Orrstown Financial Services (NASDAQ:ORRF) Sets New 52-Week High – Time to Buy?

Shares of Orrstown Financial Services Inc (NASDAQ:ORRF) reached a new 52-week high during trading on Wednesday . The stock traded as high as $41.78 and last traded at $41.6130, with a volume of 16700 shares trading hands. The stock had previously closed at $40.83.

Analysts Set New Price Targets

Separately, DA Davidson initiated coverage on shares of Orrstown Financial Services in a report on Friday, May 15th. They set a “neutral” rating and a $41.00 target price for the company. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $41.67.

Orrstown Financial Services Stock Performance

The stock has a market capitalization of $802.70 million, a price-to-earnings ratio of 9.35 and a beta of 0.70. The firm has a fifty day moving average of $37.82 and a 200 day moving average of $36.99. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.87 and a quick ratio of 0.87.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings results on Wednesday, April 22nd. The bank reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.08. Orrstown Financial Services had a return on equity of 14.75% and a net margin of 23.58%.The company had revenue of $64.58 million during the quarter, compared to the consensus estimate of $63.20 million. On average, sell-side analysts anticipate that Orrstown Financial Services Inc will post 4.3 earnings per share for the current fiscal year.

Orrstown Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 12th. Stockholders of record on Tuesday, May 5th 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, May 5th. Orrstown Financial Services’s payout ratio is 27.46%.

Institutional Trading of Orrstown Financial Services

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ORRF. UBS Group AG boosted its stake in shares of Orrstown Financial Services by 99.3% during the 4th quarter. UBS Group AG now owns 102,329 shares of the bank’s stock worth $3,624,000 after acquiring an additional 50,979 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in shares of Orrstown Financial Services by 85.6% in the 4th quarter. Thrivent Financial for Lutherans now owns 52,945 shares of the bank’s stock valued at $1,875,000 after purchasing an additional 24,412 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Orrstown Financial Services in the 1st quarter worth about $10,743,000. AlphaQuest LLC grew its holdings in Orrstown Financial Services by 169.8% in the fourth quarter. AlphaQuest LLC now owns 43,992 shares of the bank’s stock valued at $1,558,000 after purchasing an additional 27,688 shares during the period. Finally, Aigen Investment Management LP purchased a new stake in shares of Orrstown Financial Services in the fourth quarter valued at approximately $802,000. Institutional investors and hedge funds own 44.27% of the company’s stock.

About Orrstown Financial Services

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.