Orrstown Financial Services (NASDAQ:ORRF) Cut to “Market Perform” at Hovde Group

Hovde Group lowered shares of Orrstown Financial Services (NASDAQ:ORRF) from an outperform rating to a market perform rating in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports.

Orrstown Financial Services Price Performance

Shares of NASDAQ ORRF opened at $40.45 on Wednesday. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. Orrstown Financial Services has a fifty-two week low of $22.86 and a fifty-two week high of $41.99. The business has a 50 day moving average price of $36.78 and a two-hundred day moving average price of $32.02. The firm has a market cap of $784.33 million, a PE ratio of 21.75 and a beta of 0.89.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.19. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 14.41%. The firm had revenue of $95.37 million for the quarter, compared to analysts’ expectations of $60.90 million. Sell-side analysts expect that Orrstown Financial Services will post 4 earnings per share for the current fiscal year.

Orrstown Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 12th. Shareholders of record on Tuesday, November 5th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend was Tuesday, November 5th. Orrstown Financial Services’s payout ratio is currently 49.46%.

Insider Transactions at Orrstown Financial Services

In other news, EVP David Todd Hornberger sold 4,000 shares of Orrstown Financial Services stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $37.82, for a total value of $151,280.00. Following the completion of the transaction, the executive vice president now directly owns 20,877 shares of the company’s stock, valued at approximately $789,568.14. The trade was a 16.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On Orrstown Financial Services

A number of large investors have recently bought and sold shares of the business. EntryPoint Capital LLC acquired a new stake in shares of Orrstown Financial Services during the 1st quarter worth approximately $31,000. CWM LLC grew its stake in Orrstown Financial Services by 227.9% during the 2nd quarter. CWM LLC now owns 1,692 shares of the bank’s stock worth $46,000 after buying an additional 1,176 shares during the last quarter. Quest Partners LLC acquired a new stake in Orrstown Financial Services in the third quarter worth $155,000. BNP Paribas Financial Markets boosted its holdings in shares of Orrstown Financial Services by 92.9% during the first quarter. BNP Paribas Financial Markets now owns 5,227 shares of the bank’s stock valued at $140,000 after acquiring an additional 2,518 shares during the period. Finally, SG Americas Securities LLC bought a new position in shares of Orrstown Financial Services during the second quarter worth about $154,000. Institutional investors own 44.27% of the company’s stock.

Orrstown Financial Services Company Profile

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.