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

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

Orrstown Financial Services Trading Up 2.1 %

Shares of Orrstown Financial Services stock traded up $0.72 during trading hours on Thursday, hitting $34.47. The company’s stock had a trading volume of 70,376 shares, compared to its average volume of 71,131. The firm has a fifty day moving average of $27.15 and a 200-day moving average of $26.86. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market cap of $369.52 million, a price-to-earnings ratio of 10.07 and a beta of 0.91. Orrstown Financial Services has a twelve month low of $19.30 and a twelve month high of $34.73.

Orrstown Financial Services Increases Dividend

The firm also recently announced 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 is Thursday, August 8th. This represents a $0.92 dividend on an annualized basis and a yield of 2.67%. This is an increase from Orrstown Financial Services’s previous quarterly dividend of $0.20. Orrstown Financial Services’s payout ratio is currently 23.88%.

Analysts Set New Price Targets

Several equities research analysts recently commented on ORRF shares. Janney Montgomery Scott started coverage on Orrstown Financial Services in a report on Friday, June 28th. They issued a “buy” rating and a $32.00 price target for the company. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $32.00 target price on shares of Orrstown Financial Services in a research note on Tuesday, June 18th. Finally, Hovde Group boosted their price target on shares of Orrstown Financial Services from $33.00 to $37.00 and gave the company an “outperform” rating in a research report on Wednesday. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company 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.