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

Hovde Group lowered shares of Orrstown Financial Services (NASDAQ:ORRF) from an outperform rating to a market perform rating in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports.

Orrstown Financial Services Price Performance

NASDAQ:ORRF opened at $40.45 on Wednesday. Orrstown Financial Services has a one year low of $22.86 and a one year high of $41.99. The stock has a market cap of $784.33 million, a PE ratio of 21.75 and a beta of 0.89. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.87 and a current ratio of 0.88. The stock has a 50 day moving average price of $36.78 and a 200 day moving average price of $31.98.

Orrstown Financial Services (NASDAQ:ORRF) last issued its earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.19. The business had revenue of $95.37 million during the quarter, compared to the consensus estimate of $60.90 million. Orrstown Financial Services had a return on equity of 14.41% and a net margin of 6.63%. Equities research analysts expect that Orrstown Financial Services will post 4 EPS for the current fiscal year.

Orrstown Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 12th. Shareholders of record on Tuesday, November 5th were issued a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.92 annualized dividend and a yield of 2.27%. Orrstown Financial Services’s payout ratio is 49.46%.

Insider Transactions at Orrstown Financial Services

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

Institutional Trading of Orrstown Financial Services

Several institutional investors and hedge funds have recently bought and sold shares of ORRF. BNP Paribas Financial Markets increased its position in shares of Orrstown Financial Services by 92.9% during the first quarter. BNP Paribas Financial Markets now owns 5,227 shares of the bank’s stock valued at $140,000 after acquiring an additional 2,518 shares during the last quarter. Empowered Funds LLC raised its position in Orrstown Financial Services by 7.7% in the first quarter. Empowered Funds LLC now owns 22,092 shares of the bank’s stock valued at $591,000 after purchasing an additional 1,575 shares during the period. Pacific Ridge Capital Partners LLC lifted its stake in Orrstown Financial Services by 3.9% during the first quarter. Pacific Ridge Capital Partners LLC now owns 228,449 shares of the bank’s stock worth $6,116,000 after purchasing an additional 8,564 shares in the last quarter. Vanguard Group Inc. lifted its stake in Orrstown Financial Services by 1.0% during the first quarter. Vanguard Group Inc. now owns 547,755 shares of the bank’s stock worth $14,663,000 after purchasing an additional 5,332 shares in the last quarter. Finally, EntryPoint Capital LLC purchased a new position in shares of Orrstown Financial Services during the first quarter worth $31,000. 44.27% of the stock is currently 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.