Orrstown Financial Services (NASDAQ:ORRF) Shares Cross Above 200 Day Moving Average - Here's What Happened

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%.

Orrstown Financial Services Inc (NASDAQ:ORRF - Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-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.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ORRF shares. Wall Street Zen cut Orrstown Financial Services from a "buy" rating to a "hold" rating in a report on Saturday, August 16th. Zacks Research upgraded Orrstown Financial Services from a "hold" rating to a "strong-buy" rating in a report on Thursday, September 4th. Finally, Keefe, Bruyette & Woods reiterated an "outperform" rating and issued a $42.00 price target (up previously from $39.00) on shares of Orrstown Financial Services in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $39.25.

Orrstown Financial Services Trading Down 0.8%

The stock has a market cap of $690.92 million, a P/E ratio of 15.83 and a beta of 0.86. 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 stock's fifty day moving average price is $34.01 and its 200 day moving average price is $31.45.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The bank reported $1.04 EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $62.43 million for the quarter, compared to analysts' expectations of $51.98 million. Equities research analysts expect that Orrstown Financial Services Inc will post 4.23 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 12th. Stockholders of record on Tuesday, August 5th were issued a dividend of $0.27 per share. This is a boost from Orrstown Financial Services's previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, August 5th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.0%. Orrstown Financial Services's dividend payout ratio (DPR) is presently 48.21%.

Institutional Trading of Orrstown Financial Services

A number of hedge funds have recently modified their holdings of the business. Squarepoint Ops LLC boosted its holdings in shares of Orrstown Financial Services by 4.5% during the 2nd quarter. Squarepoint Ops LLC now owns 41,281 shares of the bank's stock valued at $1,314,000 after buying an additional 1,779 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in Orrstown Financial Services by 86.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,748 shares of the bank's stock worth $56,000 after purchasing an additional 810 shares in the last quarter. Rafferty Asset Management LLC boosted its stake in Orrstown Financial Services by 22.4% in the 2nd quarter. Rafferty Asset Management LLC now owns 22,505 shares of the bank's stock worth $716,000 after purchasing an additional 4,117 shares in the last quarter. Oxford Asset Management LLP bought a new position in Orrstown Financial Services in the 2nd quarter worth about $263,000. Finally, Curi Capital LLC bought a new position in Orrstown Financial Services in the 2nd quarter worth about $293,000. 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.