directly owns 49,330 shares in the company, valued at approximately $1,522,817.10. This trade represents a 5.34% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott V. Fainor purchased 3,000 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was bought at an average cost of $31.17 per share, with a total value of $93,510.00. Following the acquisition, the director now 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 purchased a total of 6,500 shares of company stock valued at $201,485 over the last quarter. Corporate insiders own 4.70% of the company’s stock.

Institutional Trading of Orrstown Financial Services

Institutional investors and hedge funds have recently made changes to their positions in the business. Comprehensive Financial Planning Inc. PA bought a new position in shares of Orrstown Financial Services in the 4th quarter worth $38,000. R Squared Ltd bought a new position in Orrstown Financial Services during the fourth quarter worth about $42,000. VSM Wealth Advisory LLC acquired a new position in shares of Orrstown Financial Services during the 4th quarter worth about $47,000. Summit Investment Advisors Inc. grew its position in shares of Orrstown Financial Services by 21.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank’s stock worth $71,000 after buying an additional 349 shares during the period. Finally, Stonebridge Financial Group LLC bought a new stake in shares of Orrstown Financial Services in the 4th quarter valued at about $92,000. 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.