Orrstown Financial Services Inc (NASDAQ:ORRF) Declares Dividend Increase – $0.30 Per Share

Orrstown Financial Services Inc (NASDAQ:ORRF) announced a quarterly dividend on Tuesday, January 27th. Stockholders of record on Tuesday, February 10th will be paid a dividend of 0.30 per share by the bank on Tuesday, February 17th. This represents a c) dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Tuesday, February 10th. This is a 11.1% increase from Orrstown Financial Services’s previous quarterly dividend of $0.27.

Orrstown Financial Services has increased its dividend by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 10 consecutive years. Orrstown Financial Services has a payout ratio of 25.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Orrstown Financial Services to earn $4.52 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 23.9%.

Orrstown Financial Services Price Performance

Shares of NASDAQ ORRF traded down $1.45 during trading hours on Wednesday, hitting $34.61. 231,731 shares of the stock were exchanged, compared to its average volume of 282,363. The company’s fifty day simple moving average is $36.28 and its two-hundred day simple moving average is $34.75. The company has a market cap of $674.90 million, a PE ratio of 9.16 and a beta of 0.82. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.87 and a current ratio of 0.87. Orrstown Financial Services has a 1-year low of $25.57 and a 1-year high of $38.38.

Orrstown Financial Services (NASDAQ:ORRF) last released its earnings results on Tuesday, January 27th. The bank reported $1.11 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.03. Orrstown Financial Services had a return on equity of 14.39% and a net margin of 20.48%.The firm had revenue of $64.92 million during the quarter, compared to analysts’ expectations of $51.54 million. On average, sell-side analysts predict that Orrstown Financial Services will post 4.23 EPS for the current year.

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.