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

Key Points

• Orrstown Financial Services shares have crossed above the 200-day moving average, with the stock trading at $33.63, higher than its moving average of $31.75.
• Recent analyst ratings show a mixed outlook, with a consensus rating of "Moderate Buy" and a price target increase to $42.00 from Keefe, Bruyette & Woods.
• The company announced a quarterly dividend increase to $0.27 per share, representing an annualized dividend yield of 3.2%.

Orrstown Financial Services Inc (NASDAQ:ORRF - Get Free Report) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $31.75 and traded as high as $33.90. Orrstown Financial Services shares last traded at $33.63, with a volume of 49,634 shares changing hands.

Analyst Ratings Changes

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

Orrstown Financial Services Trading Down 0.2%

The firm has a market capitalization of $655.48 million, a PE ratio of 15.01 and a beta of 0.83. The business has a 50 day moving average price of $34.07 and a 200-day moving average price of $31.75. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.13.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The bank reported $1.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.99 by $0.05. 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 14.69% and a net margin of 11.97%. Analysts expect that Orrstown Financial Services Inc will post 4.23 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 12th. Investors of record on Tuesday, August 5th were issued a $0.27 dividend. The ex-dividend date was Tuesday, August 5th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.2%. This is an increase from Orrstown Financial Services's previous quarterly dividend of $0.26. Orrstown Financial Services's payout ratio is currently 48.21%.

Institutional Investors Weigh In On Orrstown Financial Services

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vista Investment Management grew its holdings in shares of Orrstown Financial Services by 5.6% in the 2nd quarter. Vista Investment Management now owns 8,444 shares of the bank's stock worth $269,000 after acquiring an additional 450 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Orrstown Financial Services by 3.2% in the 1st quarter. Principal Financial Group Inc. now owns 14,997 shares of the bank's stock worth $450,000 after acquiring an additional 462 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Orrstown Financial Services by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,009 shares of the bank's stock worth $330,000 after acquiring an additional 490 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA grew its holdings in shares of Orrstown Financial Services by 7.4% in the 2nd quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 7,302 shares of the bank's stock worth $232,000 after acquiring an additional 500 shares during the period. Finally, CWM LLC grew its holdings in shares of Orrstown Financial Services by 36.9% in the 2nd quarter. CWM LLC now owns 2,417 shares of the bank's stock worth $77,000 after acquiring an additional 651 shares during the period. 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.

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