Orrstown Financial Services (NASDAQ:ORRF) Reaches New 1-Year High at $36.65

Orrstown Financial Services, Inc. (NASDAQ:ORRF)’s stock price hit a new 52-week high on Thursday . The company traded as high as $36.65 and last traded at $36.29, with a volume of 12783 shares traded. The stock had previously closed at $35.42.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $32.00 price target on shares of Orrstown Financial Services in a research report on Tuesday, June 18th. Hovde Group lifted their price objective on shares of Orrstown Financial Services from $33.00 to $37.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Finally, 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 for the company.

Orrstown Financial Services Price Performance

The firm has a market cap of $704.87 million, a P/E ratio of 10.57 and a beta of 0.90. The company has a fifty day moving average of $33.56 and a 200-day moving average of $28.74. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87.

Orrstown Financial Services (NASDAQ:ORRF) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.10. Orrstown Financial Services had a return on equity of 13.45% and a net margin of 17.26%. The company had revenue of $50.45 million during the quarter, compared to the consensus estimate of $31.60 million. On average, sell-side analysts anticipate that Orrstown Financial Services, Inc. will post 3.61 EPS for the current fiscal year.

Orrstown Financial Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Thursday, August 8th were issued a dividend of $0.23 per share. The ex-dividend date was Thursday, August 8th. This is an increase from Orrstown Financial Services’s previous quarterly dividend of $0.20. This represents a $0.92 annualized dividend and a yield of 2.53%. Orrstown Financial Services’s dividend payout ratio is 27.46%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ORRF. Vanguard Group Inc. increased its position in shares of Orrstown Financial Services by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 547,755 shares of the bank’s stock valued at $14,663,000 after purchasing an additional 5,332 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Orrstown Financial Services by 1.5% during the second quarter. Dimensional Fund Advisors LP now owns 499,814 shares of the bank’s stock valued at $13,674,000 after acquiring an additional 7,465 shares during the last quarter. Pacific Ridge Capital Partners LLC raised its stake in shares of Orrstown Financial Services by 3.9% during the first quarter. Pacific Ridge Capital Partners LLC now owns 228,449 shares of the bank’s stock worth $6,116,000 after acquiring an additional 8,564 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Orrstown Financial Services by 42.2% in the 2nd quarter. Renaissance Technologies LLC now owns 223,399 shares of the bank’s stock worth $6,112,000 after acquiring an additional 66,300 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of Orrstown Financial Services by 37.9% in the 2nd quarter. American Century Companies Inc. now owns 149,259 shares of the bank’s stock worth $4,084,000 after acquiring an additional 41,016 shares during the last quarter. 44.27% of the stock is owned by 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.