Orrstown Financial Services (NASDAQ:ORRF) Rating Lowered to “Market Perform” at Hovde Group

Hovde Group cut shares of Orrstown Financial Services (NASDAQ:ORRF) from an outperform rating to a market perform rating in a research report report published on Wednesday, Marketbeat reports.

Orrstown Financial Services Price Performance

Shares of ORRF opened at $40.84 on Wednesday. The firm has a market capitalization of $791.07 million, a price-to-earnings ratio of 21.96 and a beta of 0.89. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.87 and a current ratio of 0.87. Orrstown Financial Services has a one year low of $22.44 and a one year high of $41.99. The stock’s fifty day moving average is $36.54 and its 200-day moving average is $31.82.

Orrstown Financial Services (NASDAQ:ORRF) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.19. The company had revenue of $95.37 million for the quarter, compared to analyst estimates of $60.90 million. Orrstown Financial Services had a return on equity of 17.66% and a net margin of 6.63%. Equities analysts anticipate that Orrstown Financial Services will post 4 EPS for the current year.

Orrstown Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 12th. Investors of record on Tuesday, November 5th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date was Tuesday, November 5th. Orrstown Financial Services’s payout ratio is currently 49.46%.

Insider Buying and Selling

In related news, EVP David Todd Hornberger sold 4,000 shares of Orrstown Financial Services stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $37.82, for a total value of $151,280.00. Following the transaction, the executive vice president now owns 20,877 shares of the company’s stock, valued at approximately $789,568.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ORRF. EntryPoint Capital LLC bought a new position in Orrstown Financial Services in the first quarter valued at about $31,000. CWM LLC boosted its holdings in Orrstown Financial Services by 227.9% in the second quarter. CWM LLC now owns 1,692 shares of the bank’s stock valued at $46,000 after acquiring an additional 1,176 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in Orrstown Financial Services by 92.9% in the first quarter. BNP Paribas Financial Markets now owns 5,227 shares of the bank’s stock valued at $140,000 after acquiring an additional 2,518 shares during the last quarter. SG Americas Securities LLC bought a new position in Orrstown Financial Services in the second quarter valued at about $154,000. Finally, Quest Partners LLC bought a new position in Orrstown Financial Services in the third quarter valued at about $155,000. 44.27% of the stock is currently 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.