Orrstown Financial Services (NASDAQ:ORRF) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Orrstown Financial Services Inc (NASDAQ:ORRF) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $36.49 and traded as high as $37.54. Orrstown Financial Services shares last traded at $37.47, with a volume of 104,716 shares trading hands.

Wall Street Analysts Forecast Growth

ORRF has been the subject of several analyst reports. DA Davidson assumed coverage on Orrstown Financial Services in a research note on Friday, May 15th. They issued a “neutral” rating and a $41.00 price objective for the company. Weiss Ratings upgraded Orrstown Financial Services from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.67.

Orrstown Financial Services Stock Performance

The company’s 50 day simple moving average is $36.86 and its 200 day simple moving average is $36.49. 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 cap of $736.29 million, a PE ratio of 8.57 and a beta of 0.70.

Orrstown Financial Services (NASDAQ:ORRF) last announced its earnings results on Wednesday, April 22nd. The bank reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.08. The firm had revenue of $64.58 million for the quarter, compared to the consensus estimate of $63.20 million. Orrstown Financial Services had a return on equity of 14.75% and a net margin of 23.58%. Analysts expect that Orrstown Financial Services Inc will post 4.3 earnings per share for the current year.

Orrstown Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 12th. Shareholders of record on Tuesday, May 5th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Tuesday, May 5th. Orrstown Financial Services’s dividend payout ratio is 27.46%.

Insider Activity

In other Orrstown Financial Services news, Director Brian D. Brunner bought 1,000 shares of the stock in a transaction dated Wednesday, March 18th. The shares were bought at an average cost of $34.02 per share, for a total transaction of $34,020.00. Following the purchase, the director directly owned 50,529 shares of the company’s stock, valued at approximately $1,718,996.58. This trade represents a 2.02% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Orrstown Financial Services

Large investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Orrstown Financial Services by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,009 shares of the bank’s stock valued at $330,000 after acquiring an additional 490 shares during the last quarter. Millennium Management LLC increased its stake in shares of Orrstown Financial Services by 123.8% during the 1st quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock worth $9,913,000 after purchasing an additional 182,709 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Orrstown Financial Services by 2.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 85,047 shares of the bank’s stock worth $2,552,000 after purchasing an additional 2,417 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Orrstown Financial Services in the 1st quarter worth approximately $1,080,000. Finally, Creative Planning purchased a new position in Orrstown Financial Services in the second quarter valued at approximately $365,000. Hedge funds and other institutional investors 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.