Orrstown Financial Services (NASDAQ:ORRF) Sets New 1-Year High – Here’s What Happened

Shares of Orrstown Financial Services Inc (NASDAQ:ORRF) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $40.79 and last traded at $40.6650, with a volume of 182192 shares traded. The stock had previously closed at $39.75.

Analyst Upgrades and Downgrades

Separately, DA Davidson began coverage on Orrstown Financial Services in a research note on Friday, May 15th. They set a “neutral” rating and a $41.00 price target on the stock. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.67.

Orrstown Financial Services Stock Performance

The company has a debt-to-equity ratio of 0.06, a current ratio of 0.87 and a quick ratio of 0.87. The company’s fifty day simple moving average is $37.46 and its two-hundred day simple moving average is $36.82. The stock has a market cap of $800.48 million, a price-to-earnings ratio of 9.29 and a beta of 0.70.

Orrstown Financial Services (NASDAQ:ORRF) last issued its quarterly earnings data on Wednesday, April 22nd. The bank reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.08. Orrstown Financial Services had a net margin of 23.58% and a return on equity of 14.75%. The firm had revenue of $64.58 million during the quarter, compared to analysts’ expectations of $63.20 million. On average, analysts forecast that Orrstown Financial Services Inc will post 4.3 earnings per share for the current year.

Orrstown Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 12th. Shareholders of record on Tuesday, May 5th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, May 5th. Orrstown Financial Services’s payout ratio is currently 27.46%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ORRF. Bank of America Corp DE grew its holdings in Orrstown Financial Services by 24.2% during the first quarter. Bank of America Corp DE now owns 139,990 shares of the bank’s stock worth $5,051,000 after buying an additional 27,301 shares in the last quarter. Royal Bank of Canada lifted its stake in Orrstown Financial Services by 33.2% during the 1st quarter. Royal Bank of Canada now owns 6,612 shares of the bank’s stock valued at $239,000 after acquiring an additional 1,649 shares in the last quarter. Quantinno Capital Management LP boosted its holdings in Orrstown Financial Services by 75.9% during the 1st quarter. Quantinno Capital Management LP now owns 27,365 shares of the bank’s stock worth $987,000 after acquiring an additional 11,808 shares during the last quarter. Entropy Technologies LP purchased a new position in Orrstown Financial Services during the 1st quarter worth $342,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Orrstown Financial Services by 62.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 13,143 shares of the bank’s stock worth $474,000 after acquiring an additional 5,041 shares in the last quarter. Institutional investors own 44.27% of the company’s stock.

Orrstown Financial Services Company Profile

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.