Raymond James Begins Coverage on Orrstown Financial Services (NASDAQ:ORRF)

Analysts at Raymond James began coverage on shares of Orrstown Financial Services (NASDAQ:ORRF) in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. The firm set an “outperform” rating and a $35.00 price target on the bank’s stock. Raymond James’ target price indicates a potential upside of 33.79% from the stock’s previous close.

Several other analysts have also weighed in on ORRF. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $42.00 target price (down previously from $46.00) on shares of Orrstown Financial Services in a research note on Monday, February 3rd. Piper Sandler started coverage on Orrstown Financial Services in a research note on Wednesday, January 8th. They issued an “overweight” rating and a $43.00 target price for the company. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $38.80.

Orrstown Financial Services Price Performance

ORRF stock opened at $26.16 on Thursday. The firm has a market cap of $510.25 million, a P/E ratio of 14.22 and a beta of 0.78. Orrstown Financial Services has a 1 year low of $24.70 and a 1 year high of $41.99. The stock has a 50-day simple moving average of $31.17 and a 200-day simple moving average of $35.18. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88.

Orrstown Financial Services (NASDAQ:ORRF) last announced its earnings results on Friday, January 31st. The bank reported $0.87 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.17). Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. On average, equities analysts predict that Orrstown Financial Services will post 4.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Scott V. Fainor acquired 3,000 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were bought at an average price of $31.17 per share, with a total value of $93,510.00. Following the purchase, the director now owns 13,396 shares of the company’s stock, valued at approximately $417,553.32. This represents a 28.86 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Brian D. Brunner bought 2,500 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were purchased at an average cost of $30.87 per share, for a total transaction of $77,175.00. Following the completion of the acquisition, the director now owns 49,330 shares of the company’s stock, valued at $1,522,817.10. This trade represents a 5.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 6,800 shares of company stock valued at $211,892 over the last 90 days. 5.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Orrstown Financial Services

Several large investors have recently modified their holdings of ORRF. Comprehensive Financial Planning Inc. PA purchased a new position in Orrstown Financial Services in the 4th quarter worth about $38,000. R Squared Ltd purchased a new stake in Orrstown Financial Services in the 4th quarter worth about $42,000. VSM Wealth Advisory LLC purchased a new position in Orrstown Financial Services during the 4th quarter valued at about $47,000. Summit Investment Advisors Inc. lifted its position in shares of Orrstown Financial Services by 21.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank’s stock worth $71,000 after purchasing an additional 349 shares in the last quarter. Finally, Stonebridge Financial Group LLC acquired a new stake in shares of Orrstown Financial Services during the fourth quarter worth approximately $92,000. 44.27% of the stock is owned by 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.