Orrstown Financial Services, Inc. (ORRF) to Issue Quarterly Dividend of $0.20 on May 14th

Orrstown Financial Services, Inc. (NASDAQ:ORRF) declared a quarterly dividend on Tuesday, April 23rd, Zacks reports. Investors of record on Tuesday, May 7th will be paid a dividend of 0.20 per share by the bank on Tuesday, May 14th. This represents a $0.80 annualized dividend and a yield of 3.01%. The ex-dividend date of this dividend is Monday, May 6th.

Orrstown Financial Services has increased its dividend payment by an average of 5.6% annually over the last three years and has increased its dividend annually for the last 1 consecutive years. Orrstown Financial Services has a payout ratio of 19.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Orrstown Financial Services to earn $4.04 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 19.8%.

Orrstown Financial Services Stock Performance

Orrstown Financial Services stock opened at $26.60 on Friday. Orrstown Financial Services has a fifty-two week low of $15.52 and a fifty-two week high of $29.79. The firm’s 50 day simple moving average is $26.06 and its 200-day simple moving average is $25.83. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market cap of $284.62 million, a P/E ratio of 7.94 and a beta of 0.87.

Wall Street Analysts Forecast Growth

ORRF has been the topic of several recent analyst reports. Hovde Group cut their target price on shares of Orrstown Financial Services from $34.00 to $33.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 24th. Keefe, Bruyette & Woods increased their price objective on Orrstown Financial Services from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th.

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.