Orrstown Financial Services, Inc. to Post Q2 2019 Earnings of $0.47 Per Share, Boenning Scattergood Forecasts (ORRF)

Orrstown Financial Services, Inc. (NASDAQ:ORRF) – Boenning Scattergood lowered their Q2 2019 earnings per share estimates for shares of Orrstown Financial Services in a research report issued on Thursday, October 25th. Boenning Scattergood analyst M. Schultheis now forecasts that the bank will earn $0.47 per share for the quarter, down from their prior estimate of $0.49. Boenning Scattergood currently has a “Buy” rating and a $24.00 target price on the stock. Boenning Scattergood also issued estimates for Orrstown Financial Services’ Q3 2019 earnings at $0.48 EPS, Q4 2019 earnings at $0.55 EPS, FY2019 earnings at $1.94 EPS and FY2020 earnings at $2.40 EPS.

Orrstown Financial Services (NASDAQ:ORRF) last issued its quarterly earnings results on Wednesday, October 17th. The bank reported $0.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.06. Orrstown Financial Services had a net margin of 14.34% and a return on equity of 9.92%. The company had revenue of $18.20 million during the quarter, compared to analyst estimates of $17.87 million.



Several other equities research analysts have also issued reports on ORRF. Keefe, Bruyette & Woods restated a “buy” rating and set a $34.00 price target on shares of Orrstown Financial Services in a research note on Thursday, July 19th. Zacks Investment Research upgraded shares of Orrstown Financial Services from a “hold” rating to a “strong-buy” rating and set a $31.00 price target for the company in a research note on Tuesday, July 24th. Finally, ValuEngine lowered shares of Orrstown Financial Services from a “buy” rating to a “hold” rating in a research note on Tuesday, August 7th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $29.67.

Shares of ORRF stock opened at $20.82 on Monday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.58. Orrstown Financial Services has a 12-month low of $19.92 and a 12-month high of $27.05. The company has a market cap of $174.90 million, a PE ratio of 12.03 and a beta of 0.21.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 5th. Investors of record on Monday, October 29th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.50%. The ex-dividend date is Friday, October 26th. Orrstown Financial Services’s dividend payout ratio (DPR) is presently 40.00%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in Orrstown Financial Services by 2.7% in the 2nd quarter. BlackRock Inc. now owns 534,409 shares of the bank’s stock worth $13,895,000 after buying an additional 13,901 shares during the period. Deprince Race & Zollo Inc. boosted its holdings in Orrstown Financial Services by 20.9% in the 3rd quarter. Deprince Race & Zollo Inc. now owns 342,755 shares of the bank’s stock worth $8,158,000 after buying an additional 59,328 shares during the period. Renaissance Technologies LLC boosted its holdings in Orrstown Financial Services by 34.7% in the 2nd quarter. Renaissance Technologies LLC now owns 279,900 shares of the bank’s stock worth $7,277,000 after buying an additional 72,100 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Orrstown Financial Services by 37.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 116,276 shares of the bank’s stock worth $3,023,000 after buying an additional 31,522 shares during the period. Finally, Millennium Management LLC boosted its holdings in Orrstown Financial Services by 301.3% in the 2nd quarter. Millennium Management LLC now owns 44,381 shares of the bank’s stock worth $1,154,000 after buying an additional 33,323 shares during the period. 41.93% of the stock is owned by institutional investors.

About Orrstown Financial Services

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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Earnings History and Estimates for Orrstown Financial Services (NASDAQ:ORRF)

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