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

Orrstown Financial Services Inc (NASDAQ:ORRF - Get Free Report) declared a quarterly dividend on Monday, July 21st, Wall Street Journal reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.13%. 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% indicating that 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

Shares of ORRF stock traded down $0.67 during mid-day trading on Friday, reaching $34.55. The stock had a trading volume of 149,305 shares, compared to its average volume of 178,814. The business's fifty day moving average is $31.72 and its 200-day moving average is $31.61. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.13. The firm has a market cap of $674.07 million, a price-to-earnings ratio of 15.42 and a beta of 0.79. Orrstown Financial Services has a 1-year low of $25.57 and a 1-year high of $41.99.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The bank reported $1.04 earnings per share for the quarter, beating analysts' consensus estimates of $0.99 by $0.05. The business had revenue of $62.43 million for the quarter, compared to analyst estimates of $51.98 million. Orrstown Financial Services had a return on equity of 14.88% and a net margin of 11.97%. On average, research analysts forecast that Orrstown Financial Services will post 4.23 earnings per share for the current year.

Institutional Trading of Orrstown Financial Services

Hedge funds have recently modified their holdings of the stock. 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 during the period. Goldman Sachs Group Inc. boosted its position in Orrstown Financial Services by 2.9% during the first 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. Jane Street Group LLC purchased a new position in Orrstown Financial Services during the first quarter worth approximately $1,080,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Orrstown Financial Services by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,009 shares of the bank's stock worth $330,000 after purchasing an additional 490 shares in the last quarter. Hedge funds and other institutional investors own 44.27% of the company's stock.

Wall Street Analyst Weigh In

ORRF has been the topic of a number of research reports. Raymond James Financial began coverage on Orrstown Financial Services in a report on Thursday, April 10th. They issued an "outperform" rating and a $35.00 price objective on the stock. Hovde Group upped their target price on Orrstown Financial Services from $35.00 to $37.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 14th. Wall Street Zen upgraded Orrstown Financial Services from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Keefe, Bruyette & Woods restated 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. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $39.25.

About Orrstown Financial Services

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.