Orrstown Financial Services (NASDAQ:ORRF) Lowered to “Market Perform” Rating by Hovde Group

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

Orrstown Financial Services Trading Down 0.5 %

Shares of ORRF stock opened at $40.45 on Wednesday. Orrstown Financial Services has a 1 year low of $22.86 and a 1 year high of $41.99. The firm has a market capitalization of $784.33 million, a PE ratio of 21.75 and a beta of 0.89. The stock has a fifty day moving average of $36.78 and a two-hundred day moving average of $32.02. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.87 and a current ratio of 0.88.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.11 earnings per share for the quarter, topping the consensus estimate 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 net margin of 6.63% and a return on equity of 14.41%. As a group, research analysts expect that Orrstown Financial Services will post 4 EPS for the current year.

Orrstown Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 12th. Investors of record on Tuesday, November 5th were issued a dividend of $0.23 per share. 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 Buying and Selling at Orrstown Financial Services

In other Orrstown Financial Services news, EVP David Todd Hornberger sold 4,000 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $37.82, for a total value of $151,280.00. Following the sale, the executive vice president now directly owns 20,877 shares in the company, valued at approximately $789,568.14. The trade was a 16.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Orrstown Financial Services

A number of hedge funds and other institutional investors have recently made changes to their positions in ORRF. Quadrature Capital Ltd boosted its holdings in Orrstown Financial Services by 273.6% during the first quarter. Quadrature Capital Ltd now owns 29,666 shares of the bank’s stock worth $793,000 after buying an additional 21,725 shares in the last quarter. PL Capital Advisors LLC acquired a new stake in shares of Orrstown Financial Services during the 3rd quarter valued at $2,314,000. American Century Companies Inc. boosted its stake in shares of Orrstown Financial Services by 37.9% during the 2nd quarter. American Century Companies Inc. now owns 149,259 shares of the bank’s stock worth $4,084,000 after acquiring an additional 41,016 shares in the last quarter. Inspire Investing LLC acquired a new position in shares of Orrstown Financial Services in the 2nd quarter worth $846,000. Finally, AQR Capital Management LLC acquired a new stake in shares of Orrstown Financial Services during the second quarter worth $1,048,000. 44.27% of the stock is currently owned by 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.