Orrstown Financial Services (NASDAQ:ORRF) Stock Rating Upgraded by Hovde Group

Orrstown Financial Services (NASDAQ:ORRF) was upgraded by stock analysts at Hovde Group from a “market perform” rating to an “outperform” rating in a note issued to investors on Wednesday,Finviz reports. The firm presently has a $35.00 price target on the bank’s stock. Hovde Group’s target price indicates a potential upside of 17.57% from the stock’s current price.

ORRF has been the topic of several other reports. Piper Sandler began coverage on Orrstown Financial Services in a research report on Wednesday, January 8th. They set an “overweight” rating and a $43.00 target price on the stock. Keefe, Bruyette & Woods cut their price objective on Orrstown Financial Services from $40.00 to $37.00 and set an “outperform” rating for the company in a research note on Thursday, April 24th. Finally, Raymond James started coverage on shares of Orrstown Financial Services in a report on Thursday, April 10th. They issued an “outperform” rating and a $35.00 target price for the company. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $36.40.

Orrstown Financial Services Stock Performance

Shares of ORRF opened at $29.77 on Wednesday. The firm has a market capitalization of $580.66 million, a P/E ratio of 16.18 and a beta of 0.78. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.88 and a quick ratio of 0.88. The business has a fifty day moving average of $29.66 and a 200 day moving average of $34.56. Orrstown Financial Services has a one year low of $24.91 and a one year high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings data on Tuesday, April 22nd. The bank reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.05. The company had revenue of $60.39 million for the quarter, compared to the consensus estimate 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 firm posted $0.88 earnings per share. As a group, sell-side analysts anticipate that Orrstown Financial Services will post 4.23 EPS for the current year.

Insiders Place Their Bets

In related news, Director Brian D. Brunner purchased 2,500 shares of the firm’s stock in a transaction on Wednesday, March 19th. The shares were acquired at an average price of $30.87 per share, for a total transaction of $77,175.00. Following the purchase, the director now directly owns 49,330 shares in the company, valued at $1,522,817.10. This trade represents a 5.34 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Scott V. Fainor acquired 3,000 shares of the company’s stock in a transaction on Monday, March 24th. The shares were bought at an average cost of $31.17 per share, with a total value of $93,510.00. Following the acquisition, the director now directly owns 13,396 shares in the company, valued at approximately $417,553.32. The trade was a 28.86 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 6,800 shares of company stock worth $211,892 in the last three months. 4.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Orrstown Financial Services

Hedge funds have recently made changes to their positions in the company. Comprehensive Financial Planning Inc. PA bought a new position in shares of Orrstown Financial Services during the 4th quarter valued at approximately $38,000. R Squared Ltd purchased a new position in shares of Orrstown Financial Services in the 4th quarter worth $42,000. VSM Wealth Advisory LLC bought a new stake in shares of Orrstown Financial Services in the 4th quarter worth about $47,000. Summit Investment Advisors Inc. raised 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 valued at $71,000 after buying an additional 349 shares in the last quarter. Finally, Stonebridge Financial Group LLC bought a new position in shares of Orrstown Financial Services in the 4th quarter valued at about $92,000. 44.27% of the stock is currently owned by hedge funds and other institutional investors.

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.