Boenning Scattergood Brokers Raise Earnings Estimates for Orrstown Financial Services, Inc. (NASDAQ:ORRF)

Orrstown Financial Services, Inc. (NASDAQ:ORRFGet Rating) – Analysts at Boenning Scattergood boosted their FY2022 EPS estimates for Orrstown Financial Services in a report released on Wednesday, April 20th. Boenning Scattergood analyst E. Zwick now expects that the bank will post earnings of $2.69 per share for the year, up from their previous estimate of $2.40. Boenning Scattergood has a “Outperform” rating on the stock.

Orrstown Financial Services (NASDAQ:ORRFGet Rating) last issued its quarterly earnings data on Tuesday, April 19th. The bank reported $0.76 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.16. Orrstown Financial Services had a net margin of 26.77% and a return on equity of 12.40%.

A number of other research analysts also recently weighed in on the stock. Zacks Investment Research raised shares of Orrstown Financial Services from a “sell” rating to a “hold” rating and set a $26.00 target price for the company in a research report on Saturday, March 26th. StockNews.com assumed coverage on shares of Orrstown Financial Services in a report on Thursday, March 31st. They issued a “buy” rating for the company.

Orrstown Financial Services stock opened at $24.94 on Friday. Orrstown Financial Services has a twelve month low of $21.81 and a twelve month high of $25.91. The firm has a 50 day moving average price of $23.44 and a 200-day moving average price of $24.10. The company has a market capitalization of $277.86 million, a P/E ratio of 8.43 and a beta of 0.94. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.12.

Several hedge funds have recently added to or reduced their stakes in the stock. River Oaks Capital LLC bought a new stake in Orrstown Financial Services in the 4th quarter worth $4,536,000. Fourthstone LLC grew its holdings in Orrstown Financial Services by 198.7% in the 3rd quarter. Fourthstone LLC now owns 244,485 shares of the bank’s stock worth $5,724,000 after acquiring an additional 162,628 shares during the last quarter. Bank of America Corp DE grew its holdings in Orrstown Financial Services by 1,414.9% in the 4th quarter. Bank of America Corp DE now owns 83,108 shares of the bank’s stock worth $2,094,000 after acquiring an additional 77,622 shares during the last quarter. FMR LLC grew its holdings in Orrstown Financial Services by 5,382.4% in the 1st quarter. FMR LLC now owns 60,690 shares of the bank’s stock worth $1,128,000 after acquiring an additional 59,583 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Orrstown Financial Services by 207.7% during the 2nd quarter. Wells Fargo & Company MN now owns 43,472 shares of the bank’s stock valued at $1,004,000 after purchasing an additional 29,345 shares in the last quarter. 43.54% of the stock is currently owned by institutional investors.

In related news, Director Floyd E. Stoner acquired 2,464 shares of the stock in a transaction dated Tuesday, February 22nd. The shares were purchased at an average price of $24.66 per share, for a total transaction of $60,762.24. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Barbara E. Brobst sold 2,946 shares of the stock in a transaction on Tuesday, January 25th. The shares were sold at an average price of $25.11, for a total transaction of $73,974.06. The disclosure for this sale can be found here. Corporate insiders own 4.83% of the company’s stock.

The company also recently announced a quarterly dividend, which will be paid on Monday, May 9th. Shareholders of record on Monday, May 2nd will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend is Friday, April 29th. Orrstown Financial Services’s dividend payout ratio is presently 25.68%.

Orrstown Financial Services Company Profile (Get Rating)

Orrstown Financial Services, Inc operates as the holding company for Orrstown Bank that provides commercial banking and trust services in the United States. The company accepts various deposits, including checking, savings, time, demand, and money market deposits. It also offers commercial loans, such as commercial real estate, equipment, construction, working capital, and other commercial purpose loans, as well as industrial loans; consumer loans comprising home equity and other consumer loans, as well as home equity lines of credit; residential mortgage loans; acquisition and development loans; municipal loans; and installment and other loans.

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Earnings History and Estimates for Orrstown Financial Services (NASDAQ:ORRF)

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