Hovde Group Cuts Orrstown Financial Services (NASDAQ:ORRF) Price Target to $33.00

Orrstown Financial Services (NASDAQ:ORRF) had its target price lowered by Hovde Group from $34.00 to $33.00 in a research report sent to investors on Wednesday, Marketbeat.com reports. The brokerage currently has an outperform rating on the bank’s stock.

Separately, Keefe, Bruyette & Woods raised their price objective on Orrstown Financial Services from $30.00 to $32.00 and gave the stock an outperform rating in a report on Thursday, January 25th.

Orrstown Financial Services Stock Performance

NASDAQ:ORRF opened at $26.48 on Wednesday. The firm has a market capitalization of $283.34 million, a PE ratio of 7.90 and a beta of 0.89. The business’s fifty day moving average price is $26.12 and its 200 day moving average price is $25.61. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. Orrstown Financial Services has a 12 month low of $15.52 and a 12 month high of $29.79.

Orrstown Financial Services (NASDAQ:ORRF) last issued its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.01. The company had revenue of $32.51 million for the quarter, compared to analyst estimates of $32.50 million. Orrstown Financial Services had a return on equity of 14.60% and a net margin of 18.99%. On average, sell-side analysts anticipate that Orrstown Financial Services will post 3.39 earnings per share for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 14th. Investors of record on Tuesday, May 7th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date is Monday, May 6th. Orrstown Financial Services’s dividend payout ratio is currently 23.88%.

Hedge Funds Weigh In On Orrstown Financial Services

A number of hedge funds and other institutional investors have recently made changes to their positions in ORRF. Creative Financial Designs Inc. ADV purchased a new position in shares of Orrstown Financial Services during the fourth quarter worth about $46,000. AJOVista LLC purchased a new position in shares of Orrstown Financial Services during the fourth quarter worth about $67,000. Arlington Trust Co LLC purchased a new position in shares of Orrstown Financial Services during the fourth quarter worth about $132,000. SG Americas Securities LLC purchased a new position in shares of Orrstown Financial Services during the fourth quarter worth about $166,000. Finally, Hillsdale Investment Management Inc. purchased a new position in shares of Orrstown Financial Services during the fourth quarter worth about $169,000. Hedge funds and other 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.