Orrstown Financial Services (NASDAQ:ORRF) Sets New 12-Month High – Still a Buy?

Shares of Orrstown Financial Services Inc (NASDAQ:ORRF) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $42.42 and last traded at $41.18, with a volume of 11785 shares. The stock had previously closed at $40.83.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ORRF. Weiss Ratings reissued a “buy (b)” rating on shares of Orrstown Financial Services in a research note on Tuesday. Raymond James Financial began coverage on Orrstown Financial Services in a research report on Thursday. They set a “market perform” rating for the company. Finally, DA Davidson began coverage on Orrstown Financial Services in a report on Friday, May 15th. They set a “neutral” rating and a $41.00 price objective for the company. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $41.67.

Orrstown Financial Services Stock Down 1.9%

The company has a debt-to-equity ratio of 0.06, a current ratio of 0.87 and a quick ratio of 0.87. The firm’s 50 day moving average is $38.13 and its two-hundred day moving average is $37.07. The firm has a market capitalization of $778.93 million, a P/E ratio of 9.07 and a beta of 0.70.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings results on Wednesday, April 22nd. The bank reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.08. Orrstown Financial Services had a net margin of 23.58% and a return on equity of 14.75%. The firm had revenue of $64.58 million during the quarter, compared to analysts’ expectations of $63.20 million. Research analysts predict that Orrstown Financial Services Inc will post 4.3 EPS for the current year.

Orrstown Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 12th. Stockholders of record on Tuesday, May 5th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Tuesday, May 5th. Orrstown Financial Services’s dividend payout ratio is presently 27.46%.

Hedge Funds Weigh In On Orrstown Financial Services

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. UBS Group AG lifted its position in shares of Orrstown Financial Services by 99.3% in the fourth quarter. UBS Group AG now owns 102,329 shares of the bank’s stock valued at $3,624,000 after buying an additional 50,979 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of Orrstown Financial Services by 85.6% during the 4th quarter. Thrivent Financial for Lutherans now owns 52,945 shares of the bank’s stock worth $1,875,000 after acquiring an additional 24,412 shares during the period. Assenagon Asset Management S.A. acquired a new position in shares of Orrstown Financial Services during the 1st quarter worth approximately $10,743,000. Y Intercept Hong Kong Ltd increased its holdings in shares of Orrstown Financial Services by 53.2% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 53,877 shares of the bank’s stock worth $1,944,000 after acquiring an additional 18,703 shares during the last quarter. Finally, AlphaQuest LLC raised its stake in Orrstown Financial Services by 169.8% in the 4th quarter. AlphaQuest LLC now owns 43,992 shares of the bank’s stock valued at $1,558,000 after acquiring an additional 27,688 shares during the period. Institutional investors own 44.27% of the company’s stock.

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.