Orrstown Financial Services Inc (NASDAQ:ORRF) Receives $41.67 Consensus Target Price from Brokerages

Shares of Orrstown Financial Services Inc (NASDAQ:ORRF) have earned a consensus rating of “Moderate Buy” from the five ratings firms that are covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $41.6667.

Several brokerages recently weighed in on ORRF. DA Davidson began coverage on Orrstown Financial Services in a report on Friday, May 15th. They issued a “neutral” rating and a $41.00 price objective for the company. Weiss Ratings raised Orrstown Financial Services from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. Finally, Hovde Group upped their target price on Orrstown Financial Services from $40.00 to $42.00 and gave the company an “outperform” rating in a report on Monday, February 2nd.

Orrstown Financial Services Stock Up 0.2%

Shares of Orrstown Financial Services stock opened at $36.76 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.06. The firm has a market cap of $722.33 million, a P/E ratio of 8.41 and a beta of 0.71. Orrstown Financial Services has a fifty-two week low of $29.31 and a fifty-two week high of $40.72. The business has a 50-day moving average price of $36.39 and a 200 day moving average price of $36.28.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings data on Wednesday, April 22nd. The bank reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.08. The firm had revenue of $64.58 million during the quarter, compared to analyst estimates of $63.20 million. Orrstown Financial Services had a return on equity of 14.75% and a net margin of 23.58%. On average, sell-side analysts forecast that Orrstown Financial Services will post 4.29 earnings per share for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 12th. Stockholders of record on Tuesday, May 5th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $1.20 annualized dividend and a dividend yield of 3.3%. Orrstown Financial Services’s dividend payout ratio is 27.46%.

Insider Activity at Orrstown Financial Services

In related news, Director Brian D. Brunner bought 1,000 shares of the stock in a transaction dated Wednesday, March 18th. The stock was bought at an average cost of $34.02 per share, with a total value of $34,020.00. Following the completion of the acquisition, the director owned 50,529 shares of the company’s stock, valued at $1,718,996.58. This trade represents a 2.02% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Orrstown Financial Services

Institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE grew its holdings in Orrstown Financial Services by 24.2% in the 1st quarter. Bank of America Corp DE now owns 139,990 shares of the bank’s stock worth $5,051,000 after buying an additional 27,301 shares in the last quarter. Royal Bank of Canada lifted its holdings in Orrstown Financial Services by 33.2% in the first quarter. Royal Bank of Canada now owns 6,612 shares of the bank’s stock worth $239,000 after purchasing an additional 1,649 shares during the period. Quantinno Capital Management LP lifted its holdings in Orrstown Financial Services by 75.9% in the first quarter. Quantinno Capital Management LP now owns 27,365 shares of the bank’s stock worth $987,000 after purchasing an additional 11,808 shares during the period. Entropy Technologies LP acquired a new stake in Orrstown Financial Services in the first quarter worth about $342,000. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Orrstown Financial Services by 62.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 13,143 shares of the bank’s stock worth $474,000 after purchasing an additional 5,041 shares during the period. 44.27% of the stock is owned by institutional investors.

About Orrstown Financial Services

Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank, a community banking organization headquartered in Shippensburg, Pennsylvania. The roots of Orrstown Bank date back to 1865, and the holding company structure was established to support its growth and diversification. As a regional financial institution, Orrstown Financial Services focuses on delivering personalized banking solutions to individuals, families and businesses across Central Pennsylvania.

The company’s core offerings include a full suite of deposit products such as checking and savings accounts, money market accounts and certificates of deposit.