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

Orrstown Financial Services, Inc. (NASDAQ:ORRF) 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 2.45%. The ex-dividend date of this dividend is Tuesday, November 5th.

Orrstown Financial Services has raised its dividend by an average of 5.6% per year 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 Trading Up 3.2 %

Orrstown Financial Services stock opened at $37.56 on Thursday. Orrstown Financial Services has a one year low of $20.00 and a one year high of $38.81. The company has a market cap of $402.68 million, a price-to-earnings ratio of 11.21 and a beta of 0.90. The firm has a 50-day moving average of $35.36 and a 200-day moving average of $30.43. 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 (NASDAQ:ORRF) last issued its earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.19. Orrstown Financial Services had a net margin of 17.26% and a return on equity of 13.45%. The business had revenue of $95.37 million during the quarter, compared to the consensus estimate of $60.90 million. On average, equities analysts expect that Orrstown Financial Services will post 3.61 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ORRF has been the subject of several recent analyst reports. Hovde Group raised 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 issued 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.