Orrstown Financial Services Inc (NASDAQ:ORRF) to Issue $0.30 Quarterly Dividend

Orrstown Financial Services Inc (NASDAQ:ORRF) declared a quarterly dividend on Tuesday, July 21st. Shareholders of record on Tuesday, August 4th will be given a dividend of 0.30 per share by the bank on Tuesday, August 11th. This represents a c) dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, August 4th.

Orrstown Financial Services has increased its dividend by an average of 0.1%annually over the last three years and has raised its dividend every year for the last 10 years. Orrstown Financial Services has a dividend payout ratio of 28.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Orrstown Financial Services to earn $4.34 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 27.6%.

Orrstown Financial Services Stock Up 0.1%

NASDAQ:ORRF opened at $41.26 on Wednesday. The stock has a 50 day moving average of $38.88 and a 200-day moving average of $37.38. The firm has a market capitalization of $810.76 million, a PE ratio of 9.44 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 0.06. Orrstown Financial Services has a 52 week low of $31.51 and a 52 week high of $42.54.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.06. Orrstown Financial Services had a return on equity of 14.75% and a net margin of 23.58%.The company had revenue of $64.30 million during the quarter, compared to analyst estimates of $64.10 million. Analysts predict that Orrstown Financial Services will post 4.29 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Orrstown Financial Services in a research note on Tuesday, July 7th. Raymond James Financial assumed coverage on shares of Orrstown Financial Services in a research report on Thursday, July 9th. They set a “market perform” rating on the stock. Finally, DA Davidson assumed coverage on Orrstown Financial Services in a research report on Friday, May 15th. They issued a “neutral” rating and a $41.00 price target for the company. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $41.67.

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.