Orrstown Financial Services, Inc. (NASDAQ:ORRF) – Boenning Scattergood cut their Q2 2019 earnings estimates for shares of Orrstown Financial Services in a research note issued on Thursday, October 25th, Zacks Investment Research reports. Boenning Scattergood analyst M. Schultheis now expects that the bank will post earnings of $0.47 per share for the quarter, down from their previous forecast of $0.49. Boenning Scattergood currently has a “Buy” rating and a $24.00 target price on the stock. Boenning Scattergood also issued estimates for Orrstown Financial Services’ Q3 2019 earnings at $0.48 EPS, Q4 2019 earnings at $0.55 EPS, FY2019 earnings at $1.94 EPS and FY2020 earnings at $2.40 EPS.
Orrstown Financial Services (NASDAQ:ORRF) last announced its earnings results on Wednesday, October 17th. The bank reported $0.49 EPS for the quarter, beating the consensus estimate of $0.43 by $0.06. Orrstown Financial Services had a return on equity of 9.89% and a net margin of 14.34%. The business had revenue of $18.20 million for the quarter, compared to the consensus estimate of $17.87 million.
Other equities research analysts also recently issued reports about the company. Zacks Investment Research downgraded Orrstown Financial Services from a “buy” rating to a “hold” rating in a report on Wednesday, September 19th. ValuEngine downgraded Orrstown Financial Services from a “buy” rating to a “hold” rating in a report on Tuesday, August 7th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Orrstown Financial Services has an average rating of “Buy” and a consensus target price of $29.67.
ORRF stock traded down $0.24 during midday trading on Monday, hitting $20.66. 10,282 shares of the company’s stock were exchanged, compared to its average volume of 23,123. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.57. Orrstown Financial Services has a 12-month low of $19.92 and a 12-month high of $27.05. The company has a market capitalization of $197.15 million, a PE ratio of 15.89 and a beta of 0.46.
Institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. grew its position in shares of Orrstown Financial Services by 2.7% in the 2nd quarter. BlackRock Inc. now owns 534,409 shares of the bank’s stock worth $13,895,000 after acquiring an additional 13,901 shares in the last quarter. Millennium Management LLC grew its position in shares of Orrstown Financial Services by 301.3% in the 2nd quarter. Millennium Management LLC now owns 44,381 shares of the bank’s stock worth $1,154,000 after acquiring an additional 33,323 shares in the last quarter. Macquarie Group Ltd. grew its position in shares of Orrstown Financial Services by 327.2% in the 2nd quarter. Macquarie Group Ltd. now owns 16,843 shares of the bank’s stock worth $438,000 after acquiring an additional 12,900 shares in the last quarter. Acadian Asset Management LLC grew its position in shares of Orrstown Financial Services by 14.4% in the 3rd quarter. Acadian Asset Management LLC now owns 47,010 shares of the bank’s stock worth $1,119,000 after acquiring an additional 5,912 shares in the last quarter. Finally, Stifel Financial Corp acquired a new position in shares of Orrstown Financial Services in the 1st quarter worth approximately $431,000. Institutional investors own 37.84% of the company’s stock.
The company also recently announced a quarterly dividend, which was paid on Monday, November 5th. Stockholders of record on Monday, October 29th were given a $0.13 dividend. The ex-dividend date was Friday, October 26th. This represents a $0.52 annualized dividend and a dividend yield of 2.52%. Orrstown Financial Services’s payout ratio is 40.00%.
About Orrstown Financial Services
Orrstown Financial Services, Inc operates as the holding company for Orrstown Bank that provides commercial banking and trust services in the United States. The company accepts various deposits, including checking, savings, time, demand, and money market deposits. It also offers commercial loans, such as commercial real estate, equipment, working capital, and other commercial purpose loans; consumer loans comprising home equity and other consumer loans, as well as home equity lines of credit; residential mortgage loans; agribusiness loans; acquisition and development loans; municipal loans; and installment and other loans.
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