Orrstown Financial Services (NASDAQ:ORRF) Now Covered by Analysts at Piper Sandler

Piper Sandler began coverage on shares of Orrstown Financial Services (NASDAQ:ORRF) in a research report released on Wednesday. The firm issued an overweight rating and a $43.00 price objective on the bank’s stock.

Separately, Hovde Group cut Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th.

Orrstown Financial Services Stock Down 0.4 %

ORRF stock opened at $35.09 on Wednesday. The stock has a market capitalization of $680.25 million, a P/E ratio of 18.87 and a beta of 0.91. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13. The firm has a 50-day moving average price of $38.54 and a 200-day moving average price of $35.23. Orrstown Financial Services has a 12 month low of $24.70 and a 12 month high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.19. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 14.41%. The company had revenue of $95.37 million during the quarter, compared to the consensus estimate of $60.90 million. As a group, equities research analysts anticipate that Orrstown Financial Services will post 4 EPS for the current fiscal year.

Orrstown Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 12th. Investors of record on Tuesday, November 5th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.62%. The ex-dividend date was Tuesday, November 5th. Orrstown Financial Services’s dividend payout ratio is currently 49.46%.

Insiders Place Their Bets

In other news, EVP David Todd Hornberger sold 4,000 shares of the company’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $37.82, for a total value of $151,280.00. Following the sale, the executive vice president now directly owns 20,877 shares of the company’s stock, valued at approximately $789,568.14. This represents a 16.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 6.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. CWM LLC boosted its holdings in shares of Orrstown Financial Services by 31.0% during the 3rd quarter. CWM LLC now owns 2,217 shares of the bank’s stock worth $80,000 after buying an additional 525 shares in the last quarter. Quest Partners LLC bought a new position in Orrstown Financial Services during the third quarter worth $155,000. Fulton Bank N.A. acquired a new stake in Orrstown Financial Services in the third quarter worth $209,000. Y Intercept Hong Kong Ltd acquired a new stake in Orrstown Financial Services in the third quarter worth $227,000. Finally, Beese Fulmer Investment Management Inc. acquired a new position in shares of Orrstown Financial Services during the third quarter valued at about $242,000. 44.27% of the stock is owned by institutional investors and hedge funds.

Orrstown Financial Services Company Profile

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.