Hovde Group Issues Positive Forecast for Orrstown Financial Services (NASDAQ:ORRF) Stock Price

Orrstown Financial Services (NASDAQ:ORRF) had its price objective increased by Hovde Group from $40.00 to $42.00 in a research note published on Monday morning, MarketBeat reports. Hovde Group currently has an outperform rating on the bank’s stock.

Separately, Weiss Ratings reissued a “hold (c+)” rating on shares of Orrstown Financial Services in a report on Thursday, January 22nd. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Orrstown Financial Services has a consensus rating of “Moderate Buy” and a consensus price target of $39.67.

Orrstown Financial Services Trading Up 4.0%

NASDAQ ORRF opened at $37.46 on Monday. Orrstown Financial Services has a 52 week low of $25.57 and a 52 week high of $38.38. The firm has a 50 day moving average of $36.40 and a two-hundred day moving average of $34.83. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $730.47 million, a PE ratio of 8.96 and a beta of 0.83.

Orrstown Financial Services (NASDAQ:ORRF) last posted its earnings results on Tuesday, January 27th. The bank reported $1.11 EPS for the quarter, beating the consensus estimate of $1.08 by $0.03. The firm had revenue of $64.92 million for the quarter, compared to analyst estimates of $51.54 million. Orrstown Financial Services had a return on equity of 15.04% and a net margin of 22.71%. As a group, research analysts expect that Orrstown Financial Services will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 17th. Investors of record on Tuesday, February 10th will be issued a dividend of $0.30 per share. This is an increase from Orrstown Financial Services’s previous quarterly dividend of $0.27. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Tuesday, February 10th. Orrstown Financial Services’s dividend payout ratio is 25.84%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Inspire Advisors LLC lifted its stake in shares of Orrstown Financial Services by 1.0% in the 3rd quarter. Inspire Advisors LLC now owns 32,308 shares of the bank’s stock worth $1,098,000 after acquiring an additional 308 shares during the period. SG Americas Securities LLC raised its holdings in Orrstown Financial Services by 5.3% during the fourth quarter. SG Americas Securities LLC now owns 8,797 shares of the bank’s stock worth $312,000 after purchasing an additional 440 shares in the last quarter. Vista Investment Management lifted its position in Orrstown Financial Services by 5.6% in the second quarter. Vista Investment Management now owns 8,444 shares of the bank’s stock valued at $269,000 after purchasing an additional 450 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Orrstown Financial Services by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,009 shares of the bank’s stock valued at $330,000 after purchasing an additional 490 shares in the last quarter. Finally, CWM LLC increased its position in Orrstown Financial Services by 36.9% during the 2nd quarter. CWM LLC now owns 2,417 shares of the bank’s stock worth $77,000 after purchasing an additional 651 shares during the period. 44.27% of the stock is currently owned by hedge funds and other institutional investors.

Orrstown Financial Services Company Profile

Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank, a community banking organization headquartered in Shippensburg, Pennsylvania. The roots of Orrstown Bank date back to 1865, and the holding company structure was established to support its growth and diversification. As a regional financial institution, Orrstown Financial Services focuses on delivering personalized banking solutions to individuals, families and businesses across Central Pennsylvania.

The company’s core offerings include a full suite of deposit products such as checking and savings accounts, money market accounts and certificates of deposit.