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

Orrstown Financial Services (NASDAQ:ORRF) was downgraded by analysts at Hovde Group from an “outperform” rating to a “market perform” rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports.

Orrstown Financial Services Price Performance

NASDAQ ORRF traded down $0.15 during trading on Wednesday, reaching $40.50. The company’s stock had a trading volume of 15,652 shares, compared to its average volume of 79,448. The stock has a market capitalization of $785.30 million, a PE ratio of 21.85 and a beta of 0.89. 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 firm has a fifty day moving average of $36.54 and a 200 day moving average of $31.82. Orrstown Financial Services has a one year low of $22.86 and a one year high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF) last announced its earnings results 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. The business had revenue of $95.37 million for the quarter, compared to analyst estimates of $60.90 million. Orrstown Financial Services had a return on equity of 14.41% and a net margin of 6.63%. Analysts expect that Orrstown Financial Services will post 4 EPS for the current fiscal year.

Insider Activity

In other news, EVP David Todd Hornberger sold 4,000 shares of the stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $37.82, for a total transaction of $151,280.00. Following the transaction, the executive vice president now directly owns 20,877 shares in the company, valued at approximately $789,568.14. This represents a 16.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On Orrstown Financial Services

Several institutional investors have recently bought and sold shares of the stock. CWM LLC boosted 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 valued at $80,000 after acquiring an additional 525 shares during the period. EntryPoint Capital LLC purchased a new stake in Orrstown Financial Services during the 1st quarter valued at about $31,000. Empowered Funds LLC boosted its holdings in Orrstown Financial Services by 7.7% during the 1st quarter. Empowered Funds LLC now owns 22,092 shares of the bank’s stock valued at $591,000 after acquiring an additional 1,575 shares during the period. Segall Bryant & Hamill LLC boosted its holdings in Orrstown Financial Services by 1.7% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 124,652 shares of the bank’s stock valued at $4,482,000 after acquiring an additional 2,143 shares during the period. Finally, RKL Wealth Management LLC boosted its holdings in Orrstown Financial Services by 22.8% during the 3rd quarter. RKL Wealth Management LLC now owns 12,286 shares of the bank’s stock valued at $442,000 after acquiring an additional 2,281 shares during the period. 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.