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

Shares of Orrstown Financial Services, Inc. (NASDAQ:ORRF) saw unusually-strong trading volume on Wednesday . Approximately 98,717 shares traded hands during mid-day 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.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on ORRF shares. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $42.00 target price (down previously from $46.00) on shares of Orrstown Financial Services in a research note on Monday, February 3rd. Piper Sandler assumed coverage on shares of Orrstown Financial Services in a research note on Wednesday, January 8th. They set an “overweight” rating and a $43.00 target price for the company. Finally, Hovde Group cut shares of Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th.

Orrstown Financial Services Price Performance

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

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

Orrstown Financial Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 21st. Shareholders of record on Friday, February 14th will be paid a dividend of $0.26 per share. The ex-dividend date 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 annualized dividend and a yield of 3.11%. Orrstown Financial Services’s dividend payout ratio is currently 56.52%.

Institutional Trading of Orrstown Financial Services

Several large investors have recently added to or reduced their stakes in ORRF. PL Capital Advisors LLC raised its holdings in shares of Orrstown Financial Services by 3,561.0% during the fourth quarter. PL Capital Advisors LLC now owns 2,356,073 shares of the bank’s stock worth $86,256,000 after acquiring an additional 2,291,717 shares in the last quarter. Fourthstone LLC raised its position in Orrstown Financial Services by 223.8% in the 3rd quarter. Fourthstone LLC now owns 1,811,825 shares of the bank’s stock worth $65,153,000 after purchasing an additional 1,252,356 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in Orrstown Financial Services in the 3rd quarter worth approximately $8,734,000. Petiole USA ltd acquired a new position in shares of Orrstown Financial Services in the 3rd quarter valued at $6,543,000. Finally, Millennium Management LLC acquired a new position in Orrstown Financial Services in the 4th quarter worth $5,404,000. 44.27% of the stock is currently owned by institutional investors and hedge funds.

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.