Orrstown Financial Services (NASDAQ:ORRF) Shares Cross Above 200 Day Moving Average – Here’s Why

Orrstown Financial Services Inc (NASDAQ:ORRF)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $32.57 and traded as high as $34.27. Orrstown Financial Services shares last traded at $33.70, with a volume of 94,934 shares trading hands.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ORRF shares. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $42.00 price objective (up from $39.00) on shares of Orrstown Financial Services in a research report on Thursday, July 24th. Zacks Research cut shares of Orrstown Financial Services from a “strong-buy” rating to a “hold” rating in a report on Friday, October 3rd. Wall Street Zen downgraded shares of Orrstown Financial Services from a “buy” rating to a “hold” rating in a research report on Saturday, August 16th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Orrstown Financial Services in a report on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $39.25.

Orrstown Financial Services Stock Up 0.1%

The stock’s fifty day simple moving average is $34.15 and its 200-day simple moving average is $32.65. The stock has a market cap of $657.79 million, a P/E ratio of 8.93 and a beta of 0.87. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.87 and a current ratio of 0.87.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings results on Tuesday, November 8th. The bank reported $0.65 earnings per share for the quarter. The company had revenue of $28.27 million during the quarter. Orrstown Financial Services had a net margin of 20.48% and a return on equity of 14.66%. As a group, research analysts forecast that Orrstown Financial Services Inc will post 4.23 earnings per share for the current fiscal year.

Orrstown Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th will be issued a $0.27 dividend. The ex-dividend date of this dividend is Wednesday, November 5th. This represents a $1.08 annualized dividend and a yield of 3.2%. Orrstown Financial Services’s payout ratio is currently 28.57%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Nuveen LLC acquired a new position in Orrstown Financial Services during the first quarter valued at approximately $1,058,000. Invesco Ltd. boosted its holdings in shares of Orrstown Financial Services by 7.3% in the 1st quarter. Invesco Ltd. now owns 44,142 shares of the bank’s stock valued at $1,325,000 after purchasing an additional 2,987 shares in the last quarter. Cubist Systematic Strategies LLC increased its stake in shares of Orrstown Financial Services by 82.9% in the 1st quarter. Cubist Systematic Strategies LLC now owns 54,019 shares of the bank’s stock valued at $1,621,000 after purchasing an additional 24,478 shares during the last quarter. Trexquant Investment LP bought a new position in shares of Orrstown Financial Services in the 1st quarter valued at $243,000. Finally, Principal Financial Group Inc. raised its holdings in shares of Orrstown Financial Services by 3.2% during the 1st quarter. Principal Financial Group Inc. now owns 14,997 shares of the bank’s stock worth $450,000 after buying an additional 462 shares in the last quarter. Institutional investors own 44.27% of the company’s stock.

Orrstown Financial Services Company Profile

Orrstown Financial Services, Inc operates as the financial holding company for Orrstown Bank that provides commercial banking and financial advisory services to retail, commercial, non-profit, and government clients in the United States. It accepts various deposits, including checking, savings, time, demand, and money market deposits, as well as certificates of deposit.