Orrstown Financial Services (NASDAQ:ORRF) Hits New 12-Month High Following Analyst Upgrade

Orrstown Financial Services Inc (NASDAQ:ORRF)’s stock price hit a new 52-week high during trading on Friday after Keefe, Bruyette & Woods raised their price target on the stock from $44.00 to $46.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Orrstown Financial Services traded as high as $43.00 and last traded at $42.3240, with a volume of 15677 shares traded. The stock had previously closed at $41.96.

A number of other brokerages have also recently issued reports on ORRF. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Orrstown Financial Services in a research note on Tuesday, July 7th. Raymond James Financial assumed coverage on Orrstown Financial Services in a research note on Thursday, July 9th. They issued a “market perform” rating for the company. Finally, DA Davidson restated a “neutral” rating and set a $41.00 target price on shares of Orrstown Financial Services in a report on Wednesday. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

Institutional Trading of Orrstown Financial Services

A number of institutional investors have recently modified their holdings of ORRF. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Orrstown Financial Services by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,009 shares of the bank’s stock valued at $330,000 after buying an additional 490 shares during the period. Millennium Management LLC boosted its holdings in Orrstown Financial Services by 123.8% in the first quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock valued at $9,913,000 after acquiring an additional 182,709 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Orrstown Financial Services by 2.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 85,047 shares of the bank’s stock worth $2,552,000 after purchasing an additional 2,417 shares in the last quarter. Jane Street Group LLC bought a new position in Orrstown Financial Services in the 1st quarter worth $1,080,000. Finally, Creative Planning purchased a new stake in Orrstown Financial Services in the second quarter worth about $365,000. 44.27% of the stock is currently owned by hedge funds and other institutional investors.

Orrstown Financial Services Stock Up 1.4%

The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.06. The company’s fifty day simple moving average is $39.26 and its 200 day simple moving average is $37.51. The firm has a market capitalization of $836.22 million, a PE ratio of 9.56 and a beta of 0.70.

Orrstown Financial Services (NASDAQ:ORRF) last posted its earnings results on Tuesday, July 21st. The bank reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.06. Orrstown Financial Services had a return on equity of 14.66% and a net margin of 24.00%.The firm had revenue of $64.30 million for the quarter, compared to the consensus estimate of $64.10 million. Analysts anticipate that Orrstown Financial Services Inc will post 4.37 earnings per share for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 11th. Investors of record on Tuesday, August 4th will be given a dividend of $0.30 per share. The ex-dividend date is Tuesday, August 4th. This represents a $1.20 annualized dividend and a dividend yield of 2.8%. Orrstown Financial Services’s payout ratio is currently 26.97%.

About Orrstown Financial Services

Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank, a community banking organization headquartered in Shippensburg, Pennsylvania. The roots of Orrstown Bank date back to 1865, and the holding company structure was established to support its growth and diversification. As a regional financial institution, Orrstown Financial Services focuses on delivering personalized banking solutions to individuals, families and businesses across Central Pennsylvania.

The company’s core offerings include a full suite of deposit products such as checking and savings accounts, money market accounts and certificates of deposit.