Orrstown Financial Services (NASDAQ:ORRF) Price Target Raised to $42.00

Orrstown Financial Services (NASDAQ:ORRF) had its price objective boosted by equities research analysts at Hovde Group from $37.00 to $42.00 in a research note issued to investors on Wednesday, Briefing.com reports. The firm currently has an “outperform” rating on the bank’s stock. Hovde Group’s price objective would suggest a potential upside of 15.38% from the stock’s previous close.

Separately, Janney Montgomery Scott started coverage on Orrstown Financial Services in a research report on Friday, June 28th. They issued a “buy” rating and a $32.00 price target on the stock.

Orrstown Financial Services Stock Performance

Shares of NASDAQ:ORRF opened at $36.40 on Wednesday. Orrstown Financial Services has a 12-month low of $20.00 and a 12-month high of $37.86. The company’s 50 day moving average price is $35.26 and its two-hundred day moving average price is $30.38. The firm has a market cap of $705.07 million, a PE ratio of 11.59 and a beta of 0.90. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12.

Orrstown Financial Services (NASDAQ:ORRF) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.10. The business had revenue of $50.45 million for the quarter, compared to the consensus estimate of $31.60 million. Orrstown Financial Services had a return on equity of 13.45% and a net margin of 17.26%. Equities research analysts predict that Orrstown Financial Services will post 3.61 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. EntryPoint Capital LLC bought a new position in shares of Orrstown Financial Services in the 1st quarter valued at $31,000. CWM LLC boosted its stake in shares of Orrstown Financial Services by 227.9% in the 2nd quarter. CWM LLC now owns 1,692 shares of the bank’s stock valued at $46,000 after purchasing an additional 1,176 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Orrstown Financial Services by 92.9% during the 1st quarter. BNP Paribas Financial Markets now owns 5,227 shares of the bank’s stock valued at $140,000 after purchasing an additional 2,518 shares during the last quarter. SG Americas Securities LLC acquired a new position in Orrstown Financial Services during the 2nd quarter worth approximately $154,000. Finally, Fulton Bank N.A. bought a new position in Orrstown Financial Services in the 3rd quarter valued at approximately $209,000. 44.27% of the stock is currently owned by institutional investors and hedge funds.

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.