Orrstown Financial Services (NASDAQ:ORRF) Rating Lowered to Hold at StockNews.com

StockNews.com lowered shares of Orrstown Financial Services (NASDAQ:ORRF – Get Rating) from a buy rating to a hold rating in a research report released on Tuesday morning.

Separately, Piper Sandler restated a neutral rating and issued a $28.00 price target on shares of Orrstown Financial Services in a research report on Thursday, November 17th.

Orrstown Financial Services Trading Down 2.6 %

Orrstown Financial Services stock opened at $19.94 on Tuesday. The stock has a market cap of $212.96 million, a P/E ratio of 6.60 and a beta of 0.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.85 and a quick ratio of 0.85. Orrstown Financial Services has a 1 year low of $19.85 and a 1 year high of $28.42. The firm’s 50 day moving average price is $23.43 and its 200-day moving average price is $24.71.

Orrstown Financial Services (NASDAQ:ORRF – Get Rating) last announced its quarterly earnings results on Tuesday, January 24th. The bank reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.06. Orrstown Financial Services had a net margin of 23.82% and a return on equity of 14.71%. The company had revenue of $33.71 million for the quarter, compared to analysts’ expectations of $32.58 million. On average, equities analysts predict that Orrstown Financial Services will post 3.36 earnings per share for the current fiscal year.

Orrstown Financial Services Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 14th. Shareholders of record on Tuesday, February 7th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.01%. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.19. The ex-dividend date was Monday, February 6th. Orrstown Financial Services’s payout ratio is presently 26.49%.

Insiders Place Their Bets

In other Orrstown Financial Services news, EVP Philip E. Fague sold 3,893 shares of Orrstown Financial Services stock in a transaction on Monday, February 13th. The shares were sold at an average price of $23.09, for a total transaction of $89,889.37. Following the completion of the transaction, the executive vice president now directly owns 32,826 shares of the company’s stock, valued at $757,952.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Orrstown Financial Services news, EVP Philip E. Fague sold 3,893 shares of Orrstown Financial Services stock in a transaction on Monday, February 13th. The shares were sold at an average price of $23.09, for a total transaction of $89,889.37. Following the completion of the transaction, the executive vice president now directly owns 32,826 shares of the company’s stock, valued at $757,952.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Christopher D. Holt sold 2,000 shares of Orrstown Financial Services stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $22.33, for a total transaction of $44,660.00. Following the transaction, the executive vice president now directly owns 6,685 shares of the company’s stock, valued at $149,276.05. The disclosure for this sale can be found here. Over the last three months, insiders bought 1,690 shares of company stock valued at $39,530 and sold 20,325 shares valued at $467,784. 4.83% of the stock is owned by insiders.

Institutional Trading of Orrstown Financial Services

Hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC raised its holdings in Orrstown Financial Services by 63.4% in the third quarter. Tower Research Capital LLC TRC now owns 1,031 shares of the bank’s stock worth $25,000 after purchasing an additional 400 shares in the last quarter. Gladius Capital Management LP purchased a new stake in Orrstown Financial Services in the second quarter valued at approximately $58,000. UBS Group AG purchased a new stake in Orrstown Financial Services in the fourth quarter valued at approximately $66,000. Arlington Partners LLC purchased a new stake in Orrstown Financial Services in the 4th quarter worth approximately $82,000. Finally, Allspring Global Investments Holdings LLC boosted its position in Orrstown Financial Services by 66.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,592 shares of the bank’s stock worth $85,000 after purchasing an additional 1,440 shares in the last quarter. 43.39% of the stock is owned by hedge funds and other institutional investors.

Orrstown Financial Services Company Profile

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Orrstown Financial Services, Inc is a holding company, which engages in the provision of consumer and business financial services. It also offers commercial banking and trust business services which involves accepting demand, time and savings deposits, and granting loans. The company was founded on November 17, 1987 and is headquartered in Shippensburg, PA.