Orrstown Financial Services (NASDAQ:ORRF) Stock Passes Above 200-Day Moving Average – Here’s Why

Orrstown Financial Services Inc (NASDAQ:ORRF) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $35.99 and traded as high as $36.97. Orrstown Financial Services shares last traded at $36.74, with a volume of 143,686 shares.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Hovde Group increased their price target on Orrstown Financial Services from $40.00 to $42.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Weiss Ratings upgraded shares of Orrstown Financial Services from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $42.00.

Orrstown Financial Services Trading Up 0.6%

The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.86 and a current ratio of 0.87. The company’s 50-day moving average price is $36.37 and its 200-day moving average price is $35.99. The firm has a market capitalization of $720.84 million, a PE ratio of 8.41 and a beta of 0.77.

Orrstown Financial Services (NASDAQ:ORRF) last posted its earnings results on Tuesday, April 21st. The bank reported $1.12 EPS for the quarter, beating the consensus estimate of $1.04 by $0.08. Orrstown Financial Services had a return on equity of 14.96% and a net margin of 23.58%.The firm had revenue of $64.58 million for the quarter, compared to analyst estimates of $63.20 million. On average, sell-side analysts expect that Orrstown Financial Services Inc will post 4.33 earnings per share for the current year.

Orrstown Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 12th. Stockholders of record on Tuesday, May 5th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, May 5th. Orrstown Financial Services’s dividend payout ratio is currently 27.46%.

Insider Activity at Orrstown Financial Services

In other Orrstown Financial Services news, Director Brian D. Brunner bought 1,000 shares of the business’s stock in a transaction dated Wednesday, March 18th. The shares were acquired at an average price of $34.02 per share, with a total value of $34,020.00. Following the transaction, the director owned 50,529 shares of the company’s stock, valued at approximately $1,718,996.58. The trade was a 2.02% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Orrstown Financial Services

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Orrstown Financial Services by 2.5% in the third quarter. Vanguard Group Inc. now owns 1,115,128 shares of the bank’s stock valued at $37,892,000 after purchasing an additional 27,125 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Orrstown Financial Services by 8.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 831,739 shares of the bank’s stock worth $29,460,000 after buying an additional 66,407 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Orrstown Financial Services by 9.2% in the 3rd quarter. Wellington Management Group LLP now owns 608,402 shares of the bank’s stock valued at $20,674,000 after buying an additional 51,140 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Orrstown Financial Services by 123.8% in the 1st quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock valued at $9,913,000 after buying an additional 182,709 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Orrstown Financial Services in the 1st quarter valued at $10,743,000. 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.