Orrstown Financial Services, Inc. (NASDAQ:ORRF) Plans Dividend Increase - $0.26 Per Share

Orrstown Financial Services, Inc. (NASDAQ:ORRF - Get Free Report) announced a quarterly dividend on Thursday, January 30th,RTT News reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date of this dividend is Friday, February 14th. This is a positive change from Orrstown Financial Services's previous quarterly dividend of $0.23.

Orrstown Financial Services has raised its dividend by an average of 5.1% per year over the last three years. Orrstown Financial Services has a payout ratio of 23.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Orrstown Financial Services to earn $4.61 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 22.6%.

Orrstown Financial Services Stock Down 0.8 %

Orrstown Financial Services stock traded down $0.27 during midday trading on Tuesday, hitting $34.37. The stock had a trading volume of 100,268 shares, compared to its average volume of 114,002. The business has a fifty day moving average price of $37.06 and a 200 day moving average price of $36.27. Orrstown Financial Services has a 12 month low of $24.70 and a 12 month high of $41.99. The stock has a market cap of $666.41 million, a P/E ratio of 18.68 and a beta of 0.90. 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 - Get Free Report) last issued its quarterly earnings results on Friday, January 31st. The bank reported $0.87 earnings per share for the quarter, missing analysts' consensus estimates of $1.04 by ($0.17). Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. Research analysts predict that Orrstown Financial Services will post 4.37 EPS for the current year.

Analyst Ratings Changes

ORRF has been the subject of several research reports. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $42.00 price target (down from $46.00) on shares of Orrstown Financial Services in a report on Monday. Hovde Group downgraded Orrstown Financial Services from an "outperform" rating to a "market perform" rating in a research note on Wednesday, November 13th. Finally, Piper Sandler assumed coverage on 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.

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.