Orrstown Financial Services Inc (NASDAQ:ORRF) Shares Will Pay Quarterly Dividend of $0.30

Orrstown Financial Services Inc (NASDAQ:ORRF) announced a quarterly dividend on Tuesday, October 20th. Stockholders of record on Tuesday, November 3rd will be given a dividend of $0.30 per share by the bank on Tuesday, November 10th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Tuesday, November 3rd.

Orrstown Financial Services has raised its dividend by an average of 0.1% per year over the last three years and has raised its dividend every year for the last 10 years. Orrstown Financial Services has a payout ratio of 28.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Orrstown Financial Services to earn $4.42 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 27.1%.

Orrstown Financial Services Stock Up 0.7%

Shares of NASDAQ ORRF traded up $0.30 during trading on Wednesday, reaching $42.40. 29,115 shares of the stock were exchanged, compared to its average volume of 154,529. The business’s 50-day moving average price is $41.92 and its 200 day moving average price is $40.07. Orrstown Financial Services has a twelve month low of $32.50 and a twelve month high of $43.81. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $834.01 million, a price-to-earnings ratio of 9.53 and a beta of 0.69.

Orrstown Financial Services (NASDAQ:ORRF) last announced its earnings results on Wednesday, October 21st. The bank reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.07. The business had revenue of $66.70 million during the quarter, compared to the consensus estimate of $66.20 million. Orrstown Financial Services had a net margin of 24.00% and a return on equity of 14.46%. As a group, equities analysts forecast that Orrstown Financial Services will post 4.41 EPS for the current fiscal year.

Insider Buying and Selling

In other Orrstown Financial Services news, EVP Amy Doll sold 3,002 shares of the firm’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $41.61, for a total transaction of $124,913.22. Following the completion of the transaction, the executive vice president directly owned 25,669 shares of the company’s stock, valued at $1,068,087.09. This trade represents a 10.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Orrstown Financial Services

Several large investors have recently modified their holdings of ORRF. Nisa Investment Advisors LLC grew its position in shares of Orrstown Financial Services by 186.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 3,938 shares of the bank’s stock worth $160,000 after acquiring an additional 2,561 shares in the last quarter. Arizona State Retirement System bought a new stake in shares of Orrstown Financial Services in the 2nd quarter valued at approximately $210,000. Royal Bank of Canada raised its position in shares of Orrstown Financial Services by 33.2% during the 1st quarter. Royal Bank of Canada now owns 6,612 shares of the bank’s stock valued at $239,000 after acquiring an additional 1,649 shares in the last quarter. Squarepoint Ops LLC bought a new stake in Orrstown Financial Services during the second quarter valued at $276,000. Finally, Focus Partners Advisor Solutions LLC bought a new stake in Orrstown Financial Services during the second quarter valued at $284,000. Institutional investors own 44.27% of the company’s stock.

About Orrstown Financial Services

Orrstown Financial Services, Inc is a bank holding company headquartered in Shippensburg, Pennsylvania. Through its principal subsidiary, Orrstown Bank, the company provides banking and financial services to individuals, families, businesses, and institutions.

Orrstown Bank offers deposit accounts, consumer and commercial lending, mortgage banking, cash-management and treasury services, online and mobile banking, and wealth-management services. Its lending activities include residential mortgages, home-equity loans, consumer loans, commercial real estate financing, and loans to small and middle-market businesses.

Orrstown Financial Services traces its history to the founding of Orrstown Bank in 1919.