Orrstown Financial Services (NASDAQ:ORRF) Price Target Raised to $37.00

Orrstown Financial Services (NASDAQ:ORRF) had its price objective upped by Hovde Group from $33.00 to $37.00 in a research report sent to investors on Wednesday morning, MarketBeat reports. The firm currently has an outperform rating on the bank’s stock.

Several other research analysts have also recently issued reports on ORRF. Janney Montgomery Scott assumed coverage on Orrstown Financial Services in a research note on Friday, June 28th. They set a buy rating and a $32.00 price target for the company. Keefe, Bruyette & Woods restated an outperform rating and set a $32.00 target price on shares of Orrstown Financial Services in a research report on Tuesday, June 18th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $31.50.

Orrstown Financial Services Stock Down 0.8 %

ORRF opened at $34.49 on Wednesday. The stock has a market capitalization of $369.73 million, a price-to-earnings ratio of 10.30 and a beta of 0.91. The firm has a 50 day moving average price of $27.30 and a 200-day moving average price of $26.91. Orrstown Financial Services has a twelve month low of $19.30 and a twelve month high of $35.25. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.12.

Orrstown Financial Services (NASDAQ:ORRF) last announced its earnings results on Tuesday, July 23rd. The bank reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.10. The business had revenue of $50.45 million during the quarter, compared to analyst estimates of $31.60 million. Orrstown Financial Services had a net margin of 17.26% and a return on equity of 13.69%. Equities research analysts forecast that Orrstown Financial Services will post 3.55 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Thursday, August 8th will be paid a $0.23 dividend. The ex-dividend date is Thursday, August 8th. This represents a $0.92 annualized dividend and a dividend yield of 2.67%. This is an increase from Orrstown Financial Services’s previous quarterly dividend of $0.20. Orrstown Financial Services’s dividend payout ratio (DPR) is 23.88%.

Institutional Investors Weigh In On Orrstown Financial Services

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new position in shares of Orrstown Financial Services in the fourth quarter worth approximately $166,000. Assenagon Asset Management S.A. increased its stake in Orrstown Financial Services by 89.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 20,598 shares of the bank’s stock worth $608,000 after buying an additional 9,729 shares in the last quarter. Arlington Trust Co LLC bought a new stake in Orrstown Financial Services during the fourth quarter valued at about $132,000. Bailard Inc. lifted its position in shares of Orrstown Financial Services by 19.9% in the fourth quarter. Bailard Inc. now owns 16,026 shares of the bank’s stock valued at $473,000 after acquiring an additional 2,655 shares in the last quarter. Finally, AJOVista LLC bought a new position in shares of Orrstown Financial Services in the fourth quarter worth about $67,000. 44.27% of the stock is owned by hedge funds and other institutional investors.

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.