Orrstown Financial Services, Inc. (NASDAQ:ORRF) Declares $0.23 Quarterly Dividend

Orrstown Financial Services, Inc. (NASDAQ:ORRF) declared a quarterly dividend on Tuesday, October 22nd, Zacks reports. Stockholders of record on Tuesday, November 5th will be paid a dividend of 0.23 per share by the bank on Tuesday, November 12th. This represents a $0.92 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Tuesday, November 5th.

Orrstown Financial Services has increased its dividend by an average of 5.6% annually over the last three years. Orrstown Financial Services has a dividend payout ratio of 21.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Orrstown Financial Services to earn $4.45 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 20.7%.

Orrstown Financial Services Stock Performance

Shares of Orrstown Financial Services stock opened at $37.38 on Monday. The business has a 50-day simple moving average of $35.86 and a 200 day simple moving average of $31.08. Orrstown Financial Services has a one year low of $21.13 and a one year high of $38.81. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $724.05 million, a price-to-earnings ratio of 20.10 and a beta of 0.89.

Orrstown Financial Services (NASDAQ:ORRF) last issued its earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.19. Orrstown Financial Services had a return on equity of 17.66% and a net margin of 6.63%. The company had revenue of $95.37 million for the quarter, compared to analyst estimates of $60.90 million. On average, research analysts anticipate that Orrstown Financial Services will post 4 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Hovde Group lifted their price objective on shares of Orrstown Financial Services from $37.00 to $42.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd.

Insider Activity at Orrstown Financial Services

In related news, EVP David Todd Hornberger sold 4,000 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $37.82, for a total value of $151,280.00. Following the completion of the sale, the executive vice president now directly owns 20,877 shares of the company’s stock, valued at approximately $789,568.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.30% of the stock is owned by insiders.

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.