Zacks Investment Research Lowers Orrstown Financial Services (NASDAQ:ORRF) to Sell

Orrstown Financial Services (NASDAQ:ORRF) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Thursday, 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. “

Orrstown Financial Services stock opened at $23.86 on Thursday. The firm has a market cap of $268.52 million, a PE ratio of 7.77 and a beta of 1.00. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.89 and a current ratio of 0.89. The firm’s 50 day moving average price is $23.47 and its two-hundred day moving average price is $23.68. Orrstown Financial Services has a twelve month low of $13.00 and a twelve month high of $25.91.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings data on Monday, July 19th. The bank reported $0.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.06. Orrstown Financial Services had a net margin of 26.90% and a return on equity of 14.14%. The firm had revenue of $28.57 million for the quarter, compared to analyst estimates of $28.03 million. Equities analysts anticipate that Orrstown Financial Services will post 3.17 EPS for the current fiscal year.

In other news, CEO Thomas R. Quinn, Jr. sold 8,273 shares of the stock in a transaction on Wednesday, September 22nd. The shares were sold at an average price of $22.50, for a total transaction of $186,142.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last 90 days, insiders have sold 8,583 shares of company stock worth $193,433. 4.10% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. UBS Group AG boosted its holdings in shares of Orrstown Financial Services by 127.5% during the 1st quarter. UBS Group AG now owns 3,977 shares of the bank’s stock worth $88,000 after buying an additional 2,229 shares during the period. BNP Paribas Arbitrage SA boosted its holdings in shares of Orrstown Financial Services by 69.5% during the 1st quarter. BNP Paribas Arbitrage SA now owns 5,372 shares of the bank’s stock worth $120,000 after buying an additional 2,202 shares during the period. Panagora Asset Management Inc. boosted its holdings in shares of Orrstown Financial Services by 2,026.6% during the 2nd quarter. Panagora Asset Management Inc. now owns 6,401 shares of the bank’s stock worth $148,000 after buying an additional 6,100 shares during the period. Advisor Group Holdings Inc. boosted its holdings in shares of Orrstown Financial Services by 26.4% during the 2nd quarter. Advisor Group Holdings Inc. now owns 6,470 shares of the bank’s stock worth $150,000 after buying an additional 1,353 shares during the period. Finally, Emerald Advisers LLC bought a new stake in shares of Orrstown Financial Services during the 2nd quarter worth $186,000. 42.42% of the stock is owned by institutional investors and hedge funds.

About Orrstown Financial Services

Orrstown Financial Services, Inc is a holding company, which engages in the provision of consumer and business financial services. It also offers commercial banking and trust business services which involves accepting demand, time and savings deposits, and granting loans. The company was founded on November 17, 1987 and is headquartered in Shippensburg, PA.

Further Reading: Earnings Reports

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