Orrstown Financial Services, Inc. (ORRF) to Issue Quarterly Dividend of $0.23 on November 12th

Orrstown Financial Services, Inc. (NASDAQ:ORRF) announced 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 is Tuesday, November 5th.

Orrstown Financial Services has increased its dividend payment by an average of 5.6% annually over the last three years. Orrstown Financial Services has a payout ratio of 22.9% indicating that its dividend is sufficiently covered by earnings. Equities 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

ORRF opened at $37.56 on Thursday. The company has a fifty day simple moving average of $35.36 and a 200 day simple moving average of $30.43. The stock has a market cap of $402.68 million, a P/E ratio of 11.21 and a beta of 0.90. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12. Orrstown Financial Services has a 12 month low of $20.00 and a 12 month high of $38.81.

Orrstown Financial Services (NASDAQ:ORRF) last released its earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.19. The firm had revenue of $95.37 million during 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, research analysts expect that Orrstown Financial Services will post 3.61 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on ORRF shares. Janney Montgomery Scott started coverage on Orrstown Financial Services in a report on Friday, June 28th. They set a “buy” rating and a $32.00 target price for the company. Hovde Group increased their target price on Orrstown Financial Services from $37.00 to $42.00 and gave the stock an “outperform” rating in a report on Wednesday.

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.