Orrstown Financial Services, Inc. (NASDAQ:ORRF) Plans $0.20 Quarterly Dividend

Orrstown Financial Services, Inc. (NASDAQ:ORRF) announced a quarterly dividend on Tuesday, April 23rd, Zacks reports. Stockholders of record on Tuesday, May 7th will be given a dividend of 0.20 per share by the bank on Tuesday, May 14th. This represents a $0.80 dividend on an annualized basis and a dividend 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 raised its dividend every year for the last 1 years. Orrstown Financial Services has a dividend payout ratio of 19.8% indicating that 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 Trading Up 1.0 %

NASDAQ:ORRF opened at $26.60 on Friday. The firm has a market capitalization of $284.62 million, a P/E ratio of 7.94 and a beta of 0.87. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. Orrstown Financial Services has a one year low of $15.52 and a one year high of $29.79. The company’s 50-day simple moving average is $26.06 and its 200 day simple moving average is $25.86.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ORRF. Keefe, Bruyette & Woods upped their price target 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. Hovde Group dropped their target price on Orrstown Financial Services from $34.00 to $33.00 and set an “outperform” rating on the stock in a report on Wednesday, April 24th.

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.