Hovde Group Downgrades Orrstown Financial Services (NASDAQ:ORRF) to Market Perform

Orrstown Financial Services (NASDAQ:ORRF) was downgraded by stock analysts at Hovde Group from an “outperform” rating to a “market perform” rating in a report released on Wednesday, Marketbeat reports.

Orrstown Financial Services Stock Performance

ORRF stock traded down $0.15 during midday trading on Wednesday, hitting $40.50. The company’s stock had a trading volume of 15,652 shares, compared to its average volume of 79,448. Orrstown Financial Services has a 1 year low of $22.86 and a 1 year high of $41.99. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The stock’s 50-day moving average price is $36.54 and its 200 day moving average price is $31.82. The stock has a market cap of $785.30 million, a price-to-earnings ratio of 21.85 and a beta of 0.89.

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

Insider Activity

In related news, EVP David Todd Hornberger sold 4,000 shares of the business’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $37.82, for a total transaction of $151,280.00. Following the sale, the executive vice president now directly owns 20,877 shares in the company, valued at approximately $789,568.14. The trade was a 16.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 5.30% of the company’s stock.

Institutional Trading of Orrstown Financial Services

Hedge funds and other institutional investors have recently made changes to their positions in the stock. EntryPoint Capital LLC bought a new stake in shares of Orrstown Financial Services during the 1st quarter valued at $31,000. CWM LLC raised its stake in shares of Orrstown Financial Services by 227.9% during the 2nd quarter. CWM LLC now owns 1,692 shares of the bank’s stock valued at $46,000 after purchasing an additional 1,176 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Orrstown Financial Services by 92.9% during the 1st quarter. BNP Paribas Financial Markets now owns 5,227 shares of the bank’s stock valued at $140,000 after purchasing an additional 2,518 shares during the period. SG Americas Securities LLC bought a new stake in shares of Orrstown Financial Services during the 2nd quarter valued at $154,000. Finally, Quest Partners LLC bought a new position in Orrstown Financial Services in the 3rd quarter worth about $155,000. 44.27% of the stock is currently owned by 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.