Orrstown Financial Services (NASDAQ:ORRF) Sets New 52-Week High – Here’s Why

Orrstown Financial Services Inc (NASDAQ:ORRF)’s stock price reached a new 52-week high on Monday. The company traded as high as $45.41 and last traded at $45.1680, with a volume of 31,033 shares. The stock had previously closed at $43.92.

Analysts Set New Price Targets

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

Orrstown Financial Services Trading Up 3.1%

The firm has a market capitalization of $890.46 million, a PE ratio of 10.08 and a beta of 0.70. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.01. The company’s 50-day simple moving average is $42.12 and its 200 day simple moving average is $39.22.

Orrstown Financial Services (NASDAQ:ORRF) last issued its quarterly earnings data on Tuesday, October 20th. The bank reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.07. Orrstown Financial Services had a net margin of 24.23% and a return on equity of 14.41%. The firm had revenue of $66.70 million for the quarter, compared to the consensus estimate of $66.20 million. As a group, sell-side analysts expect that Orrstown Financial Services Inc will post 4.45 EPS for the current year.

Orrstown Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Tuesday, November 3rd will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, November 3rd. Orrstown Financial Services’s payout ratio is currently 26.73%.

Institutional Trading of Orrstown Financial Services

Several hedge funds and other institutional investors have recently made changes to their positions in ORRF. Nisa Investment Advisors LLC boosted its position in shares of Orrstown Financial Services by 186.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 3,938 shares of the bank’s stock worth $160,000 after purchasing an additional 2,561 shares in the last quarter. Arizona State Retirement System acquired a new position in Orrstown Financial Services during the 2nd quarter valued at about $210,000. Royal Bank of Canada raised its stake in Orrstown Financial Services by 33.2% in the first quarter. Royal Bank of Canada now owns 6,612 shares of the bank’s stock valued at $239,000 after buying an additional 1,649 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in Orrstown Financial Services in the second quarter valued at about $276,000. Finally, Focus Partners Advisor Solutions LLC purchased a new stake in Orrstown Financial Services in the second quarter valued at about $284,000. Hedge funds and other institutional investors own 44.27% of the company’s stock.

Orrstown Financial Services Company Profile

Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank, a full-service community banking institution headquartered in Shippensburg, Pennsylvania. Founded in 1919, the company serves individuals, families, businesses and organizations through a network of banking offices in Pennsylvania and Maryland.

Orrstown Bank offers a range of personal and business banking products, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial real estate loans and business financing.