Orrstown Financial Services (NASDAQ:ORRF) Share Price Crosses Above 200-Day Moving Average – Here’s What Happened

Orrstown Financial Services Inc (NASDAQ:ORRF)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $34.38 and traded as high as $35.54. Orrstown Financial Services shares last traded at $35.36, with a volume of 242,890 shares changing hands.

Analyst Upgrades and Downgrades

ORRF has been the subject of a number of recent research reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Orrstown Financial Services in a research report on Wednesday, October 8th. Zacks Research cut Orrstown Financial Services from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 3rd. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.00.

Orrstown Financial Services Trading Down 0.4%

The stock has a market cap of $689.48 million, a PE ratio of 9.35 and a beta of 0.82. The business’s fifty day moving average is $35.57 and its 200 day moving average is $34.38. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.06.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings results on Tuesday, November 8th. The bank reported $0.65 earnings per share (EPS) 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 14.39%. As a group, analysts predict that Orrstown Financial Services Inc will post 4.23 earnings per share for the current year.

Orrstown Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Wednesday, November 5th. Orrstown Financial Services’s payout ratio is presently 28.57%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ORRF. Kennedy Capital Management LLC boosted its position in shares of Orrstown Financial Services by 569.5% in the 3rd quarter. Kennedy Capital Management LLC now owns 280,723 shares of the bank’s stock worth $9,539,000 after buying an additional 238,790 shares in the last quarter. Marshall Wace LLP acquired a new position in Orrstown Financial Services during the second quarter worth about $7,424,000. Assenagon Asset Management S.A. purchased a new stake in shares of Orrstown Financial Services in the third quarter valued at about $6,628,000. Millennium Management LLC lifted its holdings 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. Finally, Dimensional Fund Advisors LP grew its position in shares of Orrstown Financial Services by 10.4% in the third quarter. Dimensional Fund Advisors LP now owns 765,332 shares of the bank’s stock valued at $26,006,000 after purchasing an additional 72,373 shares during the last quarter. 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.