Orrstown Financial Services, Inc. (NASDAQ:ORRF) Declares Dividend Increase – $0.26 Per Share

Orrstown Financial Services, Inc. (NASDAQ:ORRF) announced a quarterly dividend on Friday, January 31st,RTT News reports. Investors of record on Friday, February 14th will be given a dividend of 0.26 per share by the bank on Friday, February 21st. This represents a $1.04 annualized dividend and a dividend yield of 2.84%. This is a positive change from Orrstown Financial Services’s previous quarterly dividend of $0.23.

Orrstown Financial Services has increased its dividend payment by an average of 5.1% per year over the last three years. Orrstown Financial Services has a dividend payout ratio of 20.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Orrstown Financial Services to earn $4.37 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 21.1%.

Orrstown Financial Services Stock Performance

Shares of ORRF opened at $36.61 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a 50-day moving average of $37.25 and a 200-day moving average of $36.13. Orrstown Financial Services has a one year low of $24.70 and a one year high of $41.99. The company has a market cap of $709.87 million, a PE ratio of 19.68 and a beta of 0.91.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on ORRF shares. Hovde Group cut shares of Orrstown Financial Services from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Piper Sandler began coverage on shares of Orrstown Financial Services in a research report on Wednesday, January 8th. They issued an “overweight” rating and a $43.00 target price on the stock.

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.