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

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

Analyst Upgrades and Downgrades

ORRF has been the subject of a number of recent analyst reports. DA Davidson reiterated a “neutral” rating and issued a $41.00 target price on shares of Orrstown Financial Services in a research note on Wednesday, July 22nd. Raymond James Financial began coverage on shares of Orrstown Financial Services in a research note on Thursday, July 9th. They set a “market perform” rating on the stock. Hovde Group raised their price target on shares of 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 raised their price target 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. Finally, Weiss Ratings upgraded shares of Orrstown Financial Services from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, October 22nd. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Orrstown Financial Services has a consensus rating of “Moderate Buy” and a consensus price target of $44.33.

Orrstown Financial Services Stock Performance

The stock 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 firm has a 50 day moving average price of $42.12 and a 200-day moving average price of $39.22.

Orrstown Financial Services (NASDAQ:ORRF) last issued its earnings results on Tuesday, October 20th. The bank reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.07. The firm had revenue of $66.70 million for the quarter, compared to analyst estimates of $66.20 million. Orrstown Financial Services had a return on equity of 14.41% and a net margin of 24.23%. Research analysts expect that Orrstown Financial Services Inc will post 4.45 EPS for the current fiscal year.

Orrstown Financial Services Dividend Announcement

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

Institutional Trading of Orrstown Financial Services

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

About Orrstown Financial Services

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.