Orrstown Financial Services (NASDAQ:ORRF) Reaches New 12-Month High on Analyst Upgrade

Orrstown Financial Services Inc (NASDAQ:ORRF) reached a new 52-week high during mid-day trading on Friday after Keefe, Bruyette & Woods raised their price target on the stock from $44.00 to $46.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Orrstown Financial Services traded as high as $43.00 and last traded at $42.3240, with a volume of 15677 shares traded. The stock had previously closed at $41.96.

ORRF has been the subject of a number of other reports. Weiss Ratings reissued a “buy (b)” rating on shares of Orrstown Financial Services in a research report on Tuesday, July 7th. DA Davidson reissued a “neutral” rating and set a $41.00 price objective on shares of Orrstown Financial Services in a report on Wednesday. Finally, Raymond James Financial started coverage on Orrstown Financial Services in a research report on Thursday, July 9th. They set a “market perform” rating on the stock. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $43.00.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. UBS Group AG boosted its position in shares of Orrstown Financial Services by 99.3% in the fourth quarter. UBS Group AG now owns 102,329 shares of the bank’s stock valued at $3,624,000 after acquiring an additional 50,979 shares during the period. Assenagon Asset Management S.A. purchased a new position in Orrstown Financial Services during the first quarter valued at approximately $10,743,000. Thrivent Financial for Lutherans increased its holdings in Orrstown Financial Services by 85.6% during the 4th quarter. Thrivent Financial for Lutherans now owns 52,945 shares of the bank’s stock worth $1,875,000 after acquiring an additional 24,412 shares during the period. Y Intercept Hong Kong Ltd increased its holdings in Orrstown Financial Services by 53.2% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 53,877 shares of the bank’s stock worth $1,944,000 after acquiring an additional 18,703 shares during the period. Finally, AlphaQuest LLC lifted its stake in Orrstown Financial Services by 169.8% in the 4th quarter. AlphaQuest LLC now owns 43,992 shares of the bank’s stock worth $1,558,000 after purchasing an additional 27,688 shares in the last quarter. Hedge funds and other institutional investors own 44.27% of the company’s stock.

Orrstown Financial Services Stock Performance

The company’s fifty day simple moving average is $39.26 and its 200 day simple moving average is $37.51. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $836.30 million, a P/E ratio of 9.56 and a beta of 0.70.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings results on Tuesday, July 21st. The bank reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.06. The firm had revenue of $64.30 million during the quarter, compared to analyst estimates of $64.10 million. Orrstown Financial Services had a net margin of 24.00% and a return on equity of 14.66%. As a group, sell-side analysts forecast that Orrstown Financial Services Inc will post 4.35 earnings per share for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 11th. Shareholders of record on Tuesday, August 4th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Tuesday, August 4th. Orrstown Financial Services’s dividend payout ratio is currently 26.97%.

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.