Orrstown Financial Services Inc (ORRF) Downgraded by Zacks Investment Research to “Hold”
Orrstown Financial Services Inc (NASDAQ:ORRF) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
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. “
Separately, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $23.50 price objective on shares of Orrstown Financial Services in a research report on Monday, April 10th.
Orrstown Financial Services (NASDAQ:ORRF) opened at 22.35 on Thursday. The company has a 50 day moving average of $21.71 and a 200 day moving average of $21.96. Orrstown Financial Services has a 1-year low of $17.56 and a 1-year high of $23.75. The firm has a market capitalization of $186.22 million, a PE ratio of 30.62 and a beta of 0.90.
Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings data on Thursday, April 27th. The bank reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.03. Orrstown Financial Services had a net margin of 9.72% and a return on equity of 4.38%. The firm had revenue of $14.57 million for the quarter, compared to analyst estimates of $14.95 million. Analysts forecast that Orrstown Financial Services will post $1.13 EPS for the current year.
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In related news, Director Anthony F. Ceddia sold 1,250 shares of Orrstown Financial Services stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $20.31, for a total value of $25,387.50. Following the transaction, the director now directly owns 8,312 shares in the company, valued at approximately $168,816.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last quarter, insiders sold 2,508 shares of company stock worth $52,850. 5.40% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in the stock. American International Group Inc. increased its stake in Orrstown Financial Services by 7.2% in the first quarter. American International Group Inc. now owns 4,559 shares of the bank’s stock worth $102,000 after buying an additional 306 shares during the period. SG Americas Securities LLC acquired a new stake in Orrstown Financial Services during the first quarter worth approximately $138,000. Dimensional Fund Advisors LP increased its stake in Orrstown Financial Services by 37.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 16,388 shares of the bank’s stock worth $367,000 after buying an additional 4,483 shares during the period. Bank of New York Mellon Corp increased its stake in Orrstown Financial Services by 24.8% in the first quarter. Bank of New York Mellon Corp now owns 32,494 shares of the bank’s stock worth $726,000 after buying an additional 6,462 shares during the period. Finally, Geode Capital Management LLC increased its stake in Orrstown Financial Services by 3.6% in the first quarter. Geode Capital Management LLC now owns 51,019 shares of the bank’s stock worth $1,140,000 after buying an additional 1,759 shares during the period. 37.63% of the stock is owned by institutional investors.
Orrstown Financial Services Company Profile
Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank (the Bank). The Bank is engaged in commercial banking and trust business. The Company operates through Community Banking segment. The Bank’s activities involve accepting demand, time and savings deposits, and granting loans.
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