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

Orrstown Financial Services, Inc. (NASDAQ:ORRF) announced 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 dividend payout ratio of 22.9% indicating that 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 %

NASDAQ:ORRF opened at $37.56 on Thursday. Orrstown Financial Services has a 12-month low of $20.00 and a 12-month high of $38.81. The firm has a market cap of $402.68 million, a PE ratio of 11.21 and a beta of 0.90. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. The stock 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 quarterly earnings results on Tuesday, October 22nd. The bank reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.19. Orrstown Financial Services had a return on equity of 13.45% and a net margin of 17.26%. The company had revenue of $95.37 million for the quarter, compared to analyst estimates of $60.90 million. Sell-side analysts anticipate that Orrstown Financial Services will post 3.61 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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