Orrstown Financial Services Inc (NASDAQ:ORRF) Announces Quarterly Dividend of $0.30

Key Points

• Orrstown Financial Services declared a quarterly dividend of $0.30 per share, payable November 10 to shareholders of record November 3. The annualized dividend is $1.20 per share, representing a 2.8% yield.
• The company has raised its dividend for 10 consecutive years, with a current payout ratio of 28.8%, indicating earnings provide ample coverage for the dividend.
• Orrstown reported quarterly earnings of $1.17 per share, beating analyst estimates of $1.10, while revenue of $66.7 million also exceeded expectations. Its stock rose 0.9% to $42.47.

Orrstown Financial Services Inc (NASDAQ:ORRF - Get Free Report) announced a quarterly dividend on Tuesday, October 20th. Investors of record on Tuesday, November 3rd will be paid 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 yield of 2.8%. The ex-dividend date of this dividend is Tuesday, November 3rd.

Orrstown Financial Services has increased its dividend by an average of 0.1% per year over the last three years and has increased 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. Research 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 0.9%

Orrstown Financial Services stock traded up $0.37 during mid-day trading on Wednesday, reaching $42.47. The stock had a trading volume of 26,630 shares, compared to its average volume of 154,521. The firm has a market capitalization of $835.37 million, a PE ratio of 9.54 and a beta of 0.69. Orrstown Financial Services has a fifty-two week low of $32.50 and a fifty-two week high of $43.81. The stock's 50-day simple moving average is $41.92 and its 200-day simple moving average is $40.07. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.87 and a current ratio of 0.87.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last issued its earnings results on Wednesday, October 21st. The bank reported $1.17 earnings per share for the quarter, topping analysts' consensus estimates of $1.10 by $0.07. Orrstown Financial Services had a return on equity of 14.46% and a net margin of 24.00%. The company had revenue of $66.70 million for the quarter, compared to analyst estimates of $66.20 million. On average, sell-side analysts forecast that Orrstown Financial Services will post 4.41 EPS for the current fiscal year.

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.

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