Orrstown Financial Services (NASDAQ:ORRF) Sees Unusually-High Trading Volume After Earnings Beat

Shares of Orrstown Financial Services Inc (NASDAQ:ORRF - Get Free Report) saw unusually-high trading volume on Wednesday following a stronger than expected earnings report. Approximately 236,351 shares traded hands during trading, an increase of 90% from the previous session's volume of 124,358 shares.The stock last traded at $35.70 and had previously closed at $33.91.

The bank reported $1.04 EPS for the quarter, beating analysts' consensus estimates of $0.99 by $0.05. Orrstown Financial Services had a return on equity of 14.88% and a net margin of 11.97%. The company had revenue of $62.43 million for the quarter, compared to the consensus estimate of $51.98 million.

Orrstown Financial Services Increases Dividend

The company 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 dividend yield of 3.13%. The ex-dividend date of this dividend is Tuesday, August 5th. This is an increase from Orrstown Financial Services's previous quarterly dividend of $0.26. Orrstown Financial Services's payout ratio is currently 46.43%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Keefe, Bruyette & Woods reiterated an "outperform" rating and issued a $42.00 price objective (up previously from $39.00) on shares of Orrstown Financial Services in a report on Thursday. Wall Street Zen upgraded Orrstown Financial Services from a "hold" rating to a "buy" rating in a report on Saturday. Hovde Group boosted 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. Finally, Raymond James Financial initiated coverage on Orrstown Financial Services in a research note on Thursday, April 10th. They set an "outperform" rating and a $35.00 target price for the company. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Orrstown Financial Services has a consensus rating of "Buy" and a consensus target price of $39.25.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC acquired a new position in shares of Orrstown Financial Services during the 4th quarter worth about $5,404,000. GAMMA Investing LLC boosted its position in shares of Orrstown Financial Services by 3,994.9% during the 1st quarter. GAMMA Investing LLC now owns 4,832 shares of the bank's stock worth $161,000 after acquiring an additional 4,714 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Orrstown Financial Services in the 4th quarter valued at about $833,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Orrstown Financial Services by 4.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,519 shares of the bank's stock valued at $385,000 after purchasing an additional 456 shares during the period. Finally, SG Americas Securities LLC boosted its position in shares of Orrstown Financial Services by 198.8% in the 1st quarter. SG Americas Securities LLC now owns 24,399 shares of the bank's stock valued at $732,000 after purchasing an additional 16,232 shares during the period. 44.27% of the stock is owned by institutional investors and hedge funds.

Orrstown Financial Services Trading Down 1.9%

The stock has a market capitalization of $674.07 million, a price-to-earnings ratio of 15.42 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. The business has a 50-day moving average of $31.72 and a 200-day moving average of $31.63.

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.