Orrstown Financial Services (NASDAQ:ORRF) Trading Up 6.4% After Earnings Beat

Orrstown Financial Services, Inc. (NASDAQ:ORRF - Get Free Report) shares rose 6.4% during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $38.74 and last traded at $38.72. Approximately 25,132 shares traded hands during trading, a decline of 66% from the average daily volume of 74,035 shares. The stock had previously closed at $36.40.

The bank reported $1.11 EPS for the quarter, beating analysts' consensus estimates of $0.92 by $0.19. Orrstown Financial Services had a return on equity of 13.45% and a net margin of 17.26%. The firm had revenue of $95.37 million for the quarter, compared to the consensus estimate of $60.90 million.

Analysts Set New Price Targets

A number of analysts have weighed in on ORRF shares. Hovde Group boosted their price target on Orrstown Financial Services from $37.00 to $42.00 and gave the stock an "outperform" rating in a research report on Wednesday. Janney Montgomery Scott started coverage on Orrstown Financial Services in a research report on Friday, June 28th. They issued a "buy" rating and a $32.00 price target for the company.

Hedge Funds Weigh In On Orrstown Financial Services

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Orrstown Financial Services by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 547,755 shares of the bank's stock worth $14,663,000 after purchasing an additional 5,332 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Orrstown Financial Services by 1.5% during the second quarter. Dimensional Fund Advisors LP now owns 499,814 shares of the bank's stock valued at $13,674,000 after acquiring an additional 7,465 shares during the period. Pacific Ridge Capital Partners LLC increased its stake in Orrstown Financial Services by 3.9% during the first quarter. Pacific Ridge Capital Partners LLC now owns 228,449 shares of the bank's stock valued at $6,116,000 after acquiring an additional 8,564 shares during the period. Renaissance Technologies LLC increased its stake in Orrstown Financial Services by 42.2% during the second quarter. Renaissance Technologies LLC now owns 223,399 shares of the bank's stock valued at $6,112,000 after acquiring an additional 66,300 shares during the period. Finally, American Century Companies Inc. increased its stake in Orrstown Financial Services by 37.9% during the second quarter. American Century Companies Inc. now owns 149,259 shares of the bank's stock valued at $4,084,000 after acquiring an additional 41,016 shares during the period. Institutional investors and hedge funds own 44.27% of the company's stock.

Orrstown Financial Services Stock Up 3.2 %

The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market capitalization of $727.54 million, a P/E ratio of 12.34 and a beta of 0.90. The firm has a 50 day moving average of $35.26 and a 200-day moving average of $30.38.

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.