Orrstown Financial Services (NASDAQ:ORRF) Price Target Cut to $13.50 by Analysts at Piper Sandler

Orrstown Financial Services (NASDAQ:ORRF) had its price target cut by Piper Sandler from $14.50 to $13.50 in a report published on Monday, Benzinga reports. They currently have a neutral rating on the bank’s stock. Several other equities research analysts also recently weighed in on the company. Zacks Investment Research downgraded […]

Orrstown Financial Services (NASDAQ:ORRF) had its price target cut by Piper Sandler from $14.50 to $13.50 in a report published on Monday, Benzinga reports. They currently have a neutral rating on the bank’s stock.

Several other equities research analysts also recently weighed in on the company. Zacks Investment Research downgraded Orrstown Financial Services from a buy rating to a hold rating in a report on Tuesday, September 22nd. ValuEngine cut Orrstown Financial Services from a sell rating to a strong sell rating in a report on Monday, August 3rd. Finally, Boenning Scattergood assumed coverage on shares of Orrstown Financial Services in a report on Thursday, September 24th. They issued an outperform rating for the company.

Orrstown Financial Services stock opened at $12.90 on Monday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.14. The stock has a market cap of $144.60 million, a PE ratio of 6.32 and a beta of 0.89. Orrstown Financial Services has a 12-month low of $11.40 and a 12-month high of $23.31. The business’s 50-day moving average price is $13.99 and its two-hundred day moving average price is $13.64.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.26. The company had revenue of $27.99 million for the quarter, compared to the consensus estimate of $26.59 million. Orrstown Financial Services had a net margin of 17.66% and a return on equity of 9.65%. As a group, analysts expect that Orrstown Financial Services will post 2.09 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in ORRF. Nuveen Asset Management LLC raised its holdings in shares of Orrstown Financial Services by 9.6% in the 2nd quarter. Nuveen Asset Management LLC now owns 38,199 shares of the bank’s stock worth $564,000 after purchasing an additional 3,352 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Orrstown Financial Services by 9.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 25,592 shares of the bank’s stock valued at $378,000 after acquiring an additional 2,122 shares during the period. Bank of America Corp DE boosted its holdings in shares of Orrstown Financial Services by 285.1% during the 2nd quarter. Bank of America Corp DE now owns 11,061 shares of the bank’s stock valued at $162,000 after acquiring an additional 8,189 shares during the last quarter. Bailard Inc. purchased a new stake in shares of Orrstown Financial Services during the 2nd quarter valued at about $150,000. Finally, Goldman Sachs Group Inc. grew its stake in shares of Orrstown Financial Services by 8.4% in the second quarter. Goldman Sachs Group Inc. now owns 17,751 shares of the bank’s stock worth $262,000 after acquiring an additional 1,378 shares during the period. 41.75% of the stock is currently owned by hedge funds and other institutional investors.

Orrstown Financial Services Company Profile

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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