Orrstown Financial Services (NASDAQ:ORRF) Sets New 52-Week High After Analyst Upgrade

Shares of Orrstown Financial Services Inc (NASDAQ:ORRF) hit a new 52-week high 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. The stock had previously closed at $41.96.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP acquired a new position in Orrstown Financial Services in the 3rd quarter valued at $42,000. Raymond James Financial Inc. acquired a new position in shares of Orrstown Financial Services in the 2nd quarter valued at about $45,000. Tower Research Capital LLC TRC increased its position in shares of Orrstown Financial Services by 86.4% in the second quarter. Tower Research Capital LLC TRC now owns 1,748 shares of the bank’s stock worth $56,000 after acquiring an additional 810 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Orrstown Financial Services by 220.4% in the third quarter. Russell Investments Group Ltd. now owns 2,070 shares of the bank’s stock worth $70,000 after acquiring an additional 1,424 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of Orrstown Financial Services by 120.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,061 shares of the bank’s stock valued at $138,000 after acquiring an additional 2,221 shares during the period. 44.27% of the stock is currently owned by hedge funds and other institutional investors.

Orrstown Financial Services Price Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market cap of $831.78 million, a price-to-earnings ratio of 9.51 and a beta of 0.70. The company’s fifty day moving average is $39.11 and its two-hundred day moving average is $37.47.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings results on Tuesday, July 21st. The bank reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $64.10 million. Equities research analysts forecast that Orrstown Financial Services Inc will post 4.29 EPS for the current year.

Orrstown Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 11th. Shareholders of record on Tuesday, August 4th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Tuesday, August 4th. Orrstown Financial Services’s dividend 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.