Orrstown Financial Services (NASDAQ:ORRF) Sets New 52-Week High – Time to Buy?

Orrstown Financial Services Inc (NASDAQ:ORRF) shares hit a new 52-week high on Monday. The stock traded as high as $45.41 and last traded at $45.1680, with a volume of 31,033 shares. The stock had previously closed at $43.92.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ORRF. Weiss Ratings raised Orrstown Financial Services from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, October 22nd. Keefe, Bruyette & Woods lifted their price objective on Orrstown Financial Services from $44.00 to $46.00 and gave the company an “outperform” rating in a research report on Thursday, July 23rd. Raymond James Financial initiated coverage on shares of Orrstown Financial Services in a research note on Thursday, July 9th. They set a “market perform” rating for the company. Hovde Group increased their price target on Orrstown Financial Services from $42.00 to $46.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Finally, DA Davidson reaffirmed a “neutral” rating and set a $41.00 target price on shares of Orrstown Financial Services in a report on Wednesday, July 22nd. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $44.33.

Orrstown Financial Services Stock Performance

The stock has a market capitalization of $890.46 million, a PE ratio of 10.08 and a beta of 0.70. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.01. The firm’s 50-day simple moving average is $42.23 and its two-hundred day simple moving average is $39.31.

Orrstown Financial Services (NASDAQ:ORRF) last released its earnings results on Tuesday, October 20th. The bank reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.07. Orrstown Financial Services had a net margin of 24.23% and a return on equity of 14.41%. The company had revenue of $66.70 million during the quarter, compared to the consensus estimate of $66.20 million. On average, equities research analysts expect that Orrstown Financial Services Inc will post 4.45 earnings per share for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 10th. Investors of record on Tuesday, November 3rd will be issued a $0.30 dividend. The ex-dividend date is Tuesday, November 3rd. This represents a $1.20 dividend on an annualized basis and a yield of 2.7%. Orrstown Financial Services’s dividend payout ratio is currently 26.73%.

Institutional Trading of Orrstown Financial Services

A number of institutional investors and hedge funds have recently modified their holdings of ORRF. Mirae Asset Global Investments Co. Ltd. bought a new stake in Orrstown Financial Services during the third quarter valued at about $761,000. Nisa Investment Advisors LLC increased its holdings in Orrstown Financial Services by 186.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 3,938 shares of the bank’s stock valued at $160,000 after buying an additional 2,561 shares during the period. Sequoia Financial Advisors LLC bought a new position in Orrstown Financial Services during the second quarter worth about $396,000. Squarepoint Ops LLC acquired a new stake in Orrstown Financial Services in the 2nd quarter valued at $276,000. Finally, Arizona State Retirement System bought a new stake in shares of Orrstown Financial Services in the 2nd quarter worth about $210,000. 44.27% of the stock is currently owned by institutional investors and hedge funds.

About Orrstown Financial Services

Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank, a full-service community banking institution headquartered in Shippensburg, Pennsylvania. Founded in 1919, the company serves individuals, families, businesses and organizations through a network of banking offices in Pennsylvania and Maryland.

Orrstown Bank offers a range of personal and business banking products, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial real estate loans and business financing.