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

Orrstown Financial Services, Inc. (NASDAQ:ORRF) traded up 6.4% during mid-day 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. 25,132 shares were traded during mid-day trading, a decline of 66% from the average session volume of 74,035 shares. The stock had previously closed at $36.40.

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

Orrstown Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 12th. Stockholders of record on Tuesday, November 5th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend is Tuesday, November 5th. Orrstown Financial Services’s dividend payout ratio (DPR) is presently 49.46%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ORRF. Janney Montgomery Scott began coverage on shares of Orrstown Financial Services in a research note on Friday, June 28th. They set a “buy” rating and a $32.00 target price for the company. Hovde Group boosted their target price on shares of Orrstown Financial Services from $37.00 to $42.00 and gave the company an “outperform” rating in a research note on Wednesday.

Institutional Trading of Orrstown Financial Services

A number of institutional investors have recently made changes to their positions in ORRF. EntryPoint Capital LLC bought a new stake in shares of Orrstown Financial Services in the 1st quarter worth approximately $31,000. CWM LLC raised its holdings in shares of Orrstown Financial Services by 227.9% in the 2nd quarter. CWM LLC now owns 1,692 shares of the bank’s stock worth $46,000 after purchasing an additional 1,176 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Orrstown Financial Services by 92.9% in the 1st quarter. BNP Paribas Financial Markets now owns 5,227 shares of the bank’s stock worth $140,000 after purchasing an additional 2,518 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Orrstown Financial Services in the 2nd quarter worth approximately $154,000. Finally, Fulton Bank N.A. bought a new stake in shares of Orrstown Financial Services in the 3rd quarter worth approximately $209,000. 44.27% of the stock is owned by institutional investors and hedge funds.

Orrstown Financial Services Price 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 business’s fifty day moving average is $35.46 and its 200 day moving average is $30.49. The firm has a market capitalization of $731.22 million, a P/E ratio of 20.30 and a beta of 0.90.

About Orrstown Financial Services

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.