Orrstown Financial Services, Inc. (NASDAQ:ORRF) Raises Dividend to $0.23 Per Share

Orrstown Financial Services, Inc. (NASDAQ:ORRF) declared a quarterly dividend on Tuesday, July 23rd, Zacks reports. Investors of record on Thursday, August 8th will be paid a dividend of 0.23 per share by the bank on Thursday, August 15th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend is Thursday, August 8th. This is a boost from Orrstown Financial Services’s previous quarterly dividend of $0.20.

Orrstown Financial Services has increased its dividend payment by an average of 5.6% per year over the last three years. Orrstown Financial Services has a payout ratio of 19.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Orrstown Financial Services to earn $4.05 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 19.8%.

Orrstown Financial Services Stock Performance

Orrstown Financial Services stock opened at $33.75 on Thursday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a fifty day moving average price of $27.15 and a two-hundred day moving average price of $26.86. Orrstown Financial Services has a 52-week low of $19.30 and a 52-week high of $34.73. The firm has a market capitalization of $361.80 million, a P/E ratio of 10.07 and a beta of 0.91.

Orrstown Financial Services (NASDAQ:ORRF) last released its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.10. Orrstown Financial Services had a return on equity of 13.69% and a net margin of 17.26%. The firm had revenue of $50.45 million during the quarter, compared to analyst estimates of $31.60 million. As a group, analysts anticipate that Orrstown Financial Services will post 3.55 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have issued reports on ORRF. Hovde Group increased their price objective on Orrstown Financial Services from $33.00 to $37.00 and gave the stock an “outperform” rating in a research note on Wednesday. Janney Montgomery Scott began coverage on Orrstown Financial Services in a report on Friday, June 28th. They set a “buy” rating and a $32.00 target price on the stock. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $32.00 target price on shares of Orrstown Financial Services in a report on Tuesday, June 18th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.