Orrstown Financial Services (NASDAQ:ORRF) Coverage Initiated at Raymond James

Equities research analysts at Raymond James started coverage on shares of Orrstown Financial Services (NASDAQ:ORRF) in a report issued on Thursday, MarketBeat Ratings reports. The brokerage set an “outperform” rating and a $35.00 price target on the bank’s stock. Raymond James’ price objective would suggest a potential upside of 33.79% from the stock’s current price.

ORRF has been the topic of several other research reports. Piper Sandler initiated coverage on Orrstown Financial Services in a report on Wednesday, January 8th. They set an “overweight” rating and a $43.00 price target on the stock. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $42.00 target price (down previously from $46.00) on shares of Orrstown Financial Services in a research note on Monday, February 3rd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Orrstown Financial Services presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.80.

Orrstown Financial Services Price Performance

ORRF stock opened at $26.16 on Thursday. Orrstown Financial Services has a 52-week low of $24.70 and a 52-week high of $41.99. The business has a fifty day moving average of $31.17 and a two-hundred day moving average of $35.18. The stock has a market cap of $510.25 million, a price-to-earnings ratio of 14.22 and a beta of 0.78. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings results on Friday, January 31st. The bank reported $0.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.17). Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. As a group, research analysts anticipate that Orrstown Financial Services will post 4.23 earnings per share for the current year.

Insider Activity at Orrstown Financial Services

In other news, Director Brian D. Brunner acquired 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The stock was purchased at an average cost of $30.87 per share, with a total value of $77,175.00. Following the purchase, the director now directly owns 49,330 shares of the company’s stock, valued at approximately $1,522,817.10. This trade represents a 5.34 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John W. Giambalvo bought 1,000 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were purchased at an average price of $30.80 per share, for a total transaction of $30,800.00. Following the completion of the transaction, the director now owns 40,562 shares of the company’s stock, valued at $1,249,309.60. This represents a 2.53 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 6,800 shares of company stock worth $211,892 in the last quarter. Company insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On Orrstown Financial Services

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ORRF. GAMMA Investing LLC increased its position in Orrstown Financial Services by 3,994.9% during the 1st quarter. GAMMA Investing LLC now owns 4,832 shares of the bank’s stock worth $161,000 after purchasing an additional 4,714 shares in the last quarter. California State Teachers Retirement System grew its position in shares of Orrstown Financial Services by 1,257.1% in the fourth quarter. California State Teachers Retirement System now owns 18,022 shares of the bank’s stock valued at $660,000 after purchasing an additional 16,694 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Orrstown Financial Services in the 4th quarter worth about $833,000. Squarepoint Ops LLC lifted its holdings in shares of Orrstown Financial Services by 266.1% during the 4th quarter. Squarepoint Ops LLC now owns 27,112 shares of the bank’s stock worth $993,000 after acquiring an additional 19,706 shares during the period. Finally, Millennium Management LLC acquired a new position in shares of Orrstown Financial Services in the 4th quarter valued at $5,404,000. Institutional investors and hedge funds own 44.27% of the company’s stock.

About Orrstown Financial Services

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.