Orrstown Financial Services (NASDAQ:ORRF) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) announced its quarterly earnings data on Tuesday. The bank reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.05, Zacks reports. The company had revenue of $60.39 million during the quarter, compared to analysts' expectations of $51.83 million. Orrstown Financial Services had a net margin of 7.70% and a return on equity of 15.77%. During the same period in the previous year, the company earned $0.88 EPS.

Orrstown Financial Services Stock Down 0.1 %

Shares of ORRF traded down $0.04 during mid-day trading on Friday, reaching $28.75. 145,177 shares of the stock traded hands, compared to its average volume of 115,890. The stock has a fifty day simple moving average of $29.84 and a 200 day simple moving average of $34.65. Orrstown Financial Services has a 12-month low of $24.91 and a 12-month high of $41.99. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.13. The firm has a market cap of $560.77 million, a price-to-earnings ratio of 15.63 and a beta of 0.78.

Orrstown Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 13th. Shareholders of record on Tuesday, May 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 3.62%. The ex-dividend date is Tuesday, May 6th. Orrstown Financial Services's dividend payout ratio (DPR) is 56.52%.

Insider Activity

In other news, Director John W. Giambalvo acquired 1,000 shares of the firm's stock in a transaction on Monday, March 10th. The stock was bought at an average cost of $30.80 per share, with a total value of $30,800.00. Following the transaction, the director now directly owns 40,562 shares in the company, valued at approximately $1,249,309.60. This represents a 2.53 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Brian D. Brunner bought 2,500 shares of the stock in a transaction dated Wednesday, March 19th. The shares were acquired at an average price of $30.87 per share, with a total value of $77,175.00. Following the completion of the purchase, the director now directly owns 49,330 shares of the company's stock, valued at approximately $1,522,817.10. This represents a 5.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders bought 6,800 shares of company stock worth $211,892. 4.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

ORRF has been the subject of a number of research reports. 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 for the company. Keefe, Bruyette & Woods dropped their target price on shares of Orrstown Financial Services from $40.00 to $37.00 and set an "outperform" rating for the company in a research report on Thursday. Finally, Raymond James began coverage on shares of Orrstown Financial Services in a report on Thursday, April 10th. They issued an "outperform" rating and a $35.00 price target on the stock. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Orrstown Financial Services presently has an average rating of "Moderate Buy" and a consensus price target of $37.80.

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.