Orrstown Financial Services (NASDAQ:ORRF) Share Price Crosses Above 200 Day Moving Average – What’s Next?

Orrstown Financial Services, Inc. (NASDAQ:ORRF)’s stock price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $36.13 and traded as high as $36.91. Orrstown Financial Services shares last traded at $36.61, with a volume of 86,434 shares traded.

Analysts Set New Price Targets

Several research analysts have commented on the company. Hovde Group downgraded Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Piper Sandler began coverage on Orrstown Financial Services in a report on Wednesday, January 8th. They issued an “overweight” rating and a $43.00 price objective for the company.

Orrstown Financial Services Price Performance

The firm has a 50-day simple moving average of $37.17 and a 200-day simple moving average of $36.18. The firm has a market cap of $704.49 million, a P/E ratio of 19.54 and a beta of 0.91. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13.

Orrstown Financial Services (NASDAQ:ORRF) last posted its earnings results on Friday, January 31st. The bank reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.17). Orrstown Financial Services had a net margin of 6.63% and a return on equity of 14.41%. As a group, analysts forecast that Orrstown Financial Services, Inc. will post 4 EPS for the current year.

Orrstown Financial Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 21st. Shareholders of record on Friday, February 14th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.86%. This is an increase from Orrstown Financial Services’s previous quarterly dividend of $0.23. Orrstown Financial Services’s dividend payout ratio (DPR) is 56.52%.

Hedge Funds Weigh In On Orrstown Financial Services

A number of large investors have recently made changes to their positions in ORRF. Fourthstone LLC grew its stake in Orrstown Financial Services by 223.8% during the 3rd quarter. Fourthstone LLC now owns 1,811,825 shares of the bank’s stock worth $65,153,000 after buying an additional 1,252,356 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Orrstown Financial Services by 1.5% during the second quarter. Dimensional Fund Advisors LP now owns 499,814 shares of the bank’s stock valued at $13,674,000 after acquiring an additional 7,465 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Orrstown Financial Services by 32.2% in the 3rd quarter. Geode Capital Management LLC now owns 434,228 shares of the bank’s stock valued at $15,617,000 after purchasing an additional 105,735 shares during the last quarter. State Street Corp boosted its stake in Orrstown Financial Services by 12.8% in the 3rd quarter. State Street Corp now owns 342,119 shares of the bank’s stock worth $12,303,000 after purchasing an additional 38,886 shares in the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new stake in Orrstown Financial Services during the 3rd quarter worth approximately $8,734,000. 44.27% of the stock is owned by institutional investors and hedge funds.

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.