Orrstown Financial Services (NASDAQ:ORRF) Now Covered by Analysts at Piper Sandler

Equities researchers at Piper Sandler started coverage on shares of Orrstown Financial Services (NASDAQ:ORRF) in a note issued to investors on Wednesday. The firm set an “overweight” rating and a $43.00 price target on the bank’s stock. Piper Sandler’s price objective would indicate a potential upside of 21.68% from the company’s previous close.

Separately, Hovde Group lowered Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th.

Orrstown Financial Services Stock Performance

Orrstown Financial Services stock traded up $0.11 during trading hours on Wednesday, hitting $35.34. The company had a trading volume of 16,550 shares, compared to its average volume of 60,731. Orrstown Financial Services has a one year low of $24.70 and a one year high of $41.99. The firm has a market cap of $685.10 million, a PE ratio of 19.00 and a beta of 0.91. The firm has a 50-day moving average of $38.54 and a 200 day moving average of $35.23. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.88 and a quick ratio of 0.88.

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

Insider Transactions at Orrstown Financial Services

In related news, EVP David Todd Hornberger sold 4,000 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $37.82, for a total transaction of $151,280.00. Following the transaction, the executive vice president now directly owns 20,877 shares in the company, valued at approximately $789,568.14. The trade was a 16.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 6.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. CWM LLC lifted its position in shares of Orrstown Financial Services by 31.0% during the third quarter. CWM LLC now owns 2,217 shares of the bank’s stock worth $80,000 after acquiring an additional 525 shares in the last quarter. Quest Partners LLC bought a new stake in shares of Orrstown Financial Services during the third quarter valued at about $155,000. Fulton Bank N.A. bought a new position in Orrstown Financial Services in the 3rd quarter valued at $209,000. Y Intercept Hong Kong Ltd bought a new stake in Orrstown Financial Services during the third quarter valued at $227,000. Finally, Beese Fulmer Investment Management Inc. bought a new position in shares of Orrstown Financial Services in the third quarter worth approximately $242,000. 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.