Orrstown Financial Services (NASDAQ:ORRF) Price Target Raised to $46.00 at Hovde Group

Orrstown Financial Services (NASDAQ:ORRF) had its price target boosted by Hovde Group from $42.00 to $46.00 in a research report sent to investors on Monday, MarketBeat reports. The brokerage currently has an outperform rating on the bank’s stock.

Several other research analysts have also recently weighed in on the company. 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. Weiss Ratings reissued a “buy (b)” rating on shares of Orrstown Financial Services in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods upped their price target on shares of Orrstown Financial Services from $44.00 to $46.00 and gave the company an “outperform” rating in a research note on Thursday, July 23rd. Finally, DA Davidson reaffirmed a “neutral” rating and set a $41.00 price target on shares of Orrstown Financial Services in a research report on Wednesday, July 22nd. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $44.33.

Orrstown Financial Services Price Performance

Shares of NASDAQ ORRF opened at $42.56 on Monday. The firm has a market cap of $836.30 million, a P/E ratio of 9.56 and a beta of 0.70. The business’s 50 day moving average is $39.39 and its 200-day moving average is $37.57. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.06. Orrstown Financial Services has a 1-year low of $31.51 and a 1-year high of $43.00.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings results on Tuesday, July 21st. The bank reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.06. Orrstown Financial Services had a return on equity of 14.66% and a net margin of 24.00%.The business had revenue of $64.30 million during the quarter, compared to the consensus estimate of $64.10 million. Equities research analysts predict that Orrstown Financial Services will post 4.37 earnings per share for the current year.

Orrstown Financial Services Announces Dividend

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

Hedge Funds Weigh In On Orrstown Financial Services

Hedge funds have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised 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 acquiring an additional 490 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Orrstown Financial Services by 123.8% during the 1st quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock worth $9,913,000 after purchasing an additional 182,709 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Orrstown Financial Services by 2.9% in the first quarter. Goldman Sachs Group Inc. now owns 85,047 shares of the bank’s stock worth $2,552,000 after purchasing an additional 2,417 shares during the period. Jane Street Group LLC bought a new position in shares of Orrstown Financial Services in the first quarter worth $1,080,000. Finally, Creative Planning acquired a new position in Orrstown Financial Services in the second quarter valued at about $365,000. Institutional investors own 44.27% of the company’s stock.

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.