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Orrstown (ORRF) Soars 15.4%: Is Further Upside Left in the Stock?

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Zacks Equity Research
·2 min read
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Orrstown Financial Services (ORRF) shares ended the last trading session 15.4% higher at $22.95. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 5.6% gain over the past four weeks.

Increased investor optimism over an accelerated recovery of the banking industry following steepening of the yield curve, additional government spending and favorable economic data, has been driving the stock higher, which touched a new 52-week high in last day's trading.

Price and Consensus

Price Consensus Chart for Orrstown
Price Consensus Chart for Orrstown

This holding company for Orrstown Bank is expected to post quarterly earnings of $0.73 per share in its upcoming report, which represents a year-over-year change of +58.7%. Revenues are expected to be $30 million, up 18.4% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Orrstown, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on ORRF going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>


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Zacks Investment Research