Orrstown Financial Services (NASDAQ:ORRF – Free Report) had its price target hoisted by Hovde Group from $37.00 to $42.00 in a research report released on Wednesday, Marketbeat reports. Hovde Group currently has an outperform rating on the bank’s stock.
Separately, Janney Montgomery Scott initiated coverage on shares of Orrstown Financial Services in a research note on Friday, June 28th. They issued a “buy” rating and a $32.00 target price for the company.
Check Out Our Latest Research Report on ORRF
Orrstown Financial Services Price Performance
Orrstown Financial Services (NASDAQ:ORRF – Get Free Report) last released 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 during the quarter, compared to analysts’ expectations of $60.90 million. Equities research analysts anticipate that Orrstown Financial Services will post 3.61 earnings per share for the current fiscal year.
Orrstown Financial Services Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 12th. Shareholders of record on Tuesday, November 5th will be given a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $0.92 dividend on an annualized basis and a yield of 2.47%. Orrstown Financial Services’s dividend payout ratio (DPR) is 49.46%.
Hedge Funds Weigh In On Orrstown Financial Services
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EntryPoint Capital LLC bought a new position in Orrstown Financial Services during the first quarter worth $31,000. CWM LLC boosted its position in Orrstown Financial Services by 227.9% during the second quarter. CWM LLC now owns 1,692 shares of the bank’s stock worth $46,000 after purchasing an additional 1,176 shares during the period. BNP Paribas Financial Markets boosted its position in Orrstown Financial Services by 92.9% during the first quarter. BNP Paribas Financial Markets now owns 5,227 shares of the bank’s stock worth $140,000 after purchasing an additional 2,518 shares during the period. SG Americas Securities LLC bought a new position in Orrstown Financial Services during the second quarter worth $154,000. Finally, Fulton Bank N.A. bought a new position in Orrstown Financial Services during the third quarter worth $209,000. 44.27% of the stock is owned by institutional investors.
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.
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