Orrstown Financial Services (NASDAQ:ORRF) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research lowered shares of Orrstown Financial Services (NASDAQ:ORRF) from a hold rating to a sell rating in a report issued on Saturday morning, Zacks.com reports.

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, ValuEngine cut shares of Orrstown Financial Services from a hold rating to a sell rating in a research note on Saturday, January 4th. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $23.83.

ORRF stock traded down $0.31 during trading hours on Friday, reaching $21.79. The stock had a trading volume of 21,798 shares, compared to its average volume of 12,492. The stock has a market capitalization of $247.30 million, a PE ratio of 13.70 and a beta of 0.59. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a 50-day simple moving average of $22.49 and a 200 day simple moving average of $21.95. Orrstown Financial Services has a fifty-two week low of $18.09 and a fifty-two week high of $23.48.

Orrstown Financial Services (NASDAQ:ORRF) last posted its earnings results on Tuesday, January 21st. The bank reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. The company had revenue of $24.97 million during the quarter, compared to analysts’ expectations of $22.94 million. Orrstown Financial Services had a net margin of 13.93% and a return on equity of 9.40%. On average, sell-side analysts forecast that Orrstown Financial Services will post 1.92 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 10th. Investors of record on Monday, February 3rd will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 3.12%. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.15. The ex-dividend date is Friday, January 31st. Orrstown Financial Services’s dividend payout ratio (DPR) is currently 32.61%.

Large investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers increased its position in Orrstown Financial Services by 10.3% during the third quarter. Rhumbline Advisers now owns 14,012 shares of the bank’s stock worth $307,000 after acquiring an additional 1,306 shares during the period. State Street Corp increased its holdings in Orrstown Financial Services by 4.7% in the 3rd quarter. State Street Corp now owns 150,021 shares of the bank’s stock worth $3,285,000 after buying an additional 6,772 shares in the last quarter. Metropolitan Life Insurance Co NY bought a new stake in Orrstown Financial Services in the 3rd quarter worth about $84,000. BlackRock Inc. increased its holdings in Orrstown Financial Services by 29.4% in the 2nd quarter. BlackRock Inc. now owns 699,867 shares of the bank’s stock worth $15,390,000 after buying an additional 159,215 shares in the last quarter. Finally, Maltese Capital Management LLC increased its holdings in Orrstown Financial Services by 64.4% in the 2nd quarter. Maltese Capital Management LLC now owns 238,308 shares of the bank’s stock worth $5,240,000 after buying an additional 93,308 shares in the last quarter. 41.75% of the stock is currently owned by institutional investors and hedge funds.

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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