Orrstown Financial Services (NASDAQ:ORRF) Price Target Cut to $33.00

Orrstown Financial Services (NASDAQ:ORRF) had its target price lowered by equities researchers at Hovde Group from $34.00 to $33.00 in a report released on Wednesday, Briefing.com reports. The brokerage currently has an “outperform” rating on the bank’s stock. Hovde Group’s price objective would indicate a potential upside of 27.46% from the stock’s current price.

Separately, Keefe, Bruyette & Woods increased their price objective on Orrstown Financial Services from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th.

Orrstown Financial Services Price Performance

Shares of NASDAQ:ORRF opened at $25.89 on Wednesday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. Orrstown Financial Services has a 1 year low of $15.52 and a 1 year high of $29.79. The business has a fifty day simple moving average of $26.15 and a 200 day simple moving average of $25.57. The firm has a market cap of $277.02 million, a price-to-earnings ratio of 7.59 and a beta of 0.89.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.01. Orrstown Financial Services had a return on equity of 14.74% and a net margin of 20.32%. The business had revenue of $32.51 million during the quarter, compared to analyst estimates of $32.50 million. As a group, sell-side analysts predict that Orrstown Financial Services will post 3.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Orrstown Financial Services

Several hedge funds have recently bought and sold shares of the business. FMR LLC increased its position in Orrstown Financial Services by 18.9% during the third quarter. FMR LLC now owns 693,031 shares of the bank’s stock worth $14,561,000 after buying an additional 110,197 shares during the last quarter. Pacific Ridge Capital Partners LLC grew its position in shares of Orrstown Financial Services by 5.2% in the third quarter. Pacific Ridge Capital Partners LLC now owns 222,684 shares of the bank’s stock valued at $4,679,000 after purchasing an additional 11,051 shares during the last quarter. Panagora Asset Management Inc. grew its position in shares of Orrstown Financial Services by 4.5% in the fourth quarter. Panagora Asset Management Inc. now owns 37,796 shares of the bank’s stock valued at $1,115,000 after purchasing an additional 1,642 shares during the last quarter. Inspire Advisors LLC acquired a new stake in shares of Orrstown Financial Services in the third quarter valued at about $672,000. Finally, Assenagon Asset Management S.A. grew its position in shares of Orrstown Financial Services by 89.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 20,598 shares of the bank’s stock valued at $608,000 after purchasing an additional 9,729 shares during the last quarter. 44.27% of the stock is owned by institutional investors and hedge funds.

Orrstown Financial Services Company Profile

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.