Orange County Bancorp, Inc. (NASDAQ:OBT) Increases Dividend to $0.25 Per Share

Orange County Bancorp, Inc. (NASDAQ:OBT) announced a quarterly dividend on Thursday, November 21st,Wall Street Journal reports. Shareholders of record on Wednesday, December 4th will be given a dividend of 0.25 per share on Monday, December 16th. This represents a $1.00 annualized dividend and a yield of 1.68%. The ex-dividend date of this dividend is Wednesday, December 4th. This is a boost from Orange County Bancorp’s previous quarterly dividend of $0.23.

Orange County Bancorp has a dividend payout ratio of 17.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Orange County Bancorp to earn $5.71 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 16.1%.

Orange County Bancorp Price Performance

OBT opened at $59.64 on Monday. The stock’s 50 day moving average price is $57.63 and its 200-day moving average price is $54.51. Orange County Bancorp has a 52-week low of $41.00 and a 52-week high of $66.11. The stock has a market capitalization of $338.16 million, a PE ratio of 11.65 and a beta of 0.36. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.89 and a current ratio of 0.89.

Orange County Bancorp (NASDAQ:OBT) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.57 EPS for the quarter, missing the consensus estimate of $1.43 by ($0.86). The company had revenue of $35.61 million during the quarter, compared to the consensus estimate of $26.60 million. Orange County Bancorp had a return on equity of 16.37% and a net margin of 20.31%. On average, equities research analysts predict that Orange County Bancorp will post 5.43 EPS for the current year.

Insider Activity

In other Orange County Bancorp news, SVP Michael Listner sold 589 shares of Orange County Bancorp stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $59.40, for a total transaction of $34,986.60. Following the completion of the transaction, the senior vice president now owns 3,072 shares in the company, valued at approximately $182,476.80. The trade was a 16.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joseph A. Ruhl sold 910 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $57.75, for a total value of $52,552.50. Following the completion of the sale, the insider now directly owns 14,464 shares in the company, valued at approximately $835,296. This represents a 5.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,925 shares of company stock worth $110,969. Corporate insiders own 10.50% of the company’s stock.

Analysts Set New Price Targets

Separately, Piper Sandler cut their price objective on Orange County Bancorp from $69.00 to $66.00 and set an “overweight” rating on the stock in a research report on Thursday, October 31st.

About Orange County Bancorp

Orange County Bancorp, Inc, through its subsidiaries, provides commercial and consumer banking products and services, and trust and wealth management services to small businesses, middle-market enterprises, local municipal governments, and individuals. It accepts various deposits, including interest-bearing and noninterest-bearing demand accounts, money market deposit accounts, savings accounts, and certificates of deposit.