Orrstown Financial Services (NASDAQ:ORRF) Research Coverage Started at Piper Sandler

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

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

Orrstown Financial Services Trading Down 3.2 %

NASDAQ:ORRF opened at $33.98 on Wednesday. The stock has a market cap of $658.74 million, a price-to-earnings ratio of 18.27 and a beta of 0.91. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The company’s 50 day moving average price is $38.44 and its 200-day moving average price is $35.22. Orrstown Financial Services has a 52 week low of $24.70 and a 52 week high of $41.99.

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

Orrstown Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Tuesday, November 5th were issued a dividend of $0.23 per share. The ex-dividend date was Tuesday, November 5th. This represents a $0.92 annualized dividend and a dividend yield of 2.71%. Orrstown Financial Services’s payout ratio is 49.46%.

Insider Transactions at Orrstown Financial Services

In other news, EVP David Todd Hornberger sold 4,000 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now owns 20,877 shares in the company, valued at $789,568.14. This represents a 16.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 6.20% of the company’s stock.

Institutional Trading of Orrstown Financial Services

Several large investors have recently added to or reduced their stakes in the business. Fourthstone LLC boosted its stake in shares of Orrstown Financial Services by 223.8% during the 3rd quarter. Fourthstone LLC now owns 1,811,825 shares of the bank’s stock worth $65,153,000 after acquiring an additional 1,252,356 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in Orrstown Financial Services in the 3rd quarter worth $8,734,000. Petiole USA ltd bought a new stake in Orrstown Financial Services during the third quarter valued at about $6,543,000. Charles Schwab Investment Management Inc. grew its holdings in Orrstown Financial Services by 503.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 158,029 shares of the bank’s stock valued at $5,683,000 after purchasing an additional 131,845 shares during the period. Finally, Geode Capital Management LLC increased its position in Orrstown Financial Services by 32.2% in the third quarter. Geode Capital Management LLC now owns 434,228 shares of the bank’s stock worth $15,617,000 after buying an additional 105,735 shares in the last quarter. 44.27% of the stock is currently owned by institutional investors.

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.