Piper Sandler Begins Coverage on Orrstown Financial Services (NASDAQ:ORRF)

Piper Sandler assumed coverage on shares of Orrstown Financial Services (NASDAQ:ORRF) in a research report issued to clients and investors on Wednesday. The firm set an “overweight” rating and a $43.00 price target on the bank’s stock. Piper Sandler’s price target suggests a potential upside of 21.68% from the company’s current price.

Separately, Hovde Group lowered Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th.

Orrstown Financial Services Price Performance

Orrstown Financial Services stock traded up $0.11 during mid-day trading on Wednesday, hitting $35.34. The stock had a trading volume of 16,550 shares, compared to its average volume of 60,731. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13. Orrstown Financial Services has a one year low of $24.70 and a one year high of $41.99. The firm’s 50 day moving average is $38.54 and its 200 day moving average is $35.23. The firm has a market capitalization of $685.10 million, a P/E ratio of 19.00 and a beta of 0.91.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $1.11 EPS 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 14.41%. The business had revenue of $95.37 million during the quarter, compared to analyst estimates of $60.90 million. On average, sell-side analysts forecast that Orrstown Financial Services will post 4 earnings per share for the current fiscal year.

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 stock was sold at an average price of $37.82, for a total value of $151,280.00. Following the completion of the sale, the executive vice president now owns 20,877 shares of the company’s stock, valued at $789,568.14. The trade was a 16.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. raised its holdings in Orrstown Financial Services by 36.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 89,407 shares of the bank’s stock worth $3,215,000 after purchasing an additional 23,819 shares during the last quarter. Principal Financial Group Inc. bought a new position in Orrstown Financial Services in the third quarter valued at approximately $478,000. Barclays PLC boosted its stake in Orrstown Financial Services by 120.4% in the 3rd quarter. Barclays PLC now owns 33,721 shares of the bank’s stock worth $1,212,000 after purchasing an additional 18,422 shares during the period. Geode Capital Management LLC boosted its position 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 during the period. Finally, Y Intercept Hong Kong Ltd acquired a new position in Orrstown Financial Services during the 3rd quarter worth approximately $227,000. Institutional investors 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.