Orrstown Financial Services (ORRF) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Orrstown Financial Services (NASDAQ:ORRF) from a hold rating to a buy rating in a research report report published on Saturday. They currently have $21.00 price target on the bank’s stock.

According to Zacks, “Orrstown Financial Services, Inc. is a financial holding company. The Company’s primary activity consists of owning and supervising its subsidiary, Orrstown Bank, that is engaged in providing banking and bank related services. The Bank provides these services in south central Pennsylvania, principally Franklin, Perry and Cumberland Counties in Pennsylvania and in Washington County, Maryland. The Company’s subsidiary is The First National Bank of Newport. The day-to-day management of the Bank is conducted by the subsidiary’s officers. “

Separately, Boenning Scattergood upgraded shares of Orrstown Financial Services from a neutral rating to a buy rating and set a $24.00 target price for the company in a research note on Thursday, October 25th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Orrstown Financial Services has an average rating of Buy and an average price target of $26.33.

Shares of NASDAQ:ORRF traded up $0.25 during trading on Friday, reaching $19.36. The stock had a trading volume of 16,132 shares, compared to its average volume of 22,682. Orrstown Financial Services has a 52 week low of $17.30 and a 52 week high of $27.05. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $182.62 million, a P/E ratio of 11.19 and a beta of 0.60.

Orrstown Financial Services (NASDAQ:ORRF) last posted its earnings results on Wednesday, October 17th. The bank reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.06. Orrstown Financial Services had a net margin of 14.34% and a return on equity of 9.89%. The company had revenue of $18.20 million during the quarter, compared to analysts’ expectations of $17.87 million. As a group, analysts forecast that Orrstown Financial Services will post 1.81 EPS for the current fiscal year.

Hedge funds have recently bought and sold shares of the stock. Russell Investments Group Ltd. bought a new position in Orrstown Financial Services in the 2nd quarter worth approximately $101,000. Panagora Asset Management Inc. raised its position in Orrstown Financial Services by 424.0% in the 3rd quarter. Panagora Asset Management Inc. now owns 15,757 shares of the bank’s stock worth $375,000 after purchasing an additional 12,750 shares during the last quarter. Macquarie Group Ltd. raised its position in Orrstown Financial Services by 327.2% in the 2nd quarter. Macquarie Group Ltd. now owns 16,843 shares of the bank’s stock worth $438,000 after purchasing an additional 12,900 shares during the last quarter. Ativo Capital Management LLC raised its position in Orrstown Financial Services by 32.0% in the 3rd quarter. Ativo Capital Management LLC now owns 33,013 shares of the bank’s stock worth $786,000 after purchasing an additional 8,005 shares during the last quarter. Finally, Penn Capital Management Co. Inc. raised its position in Orrstown Financial Services by 79.8% in the 3rd quarter. Penn Capital Management Co. Inc. now owns 42,706 shares of the bank’s stock worth $1,016,000 after purchasing an additional 18,952 shares during the last quarter. Hedge funds and other institutional investors own 38.15% of the company’s stock.

Orrstown Financial Services Company Profile

Orrstown Financial Services, Inc operates as the holding company for Orrstown Bank that provides commercial banking and trust services in the United States. The company accepts various deposits, including checking, savings, time, demand, and money market deposits. It also offers commercial loans, such as commercial real estate, equipment, working capital, and other commercial purpose loans; consumer loans comprising home equity and other consumer loans, as well as home equity lines of credit; residential mortgage loans; agribusiness loans; acquisition and development loans; municipal loans; and installment and other loans.

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