Hovde Group Increases Orrstown Financial Services (NASDAQ:ORRF) Price Target to $37.00

Orrstown Financial Services (NASDAQ:ORRF) had its target price hoisted by Hovde Group from $33.00 to $37.00 in a report issued on Wednesday morning, MarketBeat reports. Hovde Group currently has an outperform rating on the bank’s stock.

Other analysts have also issued research reports about the stock. Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $32.00 price target on shares of Orrstown Financial Services in a research report on Tuesday, June 18th. Janney Montgomery Scott began coverage on Orrstown Financial Services in a research note on Friday, June 28th. They set a buy rating and a $32.00 target price for the company. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Orrstown Financial Services has a consensus rating of Moderate Buy and a consensus price target of $31.50.

Orrstown Financial Services Stock Performance

NASDAQ ORRF opened at $34.49 on Wednesday. Orrstown Financial Services has a fifty-two week low of $19.30 and a fifty-two week high of $35.25. The firm has a market capitalization of $369.77 million, a P/E ratio of 10.30 and a beta of 0.91. The stock’s fifty day moving average is $27.46 and its two-hundred day moving average is $26.95. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.88 and a current ratio of 0.88.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.10. Orrstown Financial Services had a net margin of 17.26% and a return on equity of 13.69%. The firm had revenue of $50.45 million during the quarter, compared to analyst estimates of $31.60 million. On average, research analysts anticipate that Orrstown Financial Services will post 3.55 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Thursday, August 8th will be given a $0.23 dividend. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $0.92 dividend on an annualized basis and a yield of 2.67%. Orrstown Financial Services’s payout ratio is presently 27.46%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ORRF. EntryPoint Capital LLC purchased a new stake in shares of Orrstown Financial Services in the 1st quarter valued at $31,000. CWM LLC increased its stake in Orrstown Financial Services by 227.9% during the second quarter. CWM LLC now owns 1,692 shares of the bank’s stock worth $46,000 after purchasing an additional 1,176 shares during the period. Empowered Funds LLC lifted its position in shares of Orrstown Financial Services by 7.7% during the first quarter. Empowered Funds LLC now owns 22,092 shares of the bank’s stock worth $591,000 after purchasing an additional 1,575 shares in the last quarter. Panagora Asset Management Inc. grew its holdings in shares of Orrstown Financial Services by 4.5% in the fourth quarter. Panagora Asset Management Inc. now owns 37,796 shares of the bank’s stock valued at $1,115,000 after purchasing an additional 1,642 shares in the last quarter. Finally, AJOVista LLC purchased a new stake in Orrstown Financial Services during the 4th quarter worth approximately $67,000. 44.27% of the stock is currently owned by hedge funds and other institutional investors.

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.