Orrstown Financial Services (NASDAQ:ORRF) Sets New 1-Year High – Here’s What Happened

Orrstown Financial Services Inc (NASDAQ:ORRF)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $42.54 and last traded at $42.3460, with a volume of 73941 shares trading hands. The stock had previously closed at $40.97.

Analyst Ratings Changes

Several research firms recently weighed in on ORRF. Raymond James Financial initiated coverage on Orrstown Financial Services in a report on Thursday, July 9th. They set a “market perform” rating for the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Orrstown Financial Services in a research report on Tuesday, July 7th. Finally, DA Davidson initiated coverage on Orrstown Financial Services in a report on Friday, May 15th. They set a “neutral” rating and a $41.00 target price for the company. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $41.67.

Orrstown Financial Services Price Performance

The company’s fifty day moving average price is $38.48 and its 200 day moving average price is $37.22. The company has a market capitalization of $828.19 million, a P/E ratio of 9.64 and a beta of 0.70. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.06.

Orrstown Financial Services (NASDAQ:ORRF) last issued its quarterly earnings results on Wednesday, April 22nd. The bank reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.08. The business had revenue of $64.58 million during the quarter, compared to analysts’ expectations of $63.20 million. Orrstown Financial Services had a return on equity of 14.75% and a net margin of 23.58%. As a group, sell-side analysts forecast that Orrstown Financial Services Inc will post 4.29 EPS for the current year.

Orrstown Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 12th. Stockholders of record on Tuesday, May 5th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Tuesday, May 5th. Orrstown Financial Services’s dividend payout ratio is presently 27.46%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Quarry LP acquired a new position in Orrstown Financial Services in the third quarter valued at about $42,000. Raymond James Financial Inc. bought a new position in Orrstown Financial Services in the 2nd quarter valued at about $45,000. Tower Research Capital LLC TRC increased its holdings in Orrstown Financial Services by 86.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,748 shares of the bank’s stock valued at $56,000 after buying an additional 810 shares during the period. Russell Investments Group Ltd. raised its position in shares of Orrstown Financial Services by 220.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,070 shares of the bank’s stock valued at $70,000 after buying an additional 1,424 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Orrstown Financial Services by 120.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,061 shares of the bank’s stock worth $138,000 after acquiring an additional 2,221 shares during the period. Institutional investors own 44.27% of the company’s stock.

Orrstown Financial Services Company Profile

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.