Orrstown Financial Services (NASDAQ:ORRF) Issues Quarterly Earnings Results

Orrstown Financial Services (NASDAQ:ORRF) issued its earnings results on Tuesday. The bank reported $1.11 EPS for the quarter, topping the consensus estimate of $1.08 by $0.03, Zacks reports. Orrstown Financial Services had a return on equity of 14.39% and a net margin of 20.48%.The business had revenue of $64.92 million during the quarter, compared to the consensus estimate of $51.54 million.

Orrstown Financial Services Price Performance

ORRF traded down $1.13 during trading on Wednesday, reaching $34.93. The stock had a trading volume of 107,333 shares, compared to its average volume of 274,658. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.87 and a current ratio of 0.87. The business has a 50-day moving average of $36.28 and a 200-day moving average of $34.75. Orrstown Financial Services has a one year low of $25.57 and a one year high of $38.38. The stock has a market cap of $681.14 million, a PE ratio of 9.23 and a beta of 0.82.

Orrstown Financial Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 17th. Investors of record on Tuesday, February 10th will be paid a $0.30 dividend. 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 yield of 3.4%. The ex-dividend date of this dividend is Tuesday, February 10th. Orrstown Financial Services’s payout ratio is currently 28.57%.

Institutional Investors Weigh In On Orrstown Financial Services

A number of hedge funds have recently made changes to their positions in ORRF. PharVision Advisers LLC purchased a new stake in shares of Orrstown Financial Services in the 3rd quarter valued at $255,000. Verition Fund Management LLC grew its position in Orrstown Financial Services by 16.4% during the 3rd quarter. Verition Fund Management LLC now owns 9,820 shares of the bank’s stock worth $334,000 after acquiring an additional 1,383 shares during the last quarter. Quarry LP purchased a new position in Orrstown Financial Services in the 3rd quarter worth approximately $42,000. Brevan Howard Capital Management LP bought a new stake in Orrstown Financial Services in the third quarter valued at approximately $439,000. Finally, Bank of America Corp DE boosted its stake in shares of Orrstown Financial Services by 7.4% during the third quarter. Bank of America Corp DE now owns 123,476 shares of the bank’s stock valued at $4,196,000 after purchasing an additional 8,477 shares during the period. 44.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Orrstown Financial Services in a research report on Thursday, January 22nd. Zacks Research lowered shares of Orrstown Financial Services from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 3rd. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $38.00.

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.