Orrstown Financial Services (NASDAQ:ORRF) Reaches New 12-Month High - Here's Why

Key Points

• Orrstown Financial Services shares reached a new 52-week high, trading as high as $43.95 and closing up 3.3%. Analysts maintain a “Moderate Buy” consensus with an average price target of $44.33.
• The bank exceeded quarterly expectations, reporting $1.17 in earnings per share versus the $1.10 consensus estimate, while revenue of $66.7 million also topped forecasts.
• Orrstown declared a quarterly dividend of $0.30 per share, equivalent to an annualized $1.20 payout and a 2.7% yield; institutional investors own 44.27% of the stock.

Orrstown Financial Services Inc (NASDAQ:ORRF - Get Free Report) shares hit a new 52-week high during trading on Thursday. The stock traded as high as $43.95 and last traded at $43.7850, with a volume of 4,809 shares trading hands. The stock had previously closed at $42.89.

Analysts Set New Price Targets

A number of research firms recently issued reports on ORRF. Weiss Ratings reiterated a "buy (b)" rating on shares of Orrstown Financial Services in a research report on Friday, October 2nd. Raymond James Financial initiated coverage on Orrstown Financial Services in a report on Thursday, July 9th. They issued a "market perform" rating on the stock. Keefe, Bruyette & Woods boosted their price objective on Orrstown Financial Services from $44.00 to $46.00 and gave the company an "outperform" rating in a research note on Thursday, July 23rd. Hovde Group boosted their target price on shares of Orrstown Financial Services from $42.00 to $46.00 and gave the company an "outperform" rating in a research report on Monday, July 27th. Finally, DA Davidson reissued a "neutral" rating and issued a $41.00 price objective on shares of Orrstown Financial Services in a research note on Wednesday, July 22nd. Three equities 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, the company has a consensus rating of "Moderate Buy" and a consensus price target of $44.33.

Orrstown Financial Services Stock Up 3.3%

The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market capitalization of $871.77 million, a P/E ratio of 9.87 and a beta of 0.69. The stock has a 50 day moving average price of $41.92 and a 200 day moving average price of $40.12.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last released its earnings results on Tuesday, October 20th. The bank reported $1.17 earnings per share for the quarter, beating analysts' consensus estimates of $1.10 by $0.07. Orrstown Financial Services had a net margin of 24.23% and a return on equity of 14.41%. The firm had revenue of $66.70 million during the quarter, compared to the consensus estimate of $66.20 million. Equities research analysts forecast that Orrstown Financial Services Inc will post 4.41 earnings per share for the current fiscal year.

Orrstown Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 10th. Investors of record on Tuesday, November 3rd will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, November 3rd. This represents a $1.20 dividend on an annualized basis and a yield of 2.7%. Orrstown Financial Services's dividend payout ratio is 26.73%.

Insider Activity at Orrstown Financial Services

In related news, EVP Amy Doll sold 3,002 shares of the company's stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $41.61, for a total transaction of $124,913.22. Following the sale, the executive vice president owned 25,669 shares of the company's stock, valued at approximately $1,068,087.09. This represents a 10.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.30% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Orrstown Financial Services in the second quarter worth $68,607,000. Dimensional Fund Advisors LP increased its stake in Orrstown Financial Services by 8.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 900,674 shares of the bank's stock worth $32,496,000 after acquiring an additional 68,935 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Orrstown Financial Services in the 1st quarter worth about $10,743,000. The Manufacturers Life Insurance Company bought a new stake in shares of Orrstown Financial Services during the 2nd quarter valued at about $9,286,000. Finally, Man Group plc purchased a new position in shares of Orrstown Financial Services during the second quarter worth about $5,962,000. 44.27% of the stock is owned by institutional investors.

Orrstown Financial Services Company Profile

Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank, a full-service community banking institution headquartered in Shippensburg, Pennsylvania. Founded in 1919, the company serves individuals, families, businesses and organizations through a network of banking offices in Pennsylvania and Maryland.

Orrstown Bank offers a range of personal and business banking products, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial real estate loans and business financing.

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