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

Shares of Orrstown Financial Services Inc (NASDAQ:ORRF) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $42.42 and last traded at $41.18, with a volume of 11785 shares trading hands. The stock had previously closed at $40.83.

Wall Street Analyst Weigh In

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

Orrstown Financial Services Stock Up 0.3%

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 stock has a market cap of $804.67 million, a P/E ratio of 9.37 and a beta of 0.70. The company’s 50 day moving average price is $38.00 and its two-hundred day moving average price is $37.03.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings data on Wednesday, April 22nd. The bank reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.08. The company had revenue of $64.58 million for 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, research analysts expect that Orrstown Financial Services Inc will post 4.3 earnings per share for the current year.

Orrstown Financial Services Dividend Announcement

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

Institutional Trading of Orrstown Financial Services

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Orrstown Financial Services by 2.5% during the 3rd quarter. Vanguard Group Inc. now owns 1,115,128 shares of the bank’s stock valued at $37,892,000 after purchasing an additional 27,125 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Orrstown Financial Services by 8.3% during the first quarter. Dimensional Fund Advisors LP now owns 900,674 shares of the bank’s stock valued at $32,496,000 after purchasing an additional 68,935 shares in the last quarter. Wellington Management Group LLP increased its holdings in Orrstown Financial Services by 9.2% during the third quarter. Wellington Management Group LLP now owns 608,402 shares of the bank’s stock valued at $20,674,000 after buying an additional 51,140 shares during the period. Millennium Management LLC raised its stake in Orrstown Financial Services by 123.8% in the first quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock worth $9,913,000 after buying an additional 182,709 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in Orrstown Financial Services in the first quarter worth approximately $10,743,000. 44.27% of the stock is owned by hedge funds and other institutional investors.

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.