Orrstown Financial Services (NASDAQ:ORRF) Shares Up 4.9% After Earnings Beat

Key Points

• Orrstown Financial Services shares rose 4.9% after the company reported earnings per share of $0.65, exceeding expectations, with a revenue of $28.27 million and a return on equity of 14.69%.
• The bank declared a quarterly dividend of $0.27 per share, translating to an annualized dividend of $1.08 and a yield of 3.1%, with the ex-dividend date on November 5th.
• Brokerages have set a new average target price of $39.25 for Orrstown Financial Services, with ratings varying from buy to hold among analysts.

Orrstown Financial Services Inc (NASDAQ:ORRF - Get Free Report)'s share price rose 4.9% on Wednesday following a stronger than expected earnings report. The company traded as high as $35.26 and last traded at $35.03. Approximately 42,838 shares changed hands during trading, a decline of 70% from the average daily volume of 141,368 shares. The stock had previously closed at $33.38.

The bank reported $0.65 earnings per share for the quarter. The business had revenue of $28.27 million during the quarter. Orrstown Financial Services had a return on equity of 14.69% and a net margin of 11.97%.

Orrstown Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 12th. Stockholders of record on Wednesday, November 5th will be paid a dividend of $0.27 per share. The ex-dividend date is Wednesday, November 5th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.1%. Orrstown Financial Services's dividend payout ratio (DPR) is currently 48.21%.

Analysts Set New Price Targets

A number of brokerages recently commented on ORRF. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $42.00 price objective (up previously from $39.00) on shares of Orrstown Financial Services in a research note on Thursday, July 24th. Wall Street Zen lowered Orrstown Financial Services from a "buy" rating to a "hold" rating in a research report on Saturday, August 16th. Zacks Research downgraded Orrstown Financial Services from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 3rd. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Orrstown Financial Services in a research report on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Orrstown Financial Services has an average rating of "Moderate Buy" and an average target price of $39.25.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ORRF. Caldwell Trust Co acquired a new stake in shares of Orrstown Financial Services during the second quarter worth $25,000. Financial Consulate Inc. acquired a new stake in Orrstown Financial Services during the 3rd quarter worth about $36,000. Raymond James Financial Inc. acquired a new stake in Orrstown Financial Services during the 2nd quarter worth about $45,000. Tower Research Capital LLC TRC increased its holdings in shares of Orrstown Financial Services by 86.4% in the second quarter. Tower Research Capital LLC TRC now owns 1,748 shares of the bank's stock valued at $56,000 after purchasing an additional 810 shares during the period. Finally, CWM LLC increased its holdings in shares of Orrstown Financial Services by 36.9% in the second quarter. CWM LLC now owns 2,417 shares of the bank's stock valued at $77,000 after purchasing an additional 651 shares during the period. Institutional investors and hedge funds own 44.27% of the company's stock.

Orrstown Financial Services Stock Performance

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 stock has a market capitalization of $681.37 million, a PE ratio of 15.61 and a beta of 0.83. The firm has a 50 day moving average price of $34.20 and a 200-day moving average price of $31.98.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.