Orrstown Financial Services (ORRF) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Orrstown Financial Services (NASDAQ:ORRF) from a sell rating to a hold rating in a research report sent to investors on Saturday morning, Zacks.com reports.

According to Zacks, “Orrstown Financial Services, Inc. is a financial holding company. The Company’s primary activity consists of owning and supervising its subsidiary, Orrstown Bank, that is engaged in providing banking and bank related services. The Bank provides these services in south central Pennsylvania, principally Franklin, Perry and Cumberland Counties in Pennsylvania and in Washington County, Maryland. The Company’s subsidiary is The First National Bank of Newport. The day-to-day management of the Bank is conducted by the subsidiary’s officers. “

Several other equities research analysts have also commented on the stock. ValuEngine raised shares of Orrstown Financial Services from a sell rating to a hold rating in a research note on Friday, May 3rd. Sandler O’Neill lowered shares of Orrstown Financial Services from a buy rating to a hold rating and dropped their price objective for the stock from $22.00 to $21.50 in a research note on Friday, March 29th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $25.13.

Shares of ORRF traded down $0.03 during trading hours on Friday, reaching $20.97. 13,596 shares of the company traded hands, compared to its average volume of 49,909. The firm has a market capitalization of $198.84 million, a price-to-earnings ratio of 12.05 and a beta of 0.67. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.75. Orrstown Financial Services has a 12 month low of $17.30 and a 12 month high of $27.05.

Orrstown Financial Services (NASDAQ:ORRF) last announced its earnings results on Wednesday, April 24th. The bank reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. The firm had revenue of $19.92 million for the quarter, compared to analyst estimates of $19.65 million. Orrstown Financial Services had a net margin of 13.42% and a return on equity of 9.45%. On average, research analysts forecast that Orrstown Financial Services will post 1.69 EPS for the current fiscal year.

The firm also recently disclosed a dividend, which will be paid on Friday, July 5th. Investors of record on Tuesday, April 30th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, April 29th. This is a positive change from Orrstown Financial Services’s previous dividend of $0.07. Orrstown Financial Services’s payout ratio is presently 33.15%.

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in Orrstown Financial Services by 4.0% during the fourth quarter. BlackRock Inc. now owns 560,245 shares of the bank’s stock worth $10,202,000 after acquiring an additional 21,695 shares in the last quarter. EJF Capital LLC boosted its stake in Orrstown Financial Services by 9.3% during the first quarter. EJF Capital LLC now owns 182,858 shares of the bank’s stock worth $3,399,000 after acquiring an additional 15,623 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Orrstown Financial Services by 10.9% during the first quarter. Dimensional Fund Advisors LP now owns 182,008 shares of the bank’s stock worth $3,384,000 after acquiring an additional 17,892 shares in the last quarter. Pacific Ridge Capital Partners LLC raised its holdings in Orrstown Financial Services by 20.8% in the first quarter. Pacific Ridge Capital Partners LLC now owns 110,345 shares of the bank’s stock worth $2,051,000 after buying an additional 19,027 shares during the last quarter. Finally, Wells Fargo & Company MN raised its holdings in Orrstown Financial Services by 1.9% in the first quarter. Wells Fargo & Company MN now owns 96,880 shares of the bank’s stock worth $1,800,000 after buying an additional 1,851 shares during the last quarter. 39.37% of the stock is currently owned by institutional investors and hedge funds.

Orrstown Financial Services Company Profile

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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