Orrstown Financial Services (NASDAQ:ORRF) Issues Quarterly Earnings Results

Orrstown Financial Services (NASDAQ:ORRF) posted its quarterly earnings data on Tuesday. The bank reported $1.17 EPS for the quarter, beating the consensus estimate of $1.10 by $0.07, Zacks reports. Orrstown Financial Services had a net margin of 24.00% and a return on equity of 14.46%. The firm had revenue of $66.70 million during the quarter, compared to analyst estimates of $66.20 million.

Orrstown Financial Services Stock Performance

Shares of ORRF stock opened at $42.10 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market cap of $828.11 million, a price-to-earnings ratio of 9.28 and a beta of 0.69. Orrstown Financial Services has a 52 week low of $32.50 and a 52 week high of $43.81. The firm’s 50-day simple moving average is $41.92 and its two-hundred day simple moving average is $40.07.

Orrstown Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Tuesday, November 3rd will be given a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, November 3rd. This represents a $1.20 annualized dividend and a yield of 2.9%. Orrstown Financial Services’s payout ratio is currently 26.97%.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, EVP Amy Doll sold 3,002 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $41.61, for a total transaction of $124,913.22. Following the completion of the transaction, the executive vice president directly owned 25,669 shares of the company’s stock, valued at $1,068,087.09. This represents a 10.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.30% of the stock is currently owned by insiders.

About Orrstown Financial Services

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.