Hovde Group Increases Orrstown Financial Services (NASDAQ:ORRF) Price Target to $42.00

Orrstown Financial Services (NASDAQ:ORRF) had its price objective boosted by equities researchers at Hovde Group from $37.00 to $42.00 in a research report issued to clients and investors on Wednesday, Marketbeat reports. The firm presently has an “outperform” rating on the bank’s stock. Hovde Group’s price target would indicate a potential upside of 11.26% from the company’s current price.

Separately, Janney Montgomery Scott initiated coverage on Orrstown Financial Services in a research note on Friday, June 28th. They set a “buy” rating and a $32.00 target price on the stock.

Orrstown Financial Services Stock Up 0.5 %

Shares of ORRF opened at $37.75 on Wednesday. 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 has a 52-week low of $20.25 and a 52-week high of $38.81. The company has a market cap of $731.22 million, a PE ratio of 20.30 and a beta of 0.90. The business has a fifty day moving average of $35.46 and a 200 day moving average of $30.49.

Orrstown Financial Services (NASDAQ:ORRF) last released its earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.19. The firm had revenue of $95.37 million during the quarter, compared to analyst estimates of $60.90 million. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 17.66%. On average, sell-side analysts expect that Orrstown Financial Services will post 3.61 EPS for the current year.

Institutional Investors Weigh In On Orrstown Financial Services

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ORRF. Assenagon Asset Management S.A. increased its position in shares of Orrstown Financial Services by 112.3% during the third quarter. Assenagon Asset Management S.A. now owns 40,403 shares of the bank’s stock worth $1,453,000 after acquiring an additional 21,373 shares during the period. Beese Fulmer Investment Management Inc. bought a new position in Orrstown Financial Services in the third quarter worth approximately $242,000. Rodgers & Associates LTD bought a new position in Orrstown Financial Services in the third quarter worth approximately $479,000. CWM LLC increased its holdings in Orrstown Financial Services by 31.0% during the 3rd quarter. CWM LLC now owns 2,217 shares of the bank’s stock worth $80,000 after purchasing an additional 525 shares during the period. Finally, Fulton Bank N.A. bought a new stake in Orrstown Financial Services during the 3rd quarter valued at $209,000. Institutional investors own 44.27% of the company’s stock.

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.