DA Davidson Reiterates “Neutral” Rating for Orrstown Financial Services (NASDAQ:ORRF)

Orrstown Financial Services (NASDAQ:ORRF)‘s stock had its “neutral” rating restated by investment analysts at DA Davidson in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $41.00 price target on the bank’s stock. DA Davidson’s price objective suggests a potential upside of 0.64% from the company’s current price.

Several other brokerages also recently commented on ORRF. Weiss Ratings restated a “buy (b)” rating on shares of Orrstown Financial Services in a research note on Tuesday, July 7th. Raymond James Financial initiated coverage on shares of Orrstown Financial Services in a report on Thursday, July 9th. They issued a “market perform” rating on the stock. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Orrstown Financial Services presently has an average rating of “Moderate Buy” and a consensus price target of $41.67.

Orrstown Financial Services Stock Performance

Shares of NASDAQ:ORRF traded down $0.52 during trading on Wednesday, hitting $40.74. 28,175 shares of the company were exchanged, compared to its average volume of 181,243. Orrstown Financial Services has a 52-week low of $31.51 and a 52-week high of $42.54. The stock has a 50 day moving average of $38.88 and a 200 day moving average of $37.38. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market cap of $800.56 million, a PE ratio of 9.32 and a beta of 0.70.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.06. Orrstown Financial Services had a return on equity of 14.75% and a net margin of 23.58%.The company had revenue of $64.30 million during the quarter, compared to analysts’ expectations of $64.10 million. As a group, equities research analysts predict that Orrstown Financial Services will post 4.29 EPS for the current year.

Institutional Investors Weigh In On Orrstown Financial Services

Large investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. bought a new position in shares of Orrstown Financial Services during the 1st quarter valued at about $10,743,000. Kennedy Capital Management LLC lifted its position in Orrstown Financial Services by 569.5% in the 3rd quarter. Kennedy Capital Management LLC now owns 280,723 shares of the bank’s stock worth $9,539,000 after buying an additional 238,790 shares during the last quarter. Marshall Wace LLP bought a new stake in Orrstown Financial Services in the 2nd quarter worth approximately $7,424,000. Millennium Management LLC boosted its stake in Orrstown Financial Services by 123.8% in the first quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock worth $9,913,000 after buying an additional 182,709 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Orrstown Financial Services by 170.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 278,649 shares of the bank’s stock worth $9,870,000 after buying an additional 175,682 shares in the last quarter. Hedge funds and other institutional investors own 44.27% of the company’s stock.

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.