Orrstown Financial Services, Inc. (NASDAQ:ORRF) Plans Dividend Increase – $0.26 Per Share

Orrstown Financial Services, Inc. (NASDAQ:ORRF) announced a quarterly dividend on Thursday, January 30th,RTT News reports. Stockholders of record on Friday, February 14th will be paid a dividend of 0.26 per share by the bank on Friday, February 21st. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend is Friday, February 14th. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.23.

Orrstown Financial Services has raised its dividend payment by an average of 5.1% per year over the last three years. Orrstown Financial Services has a dividend payout ratio of 24.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Orrstown Financial Services to earn $4.52 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 23.0%.

Orrstown Financial Services Stock Up 1.6 %

Shares of NASDAQ:ORRF opened at $34.66 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The firm has a market cap of $672.06 million, a P/E ratio of 18.84 and a beta of 0.90. Orrstown Financial Services has a 12 month low of $24.70 and a 12 month high of $41.99. The company’s 50-day moving average price is $36.43 and its two-hundred day moving average price is $36.33.

Orrstown Financial Services (NASDAQ:ORRF) last issued its quarterly earnings results on Friday, January 31st. The bank reported $0.87 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.17). Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. As a group, research analysts forecast that Orrstown Financial Services will post 4.23 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ORRF. Keefe, Bruyette & Woods restated an “outperform” rating and set a $42.00 target price (down previously from $46.00) on shares of Orrstown Financial Services in a research report on Monday, February 3rd. Hovde Group cut Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Finally, Piper Sandler initiated coverage on shares of Orrstown Financial Services in a research note on Wednesday, January 8th. They issued an “overweight” rating and a $43.00 target price on the stock.

Orrstown Financial Services Company Profile

Orrstown Financial Services, Inc operates as the financial holding company for Orrstown Bank that provides commercial banking and financial advisory services to retail, commercial, non-profit, and government clients in the United States. It accepts various deposits, including checking, savings, time, demand, and money market deposits, as well as certificates of deposit.