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

Key Points

• Passed above its 200-day moving average: ORRF traded as high as $36.97 and last at $36.74, rising above its 200-day MA of $35.99 on Thursday.
• Analyst upgrades and price target: Hovde raised its target from $40 to $42 and Weiss upgraded the stock to a buy, leaving a consensus rating of "Moderate Buy" with a $42.00 consensus price target.
• Strong quarter and shareholder return: Orrstown reported $1.12 EPS vs. $1.04 expected and declared a $0.30 quarterly dividend (annualized $1.20, ~3.3% yield) with a payout ratio of 27.46%.

Orrstown Financial Services Inc (NASDAQ:ORRF - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $35.99 and traded as high as $36.97. Orrstown Financial Services shares last traded at $36.74, with a volume of 143,686 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have weighed in on ORRF. Hovde Group lifted their target price on shares of Orrstown Financial Services from $40.00 to $42.00 and gave the stock an "outperform" rating in a research note on Monday, February 2nd. Weiss Ratings upgraded shares of Orrstown Financial Services from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, February 23rd. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $42.00.

Orrstown Financial Services Price Performance

The company has a debt-to-equity ratio of 0.06, a current ratio of 0.87 and a quick ratio of 0.86. The stock has a 50 day moving average price of $36.37 and a two-hundred day moving average price of $35.99. The firm has a market capitalization of $720.84 million, a price-to-earnings ratio of 8.41 and a beta of 0.77.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last posted its earnings results on Tuesday, April 21st. The bank reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.08. Orrstown Financial Services had a return on equity of 14.96% and a net margin of 23.58%.The firm had revenue of $64.58 million for the quarter, compared to analyst estimates of $63.20 million. As a group, analysts expect that Orrstown Financial Services Inc will post 4.33 EPS for the current year.

Orrstown Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 12th. Stockholders of record on Tuesday, May 5th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, May 5th. Orrstown Financial Services's dividend payout ratio is currently 27.46%.

Insider Activity at Orrstown Financial Services

In other Orrstown Financial Services news, Director Brian D. Brunner acquired 1,000 shares of the company's stock in a transaction that occurred on Wednesday, March 18th. The stock was purchased at an average price of $34.02 per share, for a total transaction of $34,020.00. Following the completion of the acquisition, the director owned 50,529 shares of the company's stock, valued at approximately $1,718,996.58. This trade represents a 2.02% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 4.30% of the company's stock.

Institutional Investors Weigh In On Orrstown Financial Services

A number of hedge funds have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue purchased a new position in Orrstown Financial Services in the 3rd quarter valued at approximately $26,000. Financial Consulate Inc. purchased a new stake in shares of Orrstown Financial Services during the third quarter worth $36,000. Quarry LP acquired a new stake in shares of Orrstown Financial Services in the third quarter valued at $42,000. Raymond James Financial Inc. acquired a new stake in shares of Orrstown Financial Services in the second quarter valued at $45,000. Finally, Tower Research Capital LLC TRC boosted its holdings in 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. 44.27% of the stock is currently owned by institutional investors and hedge funds.

About Orrstown Financial Services

Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank, a community banking organization headquartered in Shippensburg, Pennsylvania. The roots of Orrstown Bank date back to 1865, and the holding company structure was established to support its growth and diversification. As a regional financial institution, Orrstown Financial Services focuses on delivering personalized banking solutions to individuals, families and businesses across Central Pennsylvania.

The company's core offerings include a full suite of deposit products such as checking and savings accounts, money market accounts and certificates of deposit.

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