Orrstown Financial Services (NASDAQ:ORRF) Issues Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Orrstown Financial Services (NASDAQ:ORRF) released its quarterly earnings results on Tuesday. The bank reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.06, Zacks reports. The firm had revenue of $62.67 million for the quarter, compared to analyst estimates of $64.10 million. Orrstown Financial Services had a net margin of 23.58% and a return on equity of 14.75%.

Orrstown Financial Services Stock Up 0.1%

NASDAQ:ORRF opened at $41.26 on Wednesday. The company has a market cap of $810.76 million, a price-to-earnings ratio of 9.44 and a beta of 0.70. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.87 and a current ratio of 0.87. The stock’s fifty day moving average price is $38.88 and its two-hundred day moving average price is $37.38. Orrstown Financial Services has a 52-week low of $31.51 and a 52-week high of $42.54.

Orrstown Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 11th. Shareholders of record on Tuesday, August 4th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, August 4th. This represents a $1.20 annualized dividend and a yield of 2.9%. Orrstown Financial Services’s dividend payout ratio is currently 27.46%.

Analysts Set New Price Targets

ORRF has been the topic of several recent analyst reports. Raymond James Financial assumed coverage on Orrstown Financial Services in a report on Thursday, July 9th. They issued a “market perform” rating on the stock. DA Davidson began coverage on Orrstown Financial Services in a research report on Friday, May 15th. They issued a “neutral” rating and a $41.00 price objective for the company. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Orrstown Financial Services in a research note on Tuesday, July 7th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $41.67.

Institutional Investors Weigh In On Orrstown Financial Services

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