Orrstown Financial Services (NASDAQ:ORRF) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Orrstown Financial Services (NASDAQ:ORRF) posted its quarterly earnings results on Tuesday. The bank reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.06, Zacks reports. Orrstown Financial Services had a net margin of 23.58% and a return on equity of 14.75%.

Orrstown Financial Services Stock Performance

Shares of NASDAQ:ORRF traded up $0.05 during trading on Tuesday, hitting $41.26. 124,546 shares of the stock traded hands, compared to its average volume of 182,374. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.06. Orrstown Financial Services has a 52-week low of $31.51 and a 52-week high of $42.54. The company has a fifty day moving average price of $38.77 and a two-hundred day moving average price of $37.34. The company has a market cap of $810.76 million, a price-to-earnings ratio of 9.44 and a beta of 0.70.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ORRF. Royal Bank of Canada raised its position in shares of Orrstown Financial Services by 5.7% in the 4th quarter. Royal Bank of Canada now owns 4,963 shares of the bank’s stock worth $176,000 after acquiring an additional 267 shares in the last quarter. Vista Investment Management lifted its holdings in Orrstown Financial Services by 5.6% during the second quarter. Vista Investment Management now owns 8,444 shares of the bank’s stock valued at $269,000 after purchasing an additional 450 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Orrstown Financial Services by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,009 shares of the bank’s stock worth $330,000 after purchasing an additional 490 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Orrstown Financial Services by 86.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,748 shares of the bank’s stock worth $56,000 after acquiring an additional 810 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in Orrstown Financial Services by 7.1% during the 2nd quarter. First Trust Advisors LP now owns 12,498 shares of the bank’s stock valued at $398,000 after purchasing an additional 828 shares during the last quarter. 44.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ORRF shares. Raymond James Financial assumed coverage on shares of Orrstown Financial Services in a research note on Thursday, July 9th. They issued a “market perform” rating for the company. Weiss Ratings reissued a “buy (b)” rating on shares of Orrstown Financial Services in a research report on Tuesday, July 7th. Finally, DA Davidson initiated coverage on Orrstown Financial Services in a research note on Friday, May 15th. They issued a “neutral” rating and a $41.00 price objective for the company. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $41.67.

Orrstown Financial Services Company Profile

Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank, a community banking organization headquartered in Shippensburg, Pennsylvania. The roots of Orrstown Bank date back to 1865, and the holding company structure was established to support its growth and diversification. As a regional financial institution, Orrstown Financial Services focuses on delivering personalized banking solutions to individuals, families and businesses across Central Pennsylvania.

The company’s core offerings include a full suite of deposit products such as checking and savings accounts, money market accounts and certificates of deposit.