Orrstown Financial Services (NASDAQ:ORRF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.
According to Zacks, “Orrstown Financial Services, Inc. is a financial holding company. The Company’s primary activity consists of owning and supervising its subsidiary, Orrstown Bank, that is engaged in providing banking and bank related services. The Bank provides these services in south central Pennsylvania, principally Franklin, Perry and Cumberland Counties in Pennsylvania and in Washington County, Maryland. The Company’s subsidiary is The First National Bank of Newport. The day-to-day management of the Bank is conducted by the subsidiary’s officers. “
A number of other equities analysts also recently weighed in on the stock. ValuEngine raised shares of Orrstown Financial Services from a “sell” rating to a “hold” rating in a research note on Friday, May 3rd. Hovde Group initiated coverage on shares of Orrstown Financial Services in a research note on Friday, May 31st. They issued an “outperform” rating and a $25.00 target price for the company. Finally, Boenning Scattergood reaffirmed an “outperform” rating on shares of Orrstown Financial Services in a research note on Thursday, June 20th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $23.63.
Shares of NASDAQ ORRF opened at $21.47 on Wednesday. Orrstown Financial Services has a 1-year low of $17.30 and a 1-year high of $26.20. The company has a market cap of $246.53 million, a PE ratio of 11.86 and a beta of 0.58. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.52. The company has a 50-day moving average of $21.59 and a two-hundred day moving average of $20.69.
Several hedge funds and other institutional investors have recently made changes to their positions in ORRF. BNP Paribas Arbitrage SA grew its position in shares of Orrstown Financial Services by 517.6% during the 1st quarter. BNP Paribas Arbitrage SA now owns 1,575 shares of the bank’s stock worth $29,000 after buying an additional 1,320 shares during the period. Bessemer Group Inc. acquired a new stake in shares of Orrstown Financial Services during the 2nd quarter worth approximately $44,000. Bank of America Corp DE grew its position in shares of Orrstown Financial Services by 20.5% during the 4th quarter. Bank of America Corp DE now owns 6,909 shares of the bank’s stock worth $127,000 after buying an additional 1,177 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA grew its position in shares of Orrstown Financial Services by 49.6% during the 2nd quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 7,242 shares of the bank’s stock worth $159,000 after buying an additional 2,400 shares during the period. Finally, Bailard Inc. acquired a new stake in shares of Orrstown Financial Services during the 2nd quarter worth approximately $211,000. 37.76% of the stock is owned by 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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