Orrstown Financial Services (NASDAQ:ORRF) Reaches New 1-Year High – Here’s Why

Orrstown Financial Services Inc (NASDAQ:ORRF) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $43.81 and last traded at $43.6750, with a volume of 77757 shares changing hands. The stock had previously closed at $42.73.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ORRF. DA Davidson reiterated a “neutral” rating and issued a $41.00 target price on shares of Orrstown Financial Services in a research report on Wednesday, July 22nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Orrstown Financial Services in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods lifted their price objective on Orrstown Financial Services from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Thursday, July 23rd. Hovde Group boosted their price objective on Orrstown Financial Services from $42.00 to $46.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Finally, Raymond James Financial began coverage on Orrstown Financial Services in a report on Thursday, July 9th. They set a “market perform” rating for the company. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Orrstown Financial Services presently has an average rating of “Moderate Buy” and an average price target of $44.33.

Orrstown Financial Services Price Performance

The stock’s fifty day moving average price is $40.19 and its 200-day moving average price is $37.89. The firm has a market cap of $851.14 million, a PE ratio of 9.73 and a beta of 0.69. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.87 and a quick ratio of 0.87.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings results on Tuesday, July 21st. The bank reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.06. Orrstown Financial Services had a net margin of 24.00% and a return on equity of 14.66%. The firm had revenue of $64.30 million for the quarter, compared to the consensus estimate of $64.10 million. As a group, equities analysts expect that Orrstown Financial Services Inc will post 4.41 EPS for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 11th. Stockholders of record on Tuesday, August 4th will be given a $0.30 dividend. The ex-dividend date is Tuesday, August 4th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.8%. Orrstown Financial Services’s dividend payout ratio is 26.97%.

Insider Activity at Orrstown Financial Services

In related news, EVP Amy Doll sold 3,002 shares of Orrstown Financial Services stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $41.61, for a total transaction of $124,913.22. Following the transaction, the executive vice president owned 25,669 shares in the company, valued at approximately $1,068,087.09. This trade represents a 10.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 4.30% of the company’s stock.

Institutional Trading of Orrstown Financial Services

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Orrstown Financial Services by 2.5% in the third 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 holdings in Orrstown Financial Services by 8.3% in the 1st 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 during the last quarter. Wellington Management Group LLP boosted its holdings in Orrstown Financial Services by 9.2% in the 3rd quarter. Wellington Management Group LLP now owns 608,402 shares of the bank’s stock valued at $20,674,000 after purchasing an additional 51,140 shares during the last quarter. Millennium Management LLC grew its stake in shares of Orrstown Financial Services by 123.8% in the 1st quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock valued at $9,913,000 after buying an additional 182,709 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of Orrstown Financial Services in the 1st quarter valued at approximately $10,743,000. 44.27% of the stock is owned by institutional investors and hedge funds.

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.