Orrstown Financial Services (NASDAQ:ORRF) Now Covered by Analysts at Piper Sandler

Piper Sandler began coverage on shares of Orrstown Financial Services (NASDAQ:ORRF) in a research note released on Wednesday, Marketbeat.com reports. The firm issued an overweight rating and a $43.00 price objective on the bank’s stock.

Separately, Hovde Group cut Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th.

Orrstown Financial Services Price Performance

ORRF stock opened at $33.98 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88. The company’s fifty day moving average price is $38.44 and its 200-day moving average price is $35.22. Orrstown Financial Services has a one year low of $24.70 and a one year high of $41.99. The company has a market capitalization of $658.74 million, a PE ratio of 18.27 and a beta of 0.91.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.11 EPS for the quarter, topping the consensus estimate of $0.92 by $0.19. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 14.41%. The business had revenue of $95.37 million for the quarter, compared to analysts’ expectations of $60.90 million. On average, equities analysts anticipate that Orrstown Financial Services will post 4 EPS for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Tuesday, November 5th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend was Tuesday, November 5th. Orrstown Financial Services’s dividend payout ratio is 49.46%.

Insiders Place Their Bets

In related news, EVP David Todd Hornberger sold 4,000 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $37.82, for a total value of $151,280.00. Following the sale, the executive vice president now directly owns 20,877 shares of the company’s stock, valued at $789,568.14. This represents a 16.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 6.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ORRF. CWM LLC boosted its position in Orrstown Financial Services by 31.0% in the 3rd quarter. CWM LLC now owns 2,217 shares of the bank’s stock valued at $80,000 after buying an additional 525 shares during the period. Quest Partners LLC purchased a new position in shares of Orrstown Financial Services in the 3rd quarter valued at $155,000. Fulton Bank N.A. purchased a new stake in shares of Orrstown Financial Services during the 3rd quarter worth $209,000. Y Intercept Hong Kong Ltd bought a new stake in Orrstown Financial Services during the third quarter valued at about $227,000. Finally, Beese Fulmer Investment Management Inc. purchased a new position in Orrstown Financial Services in the third quarter valued at about $242,000. Institutional investors own 44.27% of the company’s stock.

About Orrstown Financial Services

Orrstown Financial Services, Inc operates as the financial holding company for Orrstown Bank that provides commercial banking and financial advisory services to retail, commercial, non-profit, and government clients in the United States. It accepts various deposits, including checking, savings, time, demand, and money market deposits, as well as certificates of deposit.