Keefe Bruyette & Woods Downgrades Orrstown Financial Services to Market Perform with Price Target $23.00

Brokerage firm Keefe Bruyette & Woods Downgrades its rating on Orrstown Financial Services(NASDAQ:ORRF). In a research note issued to the investors, the brokerage major Raises the price-target to $23.00 per share. The shares have been rated Market Perform. Previously, the analysts had a Outperform rating on the shares. The rating by Keefe Bruyette & Woods was issued on Sep 12, 2016.

In a different note, On Jul 29, 2016, Keefe Bruyette & Woods said it Maintains its rating on Orrstown Financial Services. In the research note, the firm Raises the price-target to $20.50 per share. The shares have been rated ‘Outperform’ by the firm.

Orrstown Financial Services (ORRF) made into the market gainers list on Tuesdays trading session with the shares advancing 0.51% or 0.11 points. Due to strong positive momentum, the stock ended at $21.53, which is also near the day’s high of $21.785. The stock began the session at $21.2495 and the volume stood at 7,123 shares. The 52-week high of the shares is $23.73 and the 52 week low is $15.93. The company has a current market capitalization of $178 M and it has 82,80,866 shares in outstanding.

Orrstown Financial Services(ORRF) last announced its earnings results on Jul 28, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $13.49M. Analysts had an estimated revenue of $10.82M. Earnings per share were $0.20. Analysts had estimated an EPS of $0.21.

Several Insider Transactions has been reported to the SEC. On May 13, 2016, David P Boyle (Chief Financial Officer) sold 734 shares at $19.20 per share price.Also, On Sep 21, 2015, Thomas R Jr Quinn (President & CEO) sold 5,205 shares at $16.80 per share price.On Sep 10, 2015, Philip E Fague (Executive Vice President) purchased 400 shares at $15.65 per share price, according to the Form-4 filing with the securities and exchange commission.

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 Bank’s activities involve accepting demand time and savings deposits and granting loans. The Bank grants commercial residential consumer and agribusiness loans in its market areas of Cumberland Franklin Lancaster and Perry Counties in Pennsylvania and in Washington County Maryland. The Company’s securities available for sale include debt and equity instruments. Through its trust department the Bank renders services as trustee executor administrator guardian managing agent custodian investment advisor and other fiduciary activities authorized by law under the trade name Orrstown Financial Advisors (OFA). OFA offers retail brokerage services through a third-party broker or dealer arrangement with Financial Network Investment Company (FNIC).

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