Hovde Group Increases Orrstown Financial Services (NASDAQ:ORRF) Price Target to $46.00

Orrstown Financial Services (NASDAQ:ORRF) had its target price boosted by equities researchers at Hovde Group from $42.00 to $46.00 in a research report issued on Monday. The brokerage presently has an “outperform” rating on the bank’s stock. Hovde Group’s target price indicates a potential upside of 8.08% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the company. DA Davidson restated a “neutral” rating and issued a $41.00 price target on shares of Orrstown Financial Services in a research report on Wednesday, July 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of Orrstown Financial Services in a research note on Tuesday, July 7th. Raymond James Financial assumed coverage on Orrstown Financial Services in a report on Thursday, July 9th. They issued a “market perform” rating for the company. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Orrstown Financial Services from $44.00 to $46.00 and gave the company an “outperform” rating in a research report on Thursday. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Orrstown Financial Services currently has an average rating of “Moderate Buy” and a consensus target price of $44.33.

Orrstown Financial Services Stock Performance

NASDAQ:ORRF opened at $42.56 on Monday. The company has a market cap of $836.30 million, a P/E ratio of 9.56 and a beta of 0.70. Orrstown Financial Services has a twelve month low of $31.51 and a twelve month high of $43.00. The company’s 50-day moving average price is $39.26 and its 200-day moving average price is $37.52. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.06.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings data on Tuesday, July 21st. The bank reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.06. Orrstown Financial Services had a net margin of 24.00% and a return on equity of 14.66%. The company had revenue of $64.30 million during the quarter, compared to the consensus estimate of $64.10 million. On average, sell-side analysts forecast that Orrstown Financial Services will post 4.37 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Orrstown Financial Services

Institutional investors have recently made changes to their positions in the stock. Quarry LP purchased a new stake in shares of Orrstown Financial Services in the 3rd quarter valued at approximately $42,000. Raymond James Financial Inc. acquired a new stake in Orrstown Financial Services in the 2nd quarter valued at approximately $45,000. Tower Research Capital LLC TRC increased its holdings in Orrstown Financial Services by 86.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,748 shares of the bank’s stock valued at $56,000 after purchasing an additional 810 shares during the last quarter. Russell Investments Group Ltd. raised its position in Orrstown Financial Services by 220.4% in the third quarter. Russell Investments Group Ltd. now owns 2,070 shares of the bank’s stock valued at $70,000 after purchasing an additional 1,424 shares during the period. Finally, BNP Paribas Financial Markets raised its position in Orrstown Financial Services by 120.7% in the third quarter. BNP Paribas Financial Markets now owns 4,061 shares of the bank’s stock valued at $138,000 after purchasing an additional 2,221 shares during the period. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Orrstown Financial Services Company Profile

Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank, a community banking organization headquartered in Shippensburg, Pennsylvania. The roots of Orrstown Bank date back to 1865, and the holding company structure was established to support its growth and diversification. As a regional financial institution, Orrstown Financial Services focuses on delivering personalized banking solutions to individuals, families and businesses across Central Pennsylvania.

The company’s core offerings include a full suite of deposit products such as checking and savings accounts, money market accounts and certificates of deposit.