Orrstown Financial Services (NASDAQ:ORRF) Stock Price Passes Above 200 Day Moving Average of $28.34

Orrstown Financial Services, Inc. (NASDAQ:ORRF) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $28.34 and traded as high as $35.12. Orrstown Financial Services shares last traded at $34.77, with a volume of 70,898 shares trading hands.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Janney Montgomery Scott assumed coverage on shares of Orrstown Financial Services in a research report on Friday, June 28th. They set a “buy” rating and a $32.00 target price on the stock. Hovde Group upped their price target on Orrstown Financial Services from $33.00 to $37.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $32.00 price objective on shares of Orrstown Financial Services in a report on Tuesday, June 18th.

Orrstown Financial Services Stock Performance

The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. The stock’s 50 day moving average price is $32.49 and its two-hundred day moving average price is $28.34. The firm has a market capitalization of $673.49 million, a PE ratio of 10.38 and a beta of 0.90.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.10. The company had revenue of $50.45 million during the quarter, compared to analysts’ expectations of $31.60 million. Orrstown Financial Services had a return on equity of 13.45% and a net margin of 17.26%. On average, equities analysts expect that Orrstown Financial Services, Inc. will post 3.61 earnings per share for the current year.

Orrstown Financial Services Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Thursday, August 8th were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date of this dividend was Thursday, August 8th. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.20. Orrstown Financial Services’s dividend payout ratio is currently 27.46%.

Hedge Funds Weigh In On Orrstown Financial Services

Several large investors have recently added to or reduced their stakes in ORRF. EntryPoint Capital LLC acquired a new position in shares of Orrstown Financial Services during the 1st quarter valued at about $31,000. CWM LLC increased its position in Orrstown Financial Services by 227.9% during the second quarter. CWM LLC now owns 1,692 shares of the bank’s stock worth $46,000 after purchasing an additional 1,176 shares during the last quarter. Empowered Funds LLC raised its stake in Orrstown Financial Services by 7.7% during the first quarter. Empowered Funds LLC now owns 22,092 shares of the bank’s stock worth $591,000 after purchasing an additional 1,575 shares during the period. Panagora Asset Management Inc. boosted its holdings in shares of Orrstown Financial Services by 4.5% in the 4th quarter. Panagora Asset Management Inc. now owns 37,796 shares of the bank’s stock valued at $1,115,000 after purchasing an additional 1,642 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its stake in shares of Orrstown Financial Services by 92.9% during the 1st quarter. BNP Paribas Financial Markets now owns 5,227 shares of the bank’s stock valued at $140,000 after buying an additional 2,518 shares during the period. 44.27% of the stock is currently owned by hedge funds and other institutional investors.

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.