Orrstown Financial Services (NASDAQ:ORRF) Reaches New 52-Week High – What’s Next?

Orrstown Financial Services Inc (NASDAQ:ORRF) shares reached a new 52-week high during trading on Thursday . The stock traded as high as $42.54 and last traded at $42.3460, with a volume of 73941 shares traded. The stock had previously closed at $40.97.

Analyst Ratings Changes

ORRF has been the subject of a number of research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Orrstown Financial Services in a research note on Tuesday, July 7th. DA Davidson initiated coverage on Orrstown Financial Services in a research note on Friday, May 15th. They set a “neutral” rating and a $41.00 target price on the stock. Finally, Raymond James Financial initiated coverage on Orrstown Financial Services in a report on Thursday, July 9th. They set a “market perform” rating for the company. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $41.67.

Orrstown Financial Services Stock Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market capitalization of $812.33 million, a PE ratio of 9.46 and a beta of 0.70. The firm’s 50 day moving average is $38.67 and its two-hundred day moving average is $37.29.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings data on Wednesday, April 22nd. The bank reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.08. The company had revenue of $64.58 million during the quarter, compared to the consensus estimate of $63.20 million. Orrstown Financial Services had a net margin of 23.58% and a return on equity of 14.75%. As a group, research analysts predict that Orrstown Financial Services Inc will post 4.29 earnings per share for the current year.

Orrstown Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 12th. Investors of record on Tuesday, May 5th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $1.20 annualized dividend and a yield of 2.9%. Orrstown Financial Services’s dividend payout ratio is 27.46%.

Hedge Funds Weigh In On Orrstown Financial Services

A number of large investors have recently bought and sold shares of ORRF. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Orrstown Financial Services by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,009 shares of the bank’s stock valued at $330,000 after buying an additional 490 shares during the period. Millennium Management LLC boosted its holdings in Orrstown Financial Services by 123.8% in the first quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock valued at $9,913,000 after acquiring an additional 182,709 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Orrstown Financial Services by 2.9% in the first quarter. Goldman Sachs Group Inc. now owns 85,047 shares of the bank’s stock valued at $2,552,000 after acquiring an additional 2,417 shares during the last quarter. Jane Street Group LLC purchased a new stake in Orrstown Financial Services during the first quarter valued at about $1,080,000. Finally, Creative Planning purchased a new stake in Orrstown Financial Services during the second quarter valued at about $365,000. 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 community banking organization headquartered in Shippensburg, Pennsylvania. The roots of Orrstown Bank date back to 1865, and the holding company structure was established to support its growth and diversification. As a regional financial institution, Orrstown Financial Services focuses on delivering personalized banking solutions to individuals, families and businesses across Central Pennsylvania.

The company’s core offerings include a full suite of deposit products such as checking and savings accounts, money market accounts and certificates of deposit.