Orrstown Financial Services (NASDAQ:ORRF) Share Price Breaks Above 200-Day Moving Average – Time to Sell?

Orrstown Financial Services Inc (NASDAQ:ORRF)’s stock price crossed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $39.65 and traded as high as $41.75. Orrstown Financial Services shares last traded at $41.33, with a volume of 61,206 shares changing hands.

Analyst Ratings Changes

A number of equities analysts recently issued reports on ORRF shares. Hovde Group upped their price target on shares of Orrstown Financial Services from $42.00 to $46.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. DA Davidson restated a “neutral” rating and set a $41.00 price objective on shares of Orrstown Financial Services in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods lifted their target price on shares of Orrstown Financial Services from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Thursday, July 23rd. Raymond James Financial assumed coverage on shares of Orrstown Financial Services in a research note on Thursday, July 9th. They issued a “market perform” rating on the stock. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Orrstown Financial Services in a research report on Friday, October 2nd. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $44.33.

Orrstown Financial Services Price Performance

The firm has a fifty day moving average of $42.21 and a 200 day moving average of $39.70. The company has a market capitalization of $813.94 million, a P/E ratio of 9.30 and a beta of 0.69. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.01.

Orrstown Financial Services (NASDAQ:ORRF) last issued its earnings results on Wednesday, July 22nd. The bank reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.06. The business had revenue of $62.67 million during 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%. On average, equities research analysts anticipate that Orrstown Financial Services Inc will post 4.41 EPS for the current year.

Orrstown Financial Services Dividend Announcement

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On Orrstown Financial Services

A number of hedge funds have recently added to or reduced their stakes in ORRF. BlackRock Inc. purchased a new position in shares of Orrstown Financial Services in the 2nd quarter worth $68,607,000. Dimensional Fund Advisors LP lifted its holdings in Orrstown Financial Services by 8.3% in the first quarter. Dimensional Fund Advisors LP now owns 900,674 shares of the bank’s stock valued at $32,496,000 after acquiring an additional 68,935 shares during the period. Assenagon Asset Management S.A. bought a new position in Orrstown Financial Services in the first quarter valued at about $10,743,000. The Manufacturers Life Insurance Company purchased a new position in Orrstown Financial Services in the second quarter worth about $9,286,000. Finally, Man Group plc purchased a new position in Orrstown Financial Services in the second quarter worth about $5,962,000. 44.27% of the stock is currently owned by hedge funds and other institutional investors.

Orrstown Financial Services Company Profile

Orrstown Financial Services, Inc 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, and institutions.

Orrstown Bank offers deposit accounts, consumer and commercial lending, mortgage banking, cash-management and treasury services, online and mobile banking, and wealth-management services. Its lending activities include residential mortgages, home-equity loans, consumer loans, commercial real estate financing, and loans to small and middle-market businesses.

Orrstown Financial Services traces its history to the founding of Orrstown Bank in 1919.