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Boenning & Scattergood downgrades Orrstown Financial


Boenning & Scattergood Inc. analyst Matthew Schultheisdowngraded Shippensburg, Pa.-based Orrstown Financial Services Inc. to "neutral"from "outperform." The analyst also rescinded his target price.

His 2016, 2017 and 2018 EPS estimates were 90 cents, $1.12and $1.17, respectively.

The analyst believes that the previous compliance burden onthe company has made it a better financial institution. Schultheis thinks thatthe company is now well-positioned to take advantage of the recent M&Adisruption in the Pennsylvania market after the Integrity Bancshares, andMetro Bancorpdeals.

However, the analyst thinks that recent legal actions maylimit the company's strategic options over the next year or so. The companyrecently settled with the SEC for $1.0 million over its accounting practices. The companydid not admit or deny the SEC's findings.


Raymond James analyst Donald Worthington upgraded Vancouver,Wash.-based Riverview BancorpInc. to "outperform" from "market perform" andestablished a 12-month price target of $6.

The analyst maintained his 2017 EPS estimate at 30 cents butincreased his 2018 EPS estimate to 44 cents from 35 cents.

The analyst increased his investment rating for the companyafter an announcedtransaction to acquire certain assets and assume certain liabilities fromMerchants Bancorp.Worthington noted that the transaction is financially and strategicallyattractive, as it will increase the combined footprint in Portland and alsosignificantly produce significant accretion in the 2018 EPS.