Orrstown Financial Services (NASDAQ:ORRF) Given New $37.00 Price Target at Hovde Group

Orrstown Financial Services (NASDAQ:ORRF) had its target price raised by Hovde Group from $35.00 to $37.00 in a research report released on Wednesday, MarketBeat reports. They currently have an outperform rating on the bank’s stock.

A number of other equities research analysts have also issued reports on ORRF. Raymond James assumed coverage on Orrstown Financial Services in a research report on Thursday, April 10th. They issued an “outperform” rating and a $35.00 price target on the stock. Keefe, Bruyette & Woods cut their target price on shares of Orrstown Financial Services from $40.00 to $37.00 and set an “outperform” rating on the stock in a research note on Thursday, April 24th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $36.80.

Orrstown Financial Services Stock Down 0.8%

NASDAQ:ORRF opened at $31.06 on Wednesday. The stock has a market capitalization of $605.83 million, a price-to-earnings ratio of 16.88 and a beta of 0.77. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The stock’s fifty day moving average is $29.14 and its two-hundred day moving average is $34.08. Orrstown Financial Services has a 52 week low of $24.91 and a 52 week 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 for the quarter, topping analysts’ consensus estimates of $0.95 by $0.05. The business had revenue of $60.39 million for the quarter, compared to analyst estimates of $51.83 million. Orrstown Financial Services had a return on equity of 15.77% and a net margin of 7.70%. During the same quarter in the prior year, the company earned $0.88 earnings per share. Research analysts anticipate that Orrstown Financial Services will post 4.23 EPS for the current year.

Orrstown Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 13th. Investors of record on Tuesday, May 6th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, May 6th. This represents a $1.04 annualized dividend and a yield of 3.35%. Orrstown Financial Services’s dividend payout ratio is currently 53.06%.

Insiders Place Their Bets

In other news, Director John W. Giambalvo purchased 1,000 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was purchased at an average cost of $30.80 per share, with a total value of $30,800.00. Following the completion of the acquisition, the director now directly owns 40,562 shares of the company’s stock, valued at approximately $1,249,309.60. This trade represents a 2.53% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Brian D. Brunner purchased 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The stock was acquired at an average price of $30.87 per share, for a total transaction of $77,175.00. Following the completion of the purchase, the director now owns 49,330 shares of the company’s stock, valued at approximately $1,522,817.10. This represents a 5.34% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 6,500 shares of company stock valued at $201,485. 4.70% of the stock is currently owned by insiders.

Institutional Trading of Orrstown Financial Services

A number of institutional investors have recently added to or reduced their stakes in ORRF. Assenagon Asset Management S.A. grew its holdings in Orrstown Financial Services by 36.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 55,297 shares of the bank’s stock valued at $2,024,000 after purchasing an additional 14,894 shares during the last quarter. JPMorgan Chase & Co. raised its position in Orrstown Financial Services by 36.3% during the third quarter. JPMorgan Chase & Co. now owns 89,407 shares of the bank’s stock worth $3,215,000 after acquiring an additional 23,819 shares during the last quarter. Principal Financial Group Inc. raised its position in Orrstown Financial Services by 9.4% during the fourth quarter. Principal Financial Group Inc. now owns 14,535 shares of the bank’s stock worth $532,000 after acquiring an additional 1,245 shares during the last quarter. Swiss National Bank acquired a new stake in shares of Orrstown Financial Services in the fourth quarter valued at approximately $1,395,000. Finally, Wells Fargo & Company MN raised its position in shares of Orrstown Financial Services by 21.1% during the 4th quarter. Wells Fargo & Company MN now owns 11,195 shares of the bank’s stock worth $410,000 after purchasing an additional 1,947 shares during the last quarter. 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.