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

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

Orrstown Financial Services Price Performance

NASDAQ:ORRF opened at $40.45 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.88 and a quick ratio of 0.87. The company has a 50 day moving average price of $36.78 and a 200-day moving average price of $31.98. Orrstown Financial Services has a 1-year low of $22.86 and a 1-year high of $41.99. The firm has a market cap of $784.33 million, a price-to-earnings ratio of 21.75 and a beta of 0.89.

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

Orrstown Financial Services Dividend Announcement

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

Insider Activity at Orrstown Financial Services

In related news, EVP David Todd Hornberger sold 4,000 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $37.82, for a total transaction 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 16.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Orrstown Financial Services

Large investors have recently bought and sold shares of the company. Fourthstone LLC boosted its stake in shares of Orrstown Financial Services by 223.8% in the third quarter. Fourthstone LLC now owns 1,811,825 shares of the bank’s stock worth $65,153,000 after acquiring an additional 1,252,356 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in Orrstown Financial Services in the 3rd quarter valued at $8,734,000. Petiole USA ltd purchased a new position in Orrstown Financial Services in the 3rd quarter valued at $6,543,000. Charles Schwab Investment Management Inc. boosted its stake in Orrstown Financial Services by 503.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 158,029 shares of the bank’s stock worth $5,683,000 after purchasing an additional 131,845 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Orrstown Financial Services by 32.2% during the third quarter. Geode Capital Management LLC now owns 434,228 shares of the bank’s stock worth $15,617,000 after buying an additional 105,735 shares in the last quarter. 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.