Orrstown Financial Services (NASDAQ:ORRF) Sets New 52-Week High – Here’s What Happened

Orrstown Financial Services Inc (NASDAQ:ORRF)’s share price reached a new 52-week high on Wednesday . The company traded as high as $41.78 and last traded at $41.6130, with a volume of 16700 shares. The stock had previously closed at $40.83.

Wall Street Analyst Weigh In

Separately, DA Davidson began coverage on Orrstown Financial Services in a report on Friday, May 15th. They set a “neutral” rating and a $41.00 price target on the stock. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Orrstown Financial Services presently has a consensus rating of “Moderate Buy” and an average price target of $41.67.

Orrstown Financial Services Trading Up 2.4%

The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.06. The firm’s fifty day moving average is $37.70 and its two-hundred day moving average is $36.95. The firm has a market cap of $821.88 million, a P/E ratio of 9.57 and a beta of 0.70.

Orrstown Financial Services (NASDAQ:ORRF) last posted its earnings results on Wednesday, April 22nd. The bank reported $1.12 EPS for the quarter, topping the consensus estimate of $1.04 by $0.08. The firm had revenue of $64.58 million during the quarter, compared to analysts’ expectations of $63.20 million. Orrstown Financial Services had a net margin of 23.58% and a return on equity of 14.75%. Analysts predict that Orrstown Financial Services Inc will post 4.3 earnings per share for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 12th. Shareholders of record on Tuesday, May 5th were issued a $0.30 dividend. The ex-dividend date was Tuesday, May 5th. This represents a $1.20 annualized dividend and a yield of 2.9%. Orrstown Financial Services’s dividend payout ratio (DPR) is 27.46%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. UBS Group AG boosted its stake in Orrstown Financial Services by 99.3% during the fourth quarter. UBS Group AG now owns 102,329 shares of the bank’s stock worth $3,624,000 after acquiring an additional 50,979 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in Orrstown Financial Services by 85.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 52,945 shares of the bank’s stock worth $1,875,000 after purchasing an additional 24,412 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of Orrstown Financial Services during the first quarter valued at approximately $10,743,000. AlphaQuest LLC lifted its holdings in shares of Orrstown Financial Services by 169.8% during the fourth quarter. AlphaQuest LLC now owns 43,992 shares of the bank’s stock valued at $1,558,000 after purchasing an additional 27,688 shares during the last quarter. Finally, Aigen Investment Management LP purchased a new position in shares of Orrstown Financial Services during the fourth quarter valued at approximately $802,000. 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.