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

Orrstown Financial Services (NASDAQ:ORRF) was downgraded by equities researchers at Hovde Group from an “outperform” rating to a “market perform” rating in a report released on Wednesday,Briefing.com Automated Import reports.

Orrstown Financial Services Price Performance

ORRF opened at $41.14 on Wednesday. Orrstown Financial Services has a 52-week low of $21.47 and a 52-week high of $41.99. The company has a 50 day moving average of $36.42 and a two-hundred day moving average of $31.75. The company has a market cap of $796.88 million, a P/E ratio of 22.12 and a beta of 0.89. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12.

Orrstown Financial Services (NASDAQ:ORRF) last posted its earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.19. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 17.66%. The business had revenue of $95.37 million for the quarter, compared to analyst estimates of $60.90 million. On average, analysts expect that Orrstown Financial Services will post 4 earnings per share for the current year.

Insider Activity at Orrstown Financial Services

In other Orrstown Financial Services news, EVP David Todd Hornberger sold 4,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 20,877 shares in the company, valued at $789,568.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Orrstown Financial Services

A number of institutional investors have recently added to or reduced their stakes in ORRF. CWM LLC grew its stake in shares of Orrstown Financial Services by 31.0% during the third quarter. CWM LLC now owns 2,217 shares of the bank’s stock valued at $80,000 after acquiring an additional 525 shares in the last quarter. EntryPoint Capital LLC purchased a new position in Orrstown Financial Services in the first quarter valued at about $31,000. Empowered Funds LLC grew its stake in Orrstown Financial Services by 7.7% during the 1st 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 in the last quarter. Segall Bryant & Hamill LLC increased its holdings in Orrstown Financial Services by 1.7% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 124,652 shares of the bank’s stock worth $4,482,000 after purchasing an additional 2,143 shares during the last quarter. Finally, RKL Wealth Management LLC raised its position in shares of Orrstown Financial Services by 22.8% in the 3rd quarter. RKL Wealth Management LLC now owns 12,286 shares of the bank’s stock valued at $442,000 after purchasing an additional 2,281 shares in the last quarter. Institutional investors and hedge funds own 44.27% of the company’s stock.

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.