Orrstown Financial Services (NASDAQ:ORRF) Announces Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Orrstown Financial Services (NASDAQ:ORRF) announced its quarterly earnings data on Tuesday. The bank reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.10, Zacks reports. The firm had revenue of $50.45 million during the quarter, compared to analysts’ expectations of $31.60 million. Orrstown Financial Services had a net margin of 17.26% and a return on equity of 13.69%.

Orrstown Financial Services Stock Up 3.1 %

Shares of NASDAQ:ORRF traded up $1.03 during mid-day trading on Thursday, hitting $34.78. 161,567 shares of the company traded hands, compared to its average volume of 71,773. The firm’s 50 day simple moving average is $27.15 and its 200 day simple moving average is $26.86. The firm has a market cap of $372.84 million, a P/E ratio of 10.37 and a beta of 0.91. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.88 and a current ratio of 0.88. Orrstown Financial Services has a 52-week low of $19.30 and a 52-week high of $35.23.

Orrstown Financial Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Thursday, August 8th will be given a $0.23 dividend. The ex-dividend date of this dividend is Thursday, August 8th. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.20. This represents a $0.92 annualized dividend and a yield of 2.65%. Orrstown Financial Services’s dividend payout ratio (DPR) is 23.88%.

Analyst Upgrades and Downgrades

ORRF has been the subject of a number of research reports. Janney Montgomery Scott initiated coverage on shares of Orrstown Financial Services in a research report on Friday, June 28th. They issued a “buy” rating and a $32.00 price target for the company. Hovde Group lifted their price target on shares of Orrstown Financial Services from $33.00 to $37.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $32.00 target price on shares of Orrstown Financial Services in a report on Tuesday, June 18th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $31.50.

Orrstown Financial Services Company Profile

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.