Orrstown Financial Services Inc (NASDAQ:ORRF) Announces $0.30 Quarterly Dividend

Orrstown Financial Services Inc (NASDAQ:ORRF) declared a quarterly dividend on Tuesday, April 21st. Investors of record on Tuesday, May 5th will be paid a dividend of 0.30 per share by the bank on Tuesday, May 12th. This represents a c) annualized dividend and a yield of 3.2%. The ex-dividend date is Tuesday, May 5th.

Orrstown Financial Services has raised its dividend payment by an average of 0.1%per year over the last three years and has raised its dividend every year for the last 10 years. Orrstown Financial Services has a dividend payout ratio of 28.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Orrstown Financial Services to earn $4.50 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 26.7%.

Orrstown Financial Services Price Performance

Shares of NASDAQ:ORRF opened at $37.74 on Wednesday. The company has a market cap of $740.46 million, a price-to-earnings ratio of 9.03 and a beta of 0.77. 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 firm has a 50 day simple moving average of $36.49 and a 200 day simple moving average of $35.87. Orrstown Financial Services has a one year low of $26.80 and a one year high of $40.72.

Orrstown Financial Services (NASDAQ:ORRF) last issued its quarterly earnings data on Wednesday, April 22nd. The bank reported $1.12 EPS for the quarter, beating the consensus estimate of $1.04 by $0.08. The business had revenue of $64.58 million during the quarter, compared to the consensus estimate of $63.20 million. Orrstown Financial Services had a net margin of 22.71% and a return on equity of 14.77%. Research analysts predict that Orrstown Financial Services will post 4.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Orrstown Financial Services

In other news, Director Brian D. Brunner purchased 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The shares were bought at an average cost of $34.02 per share, with a total value of $34,020.00. Following the completion of the transaction, the director directly 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 ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ORRF. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Orrstown Financial Services by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,009 shares of the bank’s stock valued at $330,000 after purchasing an additional 490 shares in the last quarter. Millennium Management LLC grew its stake in Orrstown Financial Services by 123.8% during 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. Goldman Sachs Group Inc. grew its stake in Orrstown Financial Services by 2.9% during the first quarter. Goldman Sachs Group Inc. now owns 85,047 shares of the bank’s stock valued at $2,552,000 after acquiring an additional 2,417 shares in the last quarter. Jane Street Group LLC purchased a new position in Orrstown Financial Services during the first quarter valued at approximately $1,080,000. Finally, Creative Planning purchased a new position in Orrstown Financial Services during the second quarter valued at approximately $365,000. 44.27% of the stock is owned by institutional investors.

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.