Orrstown Financial Services (NASDAQ:ORRF) Share Price Breaks Above 200 Day Moving Average – Here’s What Happened

Orrstown Financial Services Inc (NASDAQ:ORRF)’s share price crossed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $39.27 and traded as high as $42.10. Orrstown Financial Services shares last traded at $41.85, with a volume of 98,820 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ORRF. DA Davidson restated a “neutral” rating and issued a $41.00 price objective on shares of Orrstown Financial Services in a report on Wednesday, July 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of Orrstown Financial Services in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods boosted their price target on shares of Orrstown Financial Services from $44.00 to $46.00 and gave the company an “outperform” rating in a report on Thursday, July 23rd. Raymond James Financial initiated coverage on shares of Orrstown Financial Services in a research report on Thursday, July 9th. They issued a “market perform” rating for the company. Finally, Hovde Group lifted their price objective on shares of Orrstown Financial Services from $42.00 to $46.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $44.33.

Orrstown Financial Services Stock Down 0.2%

The business has a 50 day moving average of $42.38 and a two-hundred day moving average of $39.29. The stock has a market capitalization of $821.62 million, a PE ratio of 9.39 and a beta of 0.69. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.87 and a current ratio of 0.87.

Orrstown Financial Services (NASDAQ:ORRF) last posted its earnings results on Wednesday, July 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.06. The company had revenue of $62.67 million for the quarter, compared to analyst estimates of $64.10 million. Orrstown Financial Services had a return on equity of 14.46% and a net margin of 24.00%. Analysts predict that Orrstown Financial Services Inc will post 4.41 EPS for the current year.

Orrstown Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Tuesday, August 4th were given a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.9%. Orrstown Financial Services’s payout ratio is presently 26.97%.

Insider Activity at Orrstown Financial Services

In related news, EVP Amy Doll sold 3,002 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $41.61, for a total transaction of $124,913.22. Following the completion of the sale, the executive vice president owned 25,669 shares of the company’s stock, valued at $1,068,087.09. This represents a 10.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 4.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Orrstown Financial Services

Large investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of Orrstown Financial Services in the 2nd quarter worth $68,607,000. Dimensional Fund Advisors LP increased its position in Orrstown Financial Services by 8.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 900,674 shares of the bank’s stock valued at $32,496,000 after buying an additional 68,935 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in Orrstown Financial Services in the first quarter valued at about $10,743,000. The Manufacturers Life Insurance Company purchased a new stake in Orrstown Financial Services in the second quarter valued at about $9,286,000. Finally, Man Group plc acquired a new stake in Orrstown Financial Services in the second quarter worth about $5,962,000. 44.27% of the stock is owned by institutional investors and hedge funds.

Orrstown Financial Services Company Profile

Orrstown Financial Services Corporation (NASDAQ: ORRF) is a bank holding company headquartered in Shippensburg, Pennsylvania. Through its principal subsidiary, Orrstown Bank, the company provides banking and financial services to individuals, families, businesses, agricultural customers and nonprofit organizations.

Orrstown Bank offers deposit accounts, consumer and commercial loans, residential mortgage lending, agricultural financing, treasury management and other business banking services.