Orrstown Financial Services (NASDAQ:ORRF) Cut to Hold at Sandler O’Neill

Orrstown Financial Services (NASDAQ:ORRF) was downgraded by research analysts at Sandler O’Neill from a “buy” rating to a “hold” rating in a report released on Friday, March 29th, Marketbeat.com reports. They currently have a $21.50 price objective on the bank’s stock, down from their previous price objective of $22.00. Sandler O’Neill’s price objective indicates a potential upside of 7.50% from the company’s current price.

A number of other equities research analysts have also commented on ORRF. Zacks Investment Research lowered shares of Orrstown Financial Services from a “buy” rating to a “hold” rating in a report on Wednesday, December 26th. ValuEngine lowered shares of Orrstown Financial Services from a “hold” rating to a “sell” rating in a report on Tuesday, January 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $25.13.

Shares of Orrstown Financial Services stock traded up $0.75 during trading on Friday, reaching $20.00. The company’s stock had a trading volume of 19,963 shares, compared to its average volume of 18,152. Orrstown Financial Services has a 52-week low of $17.30 and a 52-week high of $27.05. The stock has a market capitalization of $189.64 million, a price-to-earnings ratio of 11.05 and a beta of 0.62. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.81 and a current ratio of 0.82.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings data on Wednesday, January 23rd. The bank reported $0.36 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.46 by ($0.10). Orrstown Financial Services had a net margin of 14.77% and a return on equity of 9.91%. The business had revenue of $19.78 million during the quarter, compared to analysts’ expectations of $20.21 million. On average, equities research analysts forecast that Orrstown Financial Services will post 1.7 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of ORRF. Farmers & Merchants Trust Co of Chambersburg PA bought a new position in Orrstown Financial Services in the 4th quarter worth $88,000. Bank of America Corp DE increased its stake in shares of Orrstown Financial Services by 20.5% in the 4th quarter. Bank of America Corp DE now owns 6,909 shares of the bank’s stock worth $127,000 after acquiring an additional 1,177 shares in the last quarter. O Shaughnessy Asset Management LLC increased its stake in shares of Orrstown Financial Services by 39.1% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 7,853 shares of the bank’s stock worth $143,000 after acquiring an additional 2,207 shares in the last quarter. Rhumbline Advisers bought a new position in shares of Orrstown Financial Services in the 4th quarter worth about $189,000. Finally, Globeflex Capital L P bought a new position in shares of Orrstown Financial Services in the 4th quarter worth about $220,000. Institutional investors and hedge funds own 38.68% of the company’s stock.

About Orrstown Financial Services

Orrstown Financial Services, Inc operates as the holding company for Orrstown Bank that provides commercial banking and trust services in the United States. The company accepts various deposits, including checking, savings, time, demand, and money market deposits. It also offers commercial loans, such as commercial real estate, equipment, working capital, and other commercial purpose loans; consumer loans comprising home equity and other consumer loans, as well as home equity lines of credit; residential mortgage loans; agribusiness loans; acquisition and development loans; municipal loans; and installment and other loans.

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