Orrstown Financial Services (NASDAQ:ORRF) Reaches New 12-Month High – Here’s Why

Shares of Orrstown Financial Services Inc (NASDAQ:ORRF) reached a new 52-week high on Wednesday . The company traded as high as $38.88 and last traded at $38.7650, with a volume of 5631 shares trading hands. The stock had previously closed at $37.46.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ORRF shares. Hovde Group lifted their price target on shares of Orrstown Financial Services from $40.00 to $42.00 and gave the stock an “outperform” rating in a research note on Monday. Weiss Ratings restated a “hold (c+)” rating on shares of Orrstown Financial Services in a research report on Thursday, January 22nd. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $39.67.

Orrstown Financial Services Stock Performance

The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $769.86 million, a PE ratio of 9.44 and a beta of 0.83. The firm’s 50-day simple moving average is $36.64 and its 200-day simple moving average is $34.96.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings results on Tuesday, January 27th. The bank reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.03. The firm had revenue of $64.92 million during the quarter, compared to the consensus estimate of $51.54 million. Orrstown Financial Services had a net margin of 22.71% and a return on equity of 15.04%. On average, research analysts predict that Orrstown Financial Services Inc will post 4.23 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 17th. Shareholders of record on Tuesday, February 10th will be issued a $0.30 dividend. The ex-dividend date is Tuesday, February 10th. This represents a $1.20 annualized dividend and a dividend yield of 3.0%. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.27. Orrstown Financial Services’s dividend payout ratio (DPR) is currently 25.84%.

Hedge Funds Weigh In On Orrstown Financial Services

Several institutional investors have recently made changes to their positions in ORRF. Assenagon Asset Management S.A. bought a new stake in Orrstown Financial Services during the 3rd quarter valued at $6,628,000. American Century Companies Inc. raised its position in shares of Orrstown Financial Services by 13.1% in the 2nd quarter. American Century Companies Inc. now owns 255,717 shares of the bank’s stock worth $8,139,000 after acquiring an additional 29,714 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Orrstown Financial Services by 5.0% during the 2nd quarter. Geode Capital Management LLC now owns 466,343 shares of the bank’s stock worth $14,846,000 after purchasing an additional 22,191 shares during the last quarter. Rosenthal Henry Capital Advisors Inc. bought a new stake in Orrstown Financial Services during the third quarter valued at about $1,668,000. Finally, Kennedy Capital Management LLC bought a new stake in Orrstown Financial Services during the second quarter valued at about $1,335,000. Hedge funds and other 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.