Orrstown Financial Services (NASDAQ:ORRF) Hits New 1-Year High – Should You Buy?

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

Analysts Set New Price Targets

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

Orrstown Financial Services Trading Up 2.4%

The stock’s 50 day moving average is $37.70 and its 200-day moving average is $36.95. The company has a market cap of $821.88 million, a P/E ratio of 9.57 and a beta of 0.70. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.06.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings data on Wednesday, April 22nd. The bank reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.08. The business had revenue of $64.58 million during the quarter, compared to analyst estimates of $63.20 million. Orrstown Financial Services had a net margin of 23.58% and a return on equity of 14.75%. Research 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 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 dividend yield of 2.9%. Orrstown Financial Services’s dividend payout ratio (DPR) is 27.46%.

Hedge Funds Weigh In On Orrstown Financial Services

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. bought a new stake in shares of Orrstown Financial Services in the 1st quarter worth $10,743,000. Kennedy Capital Management LLC raised its stake in shares of Orrstown Financial Services by 569.5% in the third quarter. Kennedy Capital Management LLC now owns 280,723 shares of the bank’s stock worth $9,539,000 after purchasing an additional 238,790 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Orrstown Financial Services during the second quarter valued at $7,424,000. Millennium Management LLC lifted its holdings in shares of Orrstown Financial Services by 123.8% during the first quarter. Millennium Management LLC now owns 330,322 shares of the bank’s stock valued at $9,913,000 after purchasing an additional 182,709 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Orrstown Financial Services by 170.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 278,649 shares of the bank’s stock valued at $9,870,000 after buying an additional 175,682 shares during the last quarter. 44.27% of the stock is owned by institutional investors.

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.