Keefe, Bruyette & Woods Reiterates “Outperform” Rating for Orrstown Financial Services (NASDAQ:ORRF)

Keefe, Bruyette & Woods restated their outperform rating on shares of Orrstown Financial Services (NASDAQ:ORRF) in a report published on Monday,Benzinga reports. Keefe, Bruyette & Woods currently has a $42.00 price target on the bank’s stock, down from their previous price target of $46.00.

A number of other equities analysts have also weighed in on ORRF. Piper Sandler initiated coverage on shares of Orrstown Financial Services in a research report on Wednesday, January 8th. They set an “overweight” rating and a $43.00 target price for the company. Hovde Group downgraded shares of Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th.

Orrstown Financial Services Price Performance

Orrstown Financial Services stock opened at $34.30 on Monday. The business’s 50 day simple moving average is $36.84 and its 200 day simple moving average is $36.28. Orrstown Financial Services has a 12 month low of $24.70 and a 12 month high of $41.99. The company has a market cap of $664.94 million, a price-to-earnings ratio of 18.64 and a beta of 0.90. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13.

Orrstown Financial Services (NASDAQ:ORRF) last issued its quarterly earnings results on Friday, January 31st. The bank reported $0.87 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.17). Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. Sell-side analysts forecast that Orrstown Financial Services will post 4.37 EPS for the current year.

Orrstown Financial Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 21st. Shareholders of record on Friday, February 14th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date of this dividend is Friday, February 14th. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.23. Orrstown Financial Services’s payout ratio is presently 56.52%.

Institutional Investors Weigh In On Orrstown Financial Services

A number of institutional investors and hedge funds have recently modified their holdings of the company. PL Capital Advisors LLC grew its stake in Orrstown Financial Services by 3,561.0% during the fourth quarter. PL Capital Advisors LLC now owns 2,356,073 shares of the bank’s stock valued at $86,256,000 after acquiring an additional 2,291,717 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Orrstown Financial Services by 6.6% during the 4th quarter. Bank of New York Mellon Corp now owns 90,939 shares of the bank’s stock valued at $3,329,000 after purchasing an additional 5,599 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Orrstown Financial Services by 9.4% during the 4th quarter. Principal Financial Group Inc. now owns 14,535 shares of the bank’s stock valued at $532,000 after purchasing an additional 1,245 shares in the last quarter. Stonebridge Financial Group LLC bought a new position in shares of Orrstown Financial Services in the fourth quarter worth $92,000. Finally, Comprehensive Financial Planning Inc. PA purchased a new stake in shares of Orrstown Financial Services in the fourth quarter worth $38,000. 44.27% of the stock is 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.