Orrstown Financial Services (NASDAQ:ORRF) Shares Up 6.4% Following Strong Earnings

Orrstown Financial Services, Inc. (NASDAQ:ORRF)’s stock price rose 6.4% during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $38.74 and last traded at $38.72. Approximately 25,132 shares changed 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 earnings per share (EPS) for the quarter, topping 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%.

Analyst Ratings Changes

ORRF has been the subject of several recent research reports. Hovde Group lifted 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 began 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.

Institutional Investors Weigh In On Orrstown Financial Services

A number of institutional investors have recently modified their holdings of ORRF. Vanguard Group Inc. boosted its holdings in Orrstown Financial Services by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 547,755 shares of the bank’s stock worth $14,663,000 after buying an additional 5,332 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Orrstown Financial Services by 1.5% in the 2nd 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 last quarter. Pacific Ridge Capital Partners LLC grew its position in shares of Orrstown Financial Services by 3.9% in the first quarter. Pacific Ridge Capital Partners LLC now owns 228,449 shares of the bank’s stock valued at $6,116,000 after purchasing an additional 8,564 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Orrstown Financial Services by 42.2% in the second quarter. Renaissance Technologies LLC now owns 223,399 shares of the bank’s stock valued at $6,112,000 after purchasing an additional 66,300 shares during the last quarter. Finally, American Century Companies Inc. lifted its position 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 worth $4,084,000 after buying an additional 41,016 shares in the last quarter. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Orrstown Financial Services Price Performance

The stock has a market cap of $747.68 million, a PE ratio of 12.34 and a beta of 0.90. 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’s fifty day moving average is $35.26 and its 200-day moving average is $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.