Orrstown Financial Services, Inc. (NASDAQ:ORRF) Increases Dividend to $0.26 Per Share

Orrstown Financial Services, Inc. (NASDAQ:ORRF) declared a quarterly dividend on Friday, January 31st,RTT News reports. Investors of record on Friday, February 14th will be paid a dividend of 0.26 per share by the bank on Friday, February 21st. This represents a $1.04 annualized dividend and a dividend yield of 2.84%. This is an increase from Orrstown Financial Services’s previous quarterly dividend of $0.23.

Orrstown Financial Services has increased its dividend by an average of 5.1% annually over the last three years. Orrstown Financial Services has a dividend payout ratio of 20.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Orrstown Financial Services to earn $4.37 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 21.1%.

Orrstown Financial Services Trading Up 0.6 %

Shares of Orrstown Financial Services stock opened at $36.61 on Friday. Orrstown Financial Services has a 1-year low of $24.70 and a 1-year high of $41.99. The stock has a market cap of $709.87 million, a P/E ratio of 19.68 and a beta of 0.91. The stock’s 50 day simple moving average is $37.25 and its 200-day simple moving average is $36.13. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.88 and a quick ratio of 0.88.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ORRF. Piper Sandler started coverage on shares of Orrstown Financial Services in a research report on Wednesday, January 8th. They set an “overweight” rating and a $43.00 price target on the stock. Hovde Group downgraded shares of Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th.

About Orrstown Financial Services

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.