Orrstown Financial Services (NASDAQ:ORRF) Shares Up 4.9% on Better-Than-Expected Earnings

Orrstown Financial Services Inc (NASDAQ:ORRF) shares shot up 4.9% during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $35.26 and last traded at $35.03. 42,838 shares were traded during trading, a decline of 70% from the average session volume of 141,368 shares. The stock had previously closed at $33.38.

The bank reported $0.65 earnings per share (EPS) for the quarter. The business had revenue of $28.27 million during the quarter. Orrstown Financial Services had a return on equity of 14.66% and a net margin of 20.48%.

Orrstown Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 12th. Stockholders of record on Wednesday, November 5th will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Wednesday, November 5th. Orrstown Financial Services’s payout ratio is currently 48.21%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ORRF. Wall Street Zen lowered Orrstown Financial Services from a “buy” rating to a “hold” rating in a report on Saturday, August 16th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $42.00 price target (up from $39.00) on shares of Orrstown Financial Services in a report on Thursday, July 24th. Zacks Research lowered Orrstown Financial Services from a “strong-buy” rating to a “hold” rating in a report on Friday, October 3rd. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Orrstown Financial Services in a report on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $39.25.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Orrstown Financial Services by 0.6% in the first quarter. Vanguard Group Inc. now owns 1,049,610 shares of the bank’s stock valued at $31,499,000 after purchasing an additional 6,744 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Orrstown Financial Services by 5.0% in the second quarter. Geode Capital Management LLC now owns 466,343 shares of the bank’s stock valued at $14,846,000 after purchasing an additional 22,191 shares in the last quarter. 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 valued at $9,913,000 after purchasing an additional 182,709 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Orrstown Financial Services by 13.1% in the second quarter. American Century Companies Inc. now owns 255,717 shares of the bank’s stock valued at $8,139,000 after purchasing an additional 29,714 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Orrstown Financial Services in the second quarter valued at $7,424,000. 44.27% of the stock is currently owned by institutional investors and hedge funds.

Orrstown Financial Services Stock Up 4.4%

The business has a 50 day moving average of $34.21 and a 200 day moving average of $32.00. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $679.03 million, a price-to-earnings ratio of 9.22 and a beta of 0.83.

About Orrstown Financial Services

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.