Orrstown Financial Services (NASDAQ:ORRF) Now Covered by Piper Sandler

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

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

Orrstown Financial Services Stock Performance

Shares of NASDAQ ORRF opened at $35.09 on Wednesday. Orrstown Financial Services has a 12 month low of $24.70 and a 12 month high of $41.99. 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 has a market cap of $680.25 million, a P/E ratio of 18.87 and a beta of 0.91. The business’s 50 day moving average is $38.54 and its two-hundred day moving average is $35.23.

Orrstown Financial Services (NASDAQ:ORRF) last posted its earnings results on Tuesday, October 22nd. The bank reported $1.11 EPS for the quarter, topping the consensus estimate of $0.92 by $0.19. The business 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 14.41% and a net margin of 6.63%. On average, equities analysts expect that Orrstown Financial Services will post 4 EPS for the current year.

Orrstown Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 12th. Shareholders of record on Tuesday, November 5th were paid a $0.23 dividend. The ex-dividend date was Tuesday, November 5th. This represents a $0.92 dividend on an annualized basis and a yield of 2.62%. Orrstown Financial Services’s dividend payout ratio is 49.46%.

Insider Buying and Selling 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 stock was sold at an average price of $37.82, for a total transaction of $151,280.00. Following the transaction, the executive vice president now owns 20,877 shares in the company, valued at approximately $789,568.14. This trade represents a 16.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Orrstown Financial Services

A number of hedge funds and other institutional investors have recently modified their holdings of ORRF. Bank of New York Mellon Corp raised its stake in Orrstown Financial Services by 9.1% in the second quarter. Bank of New York Mellon Corp now owns 74,528 shares of the bank’s stock valued at $2,039,000 after purchasing an additional 6,200 shares in the last quarter. Rhumbline Advisers increased its holdings in Orrstown Financial Services by 32.9% in the 2nd quarter. Rhumbline Advisers now owns 21,942 shares of the bank’s stock valued at $600,000 after buying an additional 5,427 shares during the period. American Century Companies Inc. raised its position in shares of Orrstown Financial Services by 37.9% in the 2nd quarter. American Century Companies Inc. now owns 149,259 shares of the bank’s stock valued at $4,084,000 after buying an additional 41,016 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Orrstown Financial Services by 1.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 499,814 shares of the bank’s stock worth $13,674,000 after acquiring an additional 7,465 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of Orrstown Financial Services by 42.2% during the 2nd 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. Institutional investors and hedge funds own 44.27% of the company’s stock.

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.