Orrstown Financial Services (ORRF) Lowered to “Strong Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Orrstown Financial Services (NASDAQ:ORRF) from a hold rating to a strong sell rating in a research report report published on Wednesday.

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 research firms have also recently issued reports on ORRF. Boenning Scattergood reiterated a hold rating on shares of Orrstown Financial Services in a research note on Thursday, January 25th. ValuEngine upgraded Orrstown Financial Services from a hold rating to a buy rating in a research note on Sunday, December 31st.

Shares of Orrstown Financial Services (NASDAQ:ORRF) opened at $25.15 on Wednesday. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $212.04, a price-to-earnings ratio of 19.54 and a beta of 0.41. Orrstown Financial Services has a one year low of $19.05 and a one year high of $26.95.

Orrstown Financial Services (NASDAQ:ORRF) last posted its earnings results on Wednesday, January 24th. The bank reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.04). The company had revenue of $16.51 million during the quarter, compared to the consensus estimate of $17.08 million. Orrstown Financial Services had a net margin of 11.33% and a return on equity of 7.57%. equities research analysts anticipate that Orrstown Financial Services will post 1.4 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, February 9th. Shareholders of record on Saturday, February 3rd were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.91%. This is a boost from Orrstown Financial Services’s previous quarterly dividend of $0.07. The ex-dividend date was Thursday, February 1st. Orrstown Financial Services’s dividend payout ratio (DPR) is presently 48.98%.

Several institutional investors and hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company increased its holdings in shares of Orrstown Financial Services by 4.7% during the second quarter. The Manufacturers Life Insurance Company now owns 5,281 shares of the bank’s stock valued at $120,000 after purchasing an additional 235 shares during the period. TIAA CREF Investment Management LLC increased its holdings in shares of Orrstown Financial Services by 2.5% during the second quarter. TIAA CREF Investment Management LLC now owns 20,938 shares of the bank’s stock valued at $478,000 after purchasing an additional 513 shares during the period. Teachers Advisors LLC increased its holdings in shares of Orrstown Financial Services by 7.5% during the second quarter. Teachers Advisors LLC now owns 12,604 shares of the bank’s stock valued at $288,000 after purchasing an additional 875 shares during the period. Wells Fargo & Company MN increased its holdings in shares of Orrstown Financial Services by 1.5% during the second quarter. Wells Fargo & Company MN now owns 89,892 shares of the bank’s stock valued at $2,055,000 after purchasing an additional 1,310 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Orrstown Financial Services by 1.8% during the second quarter. Northern Trust Corp now owns 77,865 shares of the bank’s stock valued at $1,779,000 after purchasing an additional 1,400 shares during the period. 41.28% of the stock is currently owned by institutional investors.

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About Orrstown Financial Services

Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank (the Bank). The Bank is engaged in commercial banking and trust business. The Company operates through Community Banking segment. The Bank’s activities involve accepting demand, time and savings deposits, and granting loans.

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