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

Orrstown Financial Services, Inc. (NASDAQ:ORRF) declared a quarterly dividend on Tuesday, October 22nd, Zacks reports. Investors 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 2.45%. The ex-dividend date of this dividend is Tuesday, November 5th.

Orrstown Financial Services has increased its dividend by an average of 5.6% annually over the last three years. Orrstown Financial Services has a dividend 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 Price Performance

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

Orrstown Financial Services (NASDAQ:ORRF) last posted its earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.19. The business had revenue of $95.37 million during the quarter, compared to the consensus estimate of $60.90 million. Orrstown Financial Services had a return on equity of 13.45% and a net margin of 17.26%. As a group, sell-side analysts anticipate that Orrstown Financial Services will post 3.61 EPS for the current year.

Analyst Upgrades and Downgrades

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

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.