Orrstown Financial Services, Inc. Declares Quarterly Dividend of $0.20 (NASDAQ:ORRF)

Orrstown Financial Services, Inc. (NASDAQ:ORRF) announced a quarterly dividend on Tuesday, April 23rd, Zacks reports. Stockholders of record on Tuesday, May 7th will be given a dividend of 0.20 per share by the bank on Tuesday, May 14th. This represents a $0.80 annualized dividend and a dividend yield of 3.05%. The ex-dividend date of this dividend is Monday, May 6th.

Orrstown Financial Services has increased its dividend payment by an average of 5.6% annually over the last three years and has raised its dividend every year for the last 1 years. Orrstown Financial Services has a dividend payout ratio of 19.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Orrstown Financial Services to earn $4.16 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 19.2%.

Orrstown Financial Services Price Performance

ORRF stock traded up $0.03 during midday trading on Thursday, reaching $26.27. The stock had a trading volume of 5,805 shares, compared to its average volume of 42,357. The company’s fifty day simple moving average is $26.14 and its 200 day simple moving average is $25.60. The company has a market cap of $281.09 million, a price-to-earnings ratio of 7.83 and a beta of 0.89. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. Orrstown Financial Services has a 52-week low of $15.52 and a 52-week high of $29.79.

Orrstown Financial Services (NASDAQ:ORRF) last issued its earnings results on Tuesday, January 23rd. The bank reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.01. The business had revenue of $32.51 million for the quarter, compared to analysts’ expectations of $32.50 million. Orrstown Financial Services had a return on equity of 14.60% and a net margin of 18.99%. As a group, sell-side analysts predict that Orrstown Financial Services will post 3.39 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ORRF has been the topic of several recent research reports. Hovde Group lowered their price target on shares of Orrstown Financial Services from $34.00 to $33.00 and set an “outperform” rating on the stock in a research report on Wednesday. Keefe, Bruyette & Woods increased their price target on shares of Orrstown Financial Services from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th.

Orrstown Financial Services Company Profile

Orrstown Financial Services, Inc operates as the financial holding company for Orrstown Bank that provides commercial banking and financial advisory services to retail, commercial, non-profit, and government clients in the United States. It accepts various deposits, including checking, savings, time, demand, and money market deposits, as well as certificates of deposit.