Orrstown Financial Services (NASDAQ:ORRF) Lowered to Market Perform Rating by Hovde Group

Hovde Group downgraded shares of Orrstown Financial Services (NASDAQ:ORRF - Free Report) from an outperform rating to a market perform rating in a research note issued to investors on Wednesday, MarketBeat reports.

Orrstown Financial Services Stock Performance

Shares of NASDAQ:ORRF traded down $0.30 on Wednesday, hitting $40.84. The company's stock had a trading volume of 136,515 shares, compared to its average volume of 79,586. The company has a market capitalization of $791.07 million, a price-to-earnings ratio of 22.34 and a beta of 0.89. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.87 and a current ratio of 0.87. Orrstown Financial Services has a 12 month low of $22.44 and a 12 month high of $41.99. The stock's 50-day moving average is $36.42 and its two-hundred day moving average is $31.75.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.11 EPS for the quarter, topping analysts' consensus estimates of $0.92 by $0.19. The company had revenue of $95.37 million for the quarter, compared to the consensus estimate of $60.90 million. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 17.66%. On average, equities research analysts forecast that Orrstown Financial Services will post 4 EPS for the current year.

Orrstown Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Tuesday, November 5th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date was Tuesday, November 5th. Orrstown Financial Services's dividend payout ratio is presently 49.46%.

Insider Activity

In other Orrstown Financial Services news, EVP David Todd Hornberger sold 4,000 shares of Orrstown Financial Services stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $37.82, for a total value of $151,280.00. Following the transaction, the executive vice president now owns 20,877 shares in the company, valued at approximately $789,568.14. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 5.30% of the company's stock.

Institutional Investors Weigh In On Orrstown Financial Services

Several hedge funds have recently made changes to their positions in ORRF. EntryPoint Capital LLC bought a new position in Orrstown Financial Services during the first quarter valued at about $31,000. CWM LLC grew its stake in shares of Orrstown Financial Services by 227.9% during the second quarter. CWM LLC now owns 1,692 shares of the bank's stock worth $46,000 after purchasing an additional 1,176 shares during the period. BNP Paribas Financial Markets raised its position in shares of Orrstown Financial Services by 92.9% in the 1st quarter. BNP Paribas Financial Markets now owns 5,227 shares of the bank's stock valued at $140,000 after acquiring an additional 2,518 shares during the period. SG Americas Securities LLC bought a new position in shares of Orrstown Financial Services during the second quarter worth $154,000. Finally, Quest Partners LLC acquired a new position in Orrstown Financial Services in the third quarter valued at about $155,000. Hedge funds and other institutional investors own 44.27% of the company's stock.

Orrstown Financial Services Company Profile

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.