Orrstown Financial Services (NASDAQ:ORRF) Hits New 12-Month High – Still a Buy?

Orrstown Financial Services Inc (NASDAQ:ORRF) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $40.72 and last traded at $39.29, with a volume of 129442 shares traded. The stock had previously closed at $39.48.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ORRF. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Orrstown Financial Services in a research report on Thursday, January 22nd. Hovde Group raised their target price on shares of Orrstown Financial Services from $40.00 to $42.00 and gave the company an “outperform” rating in a research note on Monday, February 2nd. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Orrstown Financial Services currently has an average rating of “Moderate Buy” and a consensus price target of $39.67.

Orrstown Financial Services Price Performance

The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $728.91 million, a P/E ratio of 8.94 and a beta of 0.83. The company has a 50 day moving average price of $36.75 and a 200 day moving average price of $35.04.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings results on Tuesday, January 27th. The bank reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.03. Orrstown Financial Services had a return on equity of 15.04% and a net margin of 22.71%.The business had revenue of $64.92 million during the quarter, compared to the consensus estimate of $51.54 million. On average, equities analysts predict that Orrstown Financial Services Inc will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 17th. Stockholders of record on Tuesday, February 10th will be issued a dividend of $0.30 per share. This is a boost from Orrstown Financial Services’s previous quarterly dividend of $0.27. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Tuesday, February 10th. Orrstown Financial Services’s dividend payout ratio is presently 28.71%.

Institutional Trading of Orrstown Financial Services

Several hedge funds have recently added to or reduced their stakes in ORRF. Kennedy Capital Management LLC grew its holdings in Orrstown Financial Services by 569.5% in the 3rd quarter. Kennedy Capital Management LLC now owns 280,723 shares of the bank’s stock valued at $9,539,000 after buying an additional 238,790 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of Orrstown Financial Services during the second quarter worth $7,424,000. Assenagon Asset Management S.A. bought a new stake in shares of Orrstown Financial Services in the third quarter valued at about $6,628,000. Millennium Management LLC grew its stake in shares of Orrstown Financial Services by 123.8% in the first quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock valued at $9,913,000 after acquiring an additional 182,709 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Orrstown Financial Services by 170.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 278,649 shares of the bank’s stock worth $9,870,000 after acquiring an additional 175,682 shares during the period. 44.27% of the stock is 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.