Key Points
- Director Brian Brunner bought 1,000 shares on March 18 at $34.02 each, increasing his stake to 50,529 shares (a 2.02% ownership rise) in a transaction disclosed to the SEC.
- Orrstown beat Q results with $1.12 EPS vs. $1.08 expected and $73.89M revenue, reports a net margin of 22.71% and ROE of 14.77%, with a PE of 8.32 and analysts projecting ~4.23 EPS for the year.
- The bank raised its quarterly dividend to $0.30 (annualized $1.20, yield ~3.5%, payout ratio 28.7%), and analyst sentiment is generally positive with a consensus “Moderate Buy” and an average target of about $39.67.
Orrstown Financial Services Inc (NASDAQ:ORRF - Get Free Report) Director Brian Brunner acquired 1,000 shares of the stock in a transaction that occurred on Wednesday, March 18th. The stock was acquired at an average cost of $34.02 per share, with a total value of $34,020.00. Following the completion of the purchase, the director owned 50,529 shares of the company's stock, valued at $1,718,996.58. This trade represents a 2.02% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Orrstown Financial Services Stock Performance
Shares of NASDAQ:ORRF traded down $0.05 during midday trading on Friday, reaching $34.70. The company's stock had a trading volume of 37,083 shares, compared to its average volume of 228,831. The stock has a fifty day moving average of $36.48 and a 200 day moving average of $35.49. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $680.87 million, a PE ratio of 8.32 and a beta of 0.82. Orrstown Financial Services Inc has a twelve month low of $25.57 and a twelve month high of $40.72.
Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last issued its earnings results on Wednesday, January 28th. The bank reported $1.12 EPS for the quarter, topping analysts' consensus estimates of $1.08 by $0.04. The company had revenue of $73.89 million for the quarter, compared to the consensus estimate of $51.54 million. Orrstown Financial Services had a net margin of 22.71% and a return on equity of 14.77%. On average, equities analysts expect that Orrstown Financial Services Inc will post 4.23 EPS for the current fiscal year.
Orrstown Financial Services Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 17th. Investors of record on Tuesday, February 10th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Tuesday, February 10th. This is a positive change from Orrstown Financial Services's previous quarterly dividend of $0.27. Orrstown Financial Services's dividend payout ratio is 28.71%.
Analysts Set New Price Targets
ORRF has been the subject of several research analyst reports. Hovde Group increased their target price on shares of Orrstown Financial Services from $40.00 to $42.00 and gave the stock an "outperform" rating in a research note on Monday, February 2nd. Weiss Ratings raised shares of Orrstown Financial Services from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, February 23rd. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Orrstown Financial Services currently has a consensus rating of "Moderate Buy" and an average target price of $39.67.
Get Our Latest Research Report on ORRF
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in ORRF. Assenagon Asset Management S.A. purchased a new stake in Orrstown Financial Services during the 3rd quarter worth approximately $6,628,000. American Century Companies Inc. raised its stake in shares of Orrstown Financial Services by 13.1% in the second quarter. American Century Companies Inc. now owns 255,717 shares of the bank's stock valued at $8,139,000 after acquiring an additional 29,714 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Orrstown Financial Services by 5.0% in the second quarter. Geode Capital Management LLC now owns 466,343 shares of the bank's stock valued at $14,846,000 after purchasing an additional 22,191 shares during the period. Rosenthal Henry Capital Advisors Inc. acquired a new position in Orrstown Financial Services during the 3rd quarter worth $1,668,000. Finally, Kennedy Capital Management LLC purchased a new stake in Orrstown Financial Services during the 2nd quarter worth about $1,335,000. Institutional investors and hedge funds own 44.27% of the company's stock.
Orrstown Financial Services Company Profile
(
Get Free Report)
Orrstown Financial Services, Inc is the bank holding company for Orrstown Bank, a community banking organization headquartered in Shippensburg, Pennsylvania. The roots of Orrstown Bank date back to 1865, and the holding company structure was established to support its growth and diversification. As a regional financial institution, Orrstown Financial Services focuses on delivering personalized banking solutions to individuals, families and businesses across Central Pennsylvania.
The company's core offerings include a full suite of deposit products such as checking and savings accounts, money market accounts and certificates of deposit.
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