Orrstown Financial Services (NASDAQ:ORRF) Issues Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Orrstown Financial Services (NASDAQ:ORRF) released its quarterly earnings results on Tuesday. The bank reported $1.12 EPS for the quarter, beating the consensus estimate of $1.04 by $0.08, Zacks reports. Orrstown Financial Services had a net margin of 22.71% and a return on equity of 14.77%.

Orrstown Financial Services Price Performance

ORRF traded down $0.95 during midday trading on Tuesday, hitting $37.74. 101,007 shares of the company traded hands, compared to its average volume of 217,297. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $740.46 million, a price-to-earnings ratio of 9.03 and a beta of 0.77. Orrstown Financial Services has a 52-week low of $26.80 and a 52-week high of $40.72. The business has a 50 day simple moving average of $36.50 and a two-hundred day simple moving average of $35.84.

Orrstown Financial Services Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 17th. Shareholders of record on Tuesday, February 10th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, February 10th. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.27. This represents a $1.20 annualized dividend and a yield of 3.2%. Orrstown Financial Services’s payout ratio is 28.71%.

Insider Transactions at Orrstown Financial Services

In related news, Director Brian D. Brunner acquired 1,000 shares of the firm’s stock in a transaction on Wednesday, March 18th. The shares were acquired at an average cost of $34.02 per share, with a total value of $34,020.00. Following the completion of the acquisition, the director directly owned 50,529 shares in the company, valued at approximately $1,718,996.58. This trade represents a 2.02% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Orrstown Financial Services

Several hedge funds and other institutional investors have recently modified their holdings of ORRF. Quarry LP purchased a new position in shares of Orrstown Financial Services in the third quarter worth about $42,000. Raymond James Financial Inc. purchased a new position in shares of Orrstown Financial Services in the second quarter worth about $45,000. Tower Research Capital LLC TRC lifted its stake in shares of Orrstown Financial Services by 86.4% in the second quarter. Tower Research Capital LLC TRC now owns 1,748 shares of the bank’s stock worth $56,000 after buying an additional 810 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Orrstown Financial Services by 220.4% in the third quarter. Russell Investments Group Ltd. now owns 2,070 shares of the bank’s stock worth $70,000 after buying an additional 1,424 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in shares of Orrstown Financial Services by 120.7% in the third quarter. BNP Paribas Financial Markets now owns 4,061 shares of the bank’s stock worth $138,000 after buying an additional 2,221 shares in the last quarter. 44.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ORRF has been the topic of several analyst reports. Weiss Ratings upgraded shares of Orrstown Financial Services from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. Hovde Group raised their price target on shares of Orrstown Financial Services from $40.00 to $42.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $42.00.

About Orrstown Financial Services

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.