Orrstown Financial Services Inc (NASDAQ:ORRF) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Orrstown Financial Services Inc (NASDAQ:ORRF) have been given an average recommendation of “Moderate Buy” by the six research firms that are covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $44.3333.

Several analysts have recently commented on ORRF shares. Keefe, Bruyette & Woods increased their target price on shares of Orrstown Financial Services from $44.00 to $46.00 and gave the company an “outperform” rating in a report on Thursday, July 23rd. Raymond James Financial began coverage on shares of Orrstown Financial Services in a research report on Thursday, July 9th. They issued a “market perform” rating for the company. Hovde Group increased their price objective on shares of Orrstown Financial Services from $42.00 to $46.00 and gave the company an “outperform” rating in a research note on Monday. Weiss Ratings reiterated a “buy (b)” rating on shares of Orrstown Financial Services in a research note on Tuesday, July 7th. Finally, DA Davidson reissued a “neutral” rating and set a $41.00 target price on shares of Orrstown Financial Services in a research report on Wednesday, July 22nd.

Orrstown Financial Services Trading Up 2.5%

Shares of Orrstown Financial Services stock opened at $43.63 on Wednesday. The company has a market capitalization of $857.24 million, a P/E ratio of 9.80 and a beta of 0.70. The stock has a fifty day simple moving average of $39.55 and a 200 day simple moving average of $37.63. Orrstown Financial Services has a 12-month low of $31.51 and a 12-month high of $43.78. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.06.

Orrstown Financial Services (NASDAQ:ORRF) last issued its quarterly earnings data on Tuesday, July 21st. The bank reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.06. The business had revenue of $64.30 million for the quarter, compared to analysts’ expectations of $64.10 million. Orrstown Financial Services had a return on equity of 14.66% and a net margin of 24.00%. On average, sell-side analysts anticipate that Orrstown Financial Services will post 4.41 earnings per share for the current fiscal year.

Orrstown Financial Services Dividend Announcement

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

Insider Buying and Selling

In related news, EVP Amy Doll sold 3,002 shares of Orrstown Financial Services stock in a transaction on Monday, July 27th. The stock was sold at an average price of $41.61, for a total transaction of $124,913.22. Following the sale, the executive vice president directly owned 25,669 shares in the company, valued at approximately $1,068,087.09. This trade represents a 10.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Orrstown Financial Services

Several large investors have recently made changes to their positions in ORRF. Assenagon Asset Management S.A. bought a new stake in Orrstown Financial Services in the first quarter worth about $10,743,000. Kennedy Capital Management LLC grew its position in shares of Orrstown Financial Services by 569.5% during the 3rd quarter. Kennedy Capital Management LLC now owns 280,723 shares of the bank’s stock valued at $9,539,000 after acquiring an additional 238,790 shares during the period. Marshall Wace LLP bought a new position in shares of Orrstown Financial Services during the 2nd quarter valued at approximately $7,424,000. Millennium Management LLC grew its position in shares of Orrstown Financial Services by 123.8% during the 1st quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock valued at $9,913,000 after acquiring an additional 182,709 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in shares of Orrstown Financial Services by 170.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 278,649 shares of the bank’s stock worth $9,870,000 after purchasing an additional 175,682 shares during the last quarter. 44.27% of the stock is owned by hedge funds and other 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.