Orrstown Financial Services (NASDAQ:ORRF) Sets New 52-Week High – What’s Next?

Orrstown Financial Services Inc (NASDAQ:ORRF) hit a new 52-week high on Tuesday . The company traded as high as $42.42 and last traded at $41.18, with a volume of 11785 shares traded. The stock had previously closed at $40.83.

Analysts Set New Price Targets

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

Orrstown Financial Services Price Performance

The stock has a 50-day moving average price of $38.00 and a two-hundred day moving average price of $37.03. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.06. The stock has a market cap of $804.67 million, a price-to-earnings ratio of 9.37 and a beta of 0.70.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings results on Wednesday, April 22nd. The bank reported $1.12 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 analysts’ expectations of $63.20 million. As a group, equities research analysts forecast that Orrstown Financial Services Inc will post 4.3 EPS for the current year.

Orrstown Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 12th. Shareholders of record on Tuesday, May 5th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, May 5th. Orrstown Financial Services’s payout ratio is currently 27.46%.

Institutional Investors Weigh In On Orrstown Financial Services

Institutional investors and hedge funds have recently made changes to their positions in the stock. Assenagon Asset Management S.A. purchased a new position in Orrstown Financial Services in the 1st quarter worth $10,743,000. Kennedy Capital Management LLC grew its stake in Orrstown Financial Services by 569.5% during the 3rd quarter. Kennedy Capital Management LLC now owns 280,723 shares of the bank’s stock valued at $9,539,000 after purchasing an additional 238,790 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Orrstown Financial Services in the second quarter valued at about $7,424,000. Millennium Management LLC raised its stake in shares of Orrstown Financial Services by 123.8% in the first 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. Finally, Goldman Sachs Group Inc. raised its stake in shares of Orrstown Financial Services by 170.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 278,649 shares of the bank’s stock worth $9,870,000 after purchasing an additional 175,682 shares during the last quarter. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Orrstown Financial Services Company Profile

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.