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

Orrstown Financial Services, Inc. (NASDAQ:ORRF - Get Free Report) declared a quarterly dividend on Tuesday, October 22nd, Zacks reports. Stockholders of record on Tuesday, November 5th will be given a dividend of 0.23 per share by the bank on Tuesday, November 12th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date is Tuesday, November 5th.

Orrstown Financial Services has raised its dividend by an average of 5.6% per year over the last three years. Orrstown Financial Services has a dividend payout ratio of 22.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Orrstown Financial Services to earn $4.10 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 22.4%.

Orrstown Financial Services Stock Up 0.5 %

Shares of NASDAQ ORRF traded up $0.19 during trading on Thursday, reaching $37.75. 196,803 shares of the stock were exchanged, compared to its average volume of 75,730. The business's 50-day moving average price is $35.36 and its 200 day moving average price is $30.43. Orrstown Financial Services has a twelve month low of $20.25 and a twelve month high of $38.81. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $404.72 million, a price-to-earnings ratio of 11.21 and a beta of 0.90.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.92 by $0.19. The business had revenue of $95.37 million during the quarter, compared to analyst estimates of $60.90 million. Orrstown Financial Services had a net margin of 17.26% and a return on equity of 13.45%. As a group, equities analysts forecast that Orrstown Financial Services will post 3.61 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ORRF has been the subject of several recent research reports. Hovde Group boosted their target price on shares of Orrstown Financial Services from $37.00 to $42.00 and gave the company an "outperform" rating in a research note on Wednesday. Janney Montgomery Scott initiated coverage on shares of Orrstown Financial Services in a research note on Friday, June 28th. They set a "buy" rating and a $32.00 target price for the company.

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.