Orrstown Financial Services (NASDAQ:ORRF) Sees Large Volume Increase – Here’s Why

Orrstown Financial Services, Inc. (NASDAQ:ORRF) shares saw unusually-high trading volume on Wednesday . Approximately 98,717 shares traded hands during trading, a decline of 17% from the previous session’s volume of 118,637 shares.The stock last traded at $33.52 and had previously closed at $33.40.

Analyst Upgrades and Downgrades

ORRF has been the topic of several analyst reports. Piper Sandler initiated coverage on shares of 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. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $42.00 target price (down from $46.00) on shares of Orrstown Financial Services in a research report on Monday, February 3rd. Finally, Hovde Group downgraded shares of Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th.

Orrstown Financial Services Stock Up 0.0 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market capitalization of $647.84 million, a PE ratio of 18.09 and a beta of 0.90. The company’s 50 day simple moving average is $35.99 and its 200-day simple moving average is $36.30.

Orrstown Financial Services (NASDAQ:ORRF) last announced its quarterly earnings results on Friday, January 31st. The bank reported $0.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.17). Orrstown Financial Services had a return on equity of 15.77% and a net margin of 7.70%. On average, analysts forecast that Orrstown Financial Services, Inc. will post 4.23 EPS for the current fiscal year.

Orrstown Financial Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 21st. Stockholders of record on Friday, February 14th will be paid a $0.26 dividend. 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.11%. Orrstown Financial Services’s payout ratio is currently 56.52%.

Institutional Trading of Orrstown Financial Services

Large investors have recently made changes to their positions in the stock. CWM LLC grew its position in Orrstown Financial Services by 31.0% during the third quarter. CWM LLC now owns 2,217 shares of the bank’s stock valued at $80,000 after buying an additional 525 shares during the period. Rodgers & Associates LTD bought a new position in Orrstown Financial Services during the third quarter valued at $479,000. Beese Fulmer Investment Management Inc. bought a new position in shares of Orrstown Financial Services in the third quarter worth about $242,000. Assenagon Asset Management S.A. lifted its stake in Orrstown Financial Services by 112.3% in the third quarter. Assenagon Asset Management S.A. now owns 40,403 shares of the bank’s stock worth $1,453,000 after acquiring an additional 21,373 shares during the period. Finally, Emerald Mutual Fund Advisers Trust purchased a new stake in Orrstown Financial Services in the third quarter worth about $2,592,000. 44.27% of the stock is currently owned by institutional investors.

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.