Orrstown Financial Services (NASDAQ:ORRF) Posts Earnings Results, Beats Estimates By $0.05 EPS

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) posted its quarterly earnings data on Tuesday. The bank reported $1.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.99 by $0.05, Zacks reports. The business had revenue of $62.43 million during the quarter, compared to the consensus estimate of $51.98 million. Orrstown Financial Services had a return on equity of 14.88% and a net margin of 11.97%.

Orrstown Financial Services Stock Performance

ORRF traded down $0.67 during midday trading on Friday, hitting $34.55. 149,305 shares of the company traded hands, compared to its average volume of 179,532. The company's 50-day moving average is $31.65 and its 200 day moving average is $31.64. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $674.07 million, a PE ratio of 15.42 and a beta of 0.79. Orrstown Financial Services has a 52 week low of $25.57 and a 52 week high of $41.99.

Orrstown Financial Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 12th. Investors of record on Tuesday, August 5th will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.13%. This is an increase from Orrstown Financial Services's previous quarterly dividend of $0.26. The ex-dividend date is Tuesday, August 5th. Orrstown Financial Services's dividend payout ratio (DPR) is presently 46.43%.

Analysts Set New Price Targets

ORRF has been the subject of several analyst reports. Keefe, Bruyette & Woods restated an "outperform" rating and set a $42.00 price target (up from $39.00) on shares of Orrstown Financial Services in a report on Thursday. Hovde Group raised their price target on Orrstown Financial Services from $35.00 to $37.00 and gave the company an "outperform" rating in a report on Wednesday, May 14th. Finally, Raymond James Financial initiated coverage on Orrstown Financial Services in a report on Thursday, April 10th. They set an "outperform" rating and a $35.00 price target for the company.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Orrstown Financial Services by 4.7% in 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 during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Orrstown Financial Services by 2.9% in 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 during the last quarter. Jane Street Group LLC purchased a new stake in Orrstown Financial Services in the first quarter worth approximately $1,080,000. Finally, Millennium Management LLC boosted its holdings in Orrstown Financial Services by 123.8% in the first 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 last quarter. Institutional investors own 44.27% of the company's stock.

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.