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

Orrstown Financial Services, Inc. (NASDAQ:ORRF) announced a quarterly dividend on Tuesday, October 22nd, Zacks reports. Shareholders of record on Tuesday, November 5th will be paid a dividend of 0.23 per share by the bank on Tuesday, November 12th. This represents a $0.92 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend is Tuesday, November 5th.

Orrstown Financial Services has raised its dividend by an average of 5.6% annually over the last three years. Orrstown Financial Services has a payout ratio of 22.9% meaning 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 Performance

ORRF stock opened at $37.56 on Thursday. The company has a market cap of $402.68 million, a P/E ratio of 11.21 and a beta of 0.90. Orrstown Financial Services has a 1 year low of $20.00 and a 1 year high of $38.81. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The stock’s fifty day moving average price is $35.36 and its 200-day moving average price is $30.43.

Orrstown Financial Services (NASDAQ:ORRF) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.19. The business had revenue of $95.37 million for the quarter, compared to analysts’ expectations of $60.90 million. Orrstown Financial Services had a return on equity of 13.45% and a net margin of 17.26%. On average, equities analysts forecast that Orrstown Financial Services will post 3.61 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Hovde Group boosted their target price on Orrstown Financial Services from $37.00 to $42.00 and gave the company an “outperform” rating in a research report on Wednesday. Janney Montgomery Scott started coverage on shares of Orrstown Financial Services in a research note on Friday, June 28th. They issued a “buy” rating and a $32.00 price objective 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.