Orrstown Financial Services’ (ORRF) Neutral Rating Reiterated at DA Davidson

DA Davidson reiterated their neutral rating on shares of Orrstown Financial Services (NASDAQ:ORRF) in a research note published on Wednesday,Benzinga reports. They currently have a $41.00 price target on the bank’s stock.

Other equities analysts also recently issued research reports about the stock. Raymond James Financial started coverage on shares of Orrstown Financial Services in a research report on Thursday, July 9th. They set a “market perform” rating for the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Orrstown Financial Services in a research note on Tuesday, July 7th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $43.00.

Orrstown Financial Services Price Performance

Shares of ORRF opened at $42.56 on Wednesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.87 and a current ratio of 0.87. Orrstown Financial Services has a fifty-two week low of $31.51 and a fifty-two week high of $43.00. The firm has a 50-day simple moving average of $39.26 and a 200-day simple moving average of $37.51. The company has a market capitalization of $836.30 million, a price-to-earnings ratio of 9.56 and a beta of 0.70.

Orrstown Financial Services (NASDAQ:ORRF) last issued its quarterly earnings results on Tuesday, July 21st. The bank reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.06. Orrstown Financial Services had a return on equity of 14.66% and a net margin of 24.00%.The firm had revenue of $64.30 million for the quarter, compared to analysts’ expectations of $64.10 million. On average, equities research analysts anticipate that Orrstown Financial Services will post 4.35 earnings per share for the current year.

Orrstown Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 11th. Investors of record on Tuesday, August 4th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, August 4th. Orrstown Financial Services’s dividend payout ratio is currently 26.97%.

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

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.