Orrstown Financial Services (NASDAQ:ORRF) Trading 6.4% Higher Following Strong Earnings

Orrstown Financial Services, Inc. (NASDAQ:ORRF)’s stock price rose 6.4% during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $38.74 and last traded at $38.72. Approximately 25,132 shares were traded during trading, a decline of 66% from the average daily volume of 74,035 shares. The stock had previously closed at $36.40.

The bank reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.19. The business had revenue of $95.37 million for the quarter, compared to analyst estimates of $60.90 million. Orrstown Financial Services had a net margin of 6.63% and a return on equity of 17.66%.

Orrstown Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 12th. Investors of record on Tuesday, November 5th will be paid a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.44%. The ex-dividend date is Tuesday, November 5th. Orrstown Financial Services’s dividend payout ratio is currently 49.46%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Hovde Group lifted their target price on Orrstown Financial Services from $37.00 to $42.00 and gave the company an “outperform” rating in a research note on Wednesday. Janney Montgomery Scott began coverage on shares of Orrstown Financial Services in a research report on Friday, June 28th. They set a “buy” rating and a $32.00 price objective on the stock.

Institutional Trading of Orrstown Financial Services

Institutional investors have recently bought and sold shares of the company. EntryPoint Capital LLC acquired a new position in Orrstown Financial Services in the 1st quarter worth about $31,000. CWM LLC increased its holdings in Orrstown Financial Services by 227.9% in the second quarter. CWM LLC now owns 1,692 shares of the bank’s stock worth $46,000 after buying an additional 1,176 shares during the last quarter. BNP Paribas Financial Markets raised its position in Orrstown Financial Services by 92.9% during the first quarter. BNP Paribas Financial Markets now owns 5,227 shares of the bank’s stock valued at $140,000 after acquiring an additional 2,518 shares in the last quarter. SG Americas Securities LLC bought a new position in Orrstown Financial Services during the second quarter valued at approximately $154,000. Finally, Fulton Bank N.A. acquired a new stake in Orrstown Financial Services in the third quarter valued at approximately $209,000. Institutional investors and hedge funds own 44.27% of the company’s stock.

Orrstown Financial Services Price Performance

The company’s 50-day simple moving average is $35.46 and its 200 day simple moving average is $30.49. The company has a market capitalization of $731.22 million, a P/E ratio of 20.30 and a beta of 0.90. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12.

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.