Orrstown Financial Services (NASDAQ:ORRF) Share Price Crosses Above Two Hundred Day Moving Average - Here's Why

Key Points

• Orrstown Financial Services' share price has recently crossed above its 200-day moving average, currently trading at $34.89, with the stock reaching a high of $35.89.
• Analysts have mixed ratings on the stock, with one upgrade to strong-buy from Zacks Research, while Wall Street Zen downgraded it from "buy" to "hold".
• The company announced a quarterly dividend increase from $0.26 to $0.27 per share, representing an annualized yield of 3.1%.

Shares of Orrstown Financial Services Inc (NASDAQ:ORRF - Get Free Report) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $31.42 and traded as high as $35.89. Orrstown Financial Services shares last traded at $34.89, with a volume of 189,764 shares traded.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ORRF. Zacks Research raised shares of Orrstown Financial Services from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 4th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $42.00 target price (up previously from $39.00) on shares of Orrstown Financial Services in a research note on Thursday, July 24th. Finally, Wall Street Zen lowered shares of Orrstown Financial Services from a "buy" rating to a "hold" rating in a research note on Saturday, August 16th. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. Based on data from MarketBeat.com, Orrstown Financial Services has an average rating of "Buy" and an average target price of $39.25.

Orrstown Financial Services Trading Up 2.5%

The company's 50 day moving average price is $33.97 and its 200 day moving average price is $31.44. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $696.77 million, a PE ratio of 15.96 and a beta of 0.86.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The bank reported $1.04 EPS for the quarter, beating the consensus estimate of $0.99 by $0.05. Orrstown Financial Services had a net margin of 11.97% and a return on equity of 14.69%. The business had revenue of $62.43 million during the quarter, compared to analyst estimates of $51.98 million. As a group, analysts forecast that Orrstown Financial Services Inc will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 12th. Investors of record on Tuesday, August 5th were issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.0%. This is a positive change from Orrstown Financial Services's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Tuesday, August 5th. Orrstown Financial Services's dividend payout ratio is 48.21%.

Institutional Trading of Orrstown Financial Services

Hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC acquired a new stake in Orrstown Financial Services in the fourth quarter valued at approximately $5,404,000. GAMMA Investing LLC raised its holdings in Orrstown Financial Services by 3,994.9% in the first quarter. GAMMA Investing LLC now owns 4,832 shares of the bank's stock valued at $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 acquired a new stake in Orrstown Financial Services in the fourth quarter valued at approximately $833,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Orrstown Financial Services by 4.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,519 shares of the bank's stock valued at $385,000 after acquiring an additional 456 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in Orrstown Financial Services by 198.8% in the first quarter. SG Americas Securities LLC now owns 24,399 shares of the bank's stock valued at $732,000 after acquiring an additional 16,232 shares in the last quarter. Institutional investors and hedge funds 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.