Orrstown Financial Services (NASDAQ:ORRF) Coverage Initiated at DA Davidson

Stock analysts at DA Davidson initiated coverage on shares of Orrstown Financial Services (NASDAQ:ORRF) in a report issued on Friday, MarketBeat Ratings reports. The firm set a “neutral” rating and a $41.00 price target on the bank’s stock. DA Davidson’s price objective indicates a potential upside of 13.79% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Weiss Ratings upgraded shares of Orrstown Financial Services from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Hovde Group upped their price objective on shares of Orrstown Financial Services from $40.00 to $42.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Orrstown Financial Services has an average rating of “Moderate Buy” and an average price target of $41.67.

Orrstown Financial Services Stock Up 1.2%

Shares of Orrstown Financial Services stock opened at $36.03 on Friday. The firm has a market cap of $707.99 million, a price-to-earnings ratio of 8.24 and a beta of 0.71. The stock has a 50-day simple moving average of $36.33 and a 200-day simple moving average of $36.19. Orrstown Financial Services has a 52-week low of $29.31 and a 52-week high of $40.72. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.87 and a quick ratio of 0.86.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings data on Wednesday, April 22nd. The bank reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.08. The firm had revenue of $64.58 million for the quarter, compared to the consensus estimate of $63.20 million. Orrstown Financial Services had a return on equity of 14.75% and a net margin of 23.58%. On average, equities research analysts expect that Orrstown Financial Services will post 4.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Orrstown Financial Services

In other news, Director Brian D. Brunner acquired 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 18th. The stock was acquired at an average cost of $34.02 per share, with a total value of $34,020.00. Following the acquisition, the director owned 50,529 shares in the company, valued at approximately $1,718,996.58. This represents a 2.02% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. State of Alaska Department of Revenue bought a new stake in Orrstown Financial Services during the third quarter valued at about $26,000. Quarry LP bought a new position in shares of Orrstown Financial Services in the third quarter worth about $42,000. Raymond James Financial Inc. acquired a new position in shares of Orrstown Financial Services during the 2nd quarter worth about $45,000. Tower Research Capital LLC TRC boosted its stake in Orrstown Financial Services by 86.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,748 shares of the bank’s stock valued at $56,000 after purchasing an additional 810 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in Orrstown Financial Services by 220.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,070 shares of the bank’s stock valued at $70,000 after purchasing an additional 1,424 shares during the period. Institutional investors and hedge funds 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.