Orrstown Financial Services (NASDAQ:ORRF) PT Raised to $42.00

Orrstown Financial Services (NASDAQ:ORRF) had its price objective raised by Hovde Group from $37.00 to $42.00 in a research report released on Wednesday, MarketBeat Ratings reports. The brokerage currently has an outperform rating on the bank’s stock.

Separately, Janney Montgomery Scott started coverage on shares of Orrstown Financial Services in a report on Friday, June 28th. They issued a “buy” rating and a $32.00 price target on the stock.

Orrstown Financial Services Stock Performance

Shares of ORRF opened at $37.30 on Wednesday. The stock’s 50-day simple moving average is $35.54 and its 200 day simple moving average is $30.60. The stock has a market capitalization of $722.50 million, a price-to-earnings ratio of 20.05 and a beta of 0.90. 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 52-week low of $20.31 and a 52-week high of $38.81.

Orrstown Financial Services (NASDAQ:ORRF) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.19. The firm had revenue of $95.37 million during the quarter, compared to the consensus estimate of $60.90 million. Orrstown Financial Services had a return on equity of 17.66% and a net margin of 6.63%. Research analysts forecast that Orrstown Financial Services will post 3.61 EPS for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 12th. Investors of record on Tuesday, November 5th will be given a $0.23 dividend. The ex-dividend date is Tuesday, November 5th. This represents a $0.92 annualized dividend and a yield of 2.47%. Orrstown Financial Services’s dividend payout ratio (DPR) is presently 49.46%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ORRF. Renaissance Technologies LLC grew its position in Orrstown Financial Services by 42.2% in the second quarter. Renaissance Technologies LLC now owns 223,399 shares of the bank’s stock worth $6,112,000 after acquiring an additional 66,300 shares in the last quarter. American Century Companies Inc. grew its position in Orrstown Financial Services by 37.9% in the second quarter. American Century Companies Inc. now owns 149,259 shares of the bank’s stock worth $4,084,000 after acquiring an additional 41,016 shares in the last quarter. AQR Capital Management LLC bought a new stake in Orrstown Financial Services in the second quarter worth $1,048,000. Inspire Investing LLC bought a new stake in Orrstown Financial Services in the second quarter worth $846,000. Finally, Squarepoint Ops LLC bought a new stake in Orrstown Financial Services in the second quarter worth $791,000. 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.