Orrstown Financial Services Inc (NASDAQ:ORRF) to Issue Dividend Increase - $0.27 Per Share

Orrstown Financial Services Inc (NASDAQ:ORRF - Get Free Report) announced a quarterly dividend on Monday, July 21st, Wall Street Journal reports. Shareholders of record on Tuesday, August 5th will be paid a dividend of 0.27 per share by the bank on Tuesday, August 12th. This represents a $1.08 annualized dividend and a yield of 3.11%. The ex-dividend date is Tuesday, August 5th. This is a 3.8% increase from Orrstown Financial Services's previous quarterly dividend of $0.26.

Orrstown Financial Services has a dividend payout ratio of 24.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Orrstown Financial Services to earn $4.52 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 23.0%.

Orrstown Financial Services Stock Performance

ORRF stock traded down $0.55 during mid-day trading on Friday, hitting $34.68. The company had a trading volume of 46,839 shares, compared to its average volume of 149,042. The firm has a market cap of $676.51 million, a PE ratio of 15.48 and a beta of 0.79. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.87 and a current ratio of 0.87. Orrstown Financial Services has a 12 month low of $25.57 and a 12 month high of $41.99. The stock's fifty day moving average price is $31.65 and its two-hundred day moving average price is $31.64.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The bank reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.05. The firm had revenue of $62.43 million during the quarter, compared to the consensus estimate of $51.98 million. Orrstown Financial Services had a net margin of 11.97% and a return on equity of 14.88%. On average, analysts forecast that Orrstown Financial Services will post 4.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Orrstown Financial Services

A number of institutional investors have recently made changes to their positions in ORRF. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Orrstown Financial Services by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,009 shares of the bank's stock valued at $330,000 after buying an additional 490 shares during the period. Millennium Management LLC raised its holdings in Orrstown Financial Services by 123.8% in the 1st quarter. Millennium Management LLC now owns 330,322 shares of the bank's stock worth $9,913,000 after purchasing an additional 182,709 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Orrstown Financial Services by 2.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 85,047 shares of the bank's stock worth $2,552,000 after purchasing an additional 2,417 shares in the last quarter. Finally, Jane Street Group LLC bought a new position in Orrstown Financial Services in the 1st quarter worth $1,080,000. Hedge funds and other institutional investors own 44.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods reiterated an "outperform" rating and issued a $42.00 target price (up previously from $39.00) on shares of Orrstown Financial Services in a research note on Thursday. Hovde Group boosted their price objective on shares of Orrstown Financial Services from $35.00 to $37.00 and gave the company an "outperform" rating in a research note on Wednesday, May 14th. Finally, Raymond James Financial started coverage on shares of Orrstown Financial Services in a research note on Thursday, April 10th. They set an "outperform" rating and a $35.00 price objective for the company.

Orrstown Financial Services Company Profile

Orrstown Financial Services, Inc operates as the financial holding company for Orrstown Bank that provides commercial banking and financial advisory services to retail, commercial, non-profit, and government clients in the United States. It accepts various deposits, including checking, savings, time, demand, and money market deposits, as well as certificates of deposit.