Orrstown Financial Services (NASDAQ:ORRF) Issues Earnings Results

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) announced its quarterly earnings results on Tuesday. The bank reported $1.00 EPS for the quarter, topping the consensus estimate of $0.95 by $0.05, Zacks reports. Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. The business had revenue of $60.39 million for the quarter, compared to analysts' expectations of $51.83 million. During the same quarter in the previous year, the company earned $0.88 EPS.

Orrstown Financial Services Stock Down 0.1 %

Shares of NASDAQ ORRF traded down $0.04 during trading hours on Friday, hitting $28.75. 145,177 shares of the stock were exchanged, compared to its average volume of 116,182. Orrstown Financial Services has a 12 month low of $24.91 and a 12 month high of $41.99. The firm has a fifty day moving average price of $29.84 and a 200-day moving average price of $34.65. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The company has a market cap of $560.77 million, a PE ratio of 15.63 and a beta of 0.78.

Orrstown Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 13th. Stockholders of record on Tuesday, May 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date of this dividend is Tuesday, May 6th. Orrstown Financial Services's dividend payout ratio is currently 53.06%.

Insider Buying and Selling at Orrstown Financial Services

In other Orrstown Financial Services news, Director John W. Giambalvo purchased 1,000 shares of the firm's stock in a transaction on Monday, March 10th. The stock was bought at an average cost of $30.80 per share, for a total transaction of $30,800.00. Following the completion of the purchase, the director now owns 40,562 shares in the company, valued at $1,249,309.60. This represents a 2.53 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Scott V. Fainor purchased 3,000 shares of the company's stock in a transaction dated Monday, March 24th. The shares were acquired at an average price of $31.17 per share, for a total transaction of $93,510.00. Following the purchase, the director now directly owns 13,396 shares of the company's stock, valued at approximately $417,553.32. The trade was a 28.86 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 6,800 shares of company stock worth $211,892 over the last three months. Corporate insiders own 4.70% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Piper Sandler initiated coverage on shares of Orrstown Financial Services in a research report on Wednesday, January 8th. They set an "overweight" rating and a $43.00 price objective for the company. Keefe, Bruyette & Woods lowered their price target on shares of Orrstown Financial Services from $40.00 to $37.00 and set an "outperform" rating for the company in a report on Thursday. Finally, Raymond James started coverage on Orrstown Financial Services in a research note on Thursday, April 10th. They set an "outperform" rating and a $35.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Orrstown Financial Services currently has an average rating of "Moderate Buy" and a consensus target price of $37.80.

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.