Orrstown Financial Services (NASDAQ:ORRF) Coverage Initiated at Piper Sandler

Piper Sandler started coverage on shares of Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) in a research note issued on Wednesday. The brokerage set an "overweight" rating and a $43.00 price target on the bank's stock. Piper Sandler's price target points to a potential upside of 22.54% from the stock's current price.

Separately, Hovde Group downgraded shares of Orrstown Financial Services from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 13th.

Orrstown Financial Services Trading Down 0.4 %

NASDAQ:ORRF traded down $0.14 on Wednesday, reaching $35.09. The company's stock had a trading volume of 112,985 shares, compared to its average volume of 80,517. The firm has a market cap of $680.25 million, a price-to-earnings ratio of 18.87 and a beta of 0.91. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. Orrstown Financial Services has a 12-month low of $24.70 and a 12-month high of $41.99. The stock has a 50 day moving average price of $38.54 and a 200 day moving average price of $35.23.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The bank reported $1.11 EPS for the quarter, beating analysts' consensus estimates of $0.92 by $0.19. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 14.41%. The company had revenue of $95.37 million for the quarter, compared to analysts' expectations of $60.90 million. On average, equities analysts anticipate that Orrstown Financial Services will post 4 EPS for the current fiscal year.

Insider Activity at Orrstown Financial Services

In other news, EVP David Todd Hornberger sold 4,000 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $37.82, for a total value of $151,280.00. Following the sale, the executive vice president now directly owns 20,877 shares in the company, valued at approximately $789,568.14. This trade represents a 16.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 6.20% of the company's stock.

Institutional Investors Weigh In On Orrstown Financial Services

A number of hedge funds have recently bought and sold shares of ORRF. JPMorgan Chase & Co. lifted its position in shares of Orrstown Financial Services by 36.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 89,407 shares of the bank's stock worth $3,215,000 after purchasing an additional 23,819 shares during the last quarter. Principal Financial Group Inc. purchased a new stake in Orrstown Financial Services during the 3rd quarter worth about $478,000. Barclays PLC boosted its position in shares of Orrstown Financial Services by 120.4% during the 3rd quarter. Barclays PLC now owns 33,721 shares of the bank's stock worth $1,212,000 after acquiring an additional 18,422 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Orrstown Financial Services by 32.2% during the 3rd quarter. Geode Capital Management LLC now owns 434,228 shares of the bank's stock worth $15,617,000 after acquiring an additional 105,735 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Orrstown Financial Services in the 3rd quarter valued at about $227,000. Institutional investors and hedge funds own 44.27% of the company's stock.

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.