Orange County Bancorp, Inc. (NASDAQ:OBT) Sees Significant Decrease in Short Interest

Orange County Bancorp, Inc. (NASDAQ:OBT) saw a significant decline in short interest during the month of February. As of February 13th, there was short interest totaling 48,998 shares, a decline of 38.5% from the January 29th total of 79,694 shares. Based on an average trading volume of 93,216 shares, the days-to-cover ratio is presently 0.5 days. Currently, 0.4% of the shares of the stock are sold short. Currently, 0.4% of the shares of the stock are sold short. Based on an average trading volume of 93,216 shares, the days-to-cover ratio is presently 0.5 days.

Wall Street Analyst Weigh In

A number of research firms have commented on OBT. Piper Sandler reaffirmed an “overweight” rating and set a $36.00 target price (up from $32.00) on shares of Orange County Bancorp in a report on Thursday, February 5th. Hovde Group increased their price objective on Orange County Bancorp from $32.00 to $38.00 and gave the stock an “outperform” rating in a report on Friday, February 6th. Weiss Ratings upgraded shares of Orange County Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, February 6th. Finally, Wall Street Zen upgraded shares of Orange County Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, February 7th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Orange County Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Orange County Bancorp Price Performance

OBT stock opened at $33.21 on Friday. Orange County Bancorp has a one year low of $20.97 and a one year high of $37.99. The firm has a 50-day moving average of $31.29 and a two-hundred day moving average of $27.81. The firm has a market capitalization of $444.02 million, a PE ratio of 10.00 and a beta of 0.43. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.21.

Orange County Bancorp (NASDAQ:OBT) last released its quarterly earnings results on Wednesday, February 4th. The company reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.18. Orange County Bancorp had a net margin of 26.32% and a return on equity of 17.24%. The business had revenue of $33.03 million for the quarter, compared to analyst estimates of $31.40 million. On average, analysts forecast that Orange County Bancorp will post 2.83 earnings per share for the current year.

Orange County Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Wednesday, March 4th will be issued a dividend of $0.18 per share. The ex-dividend date is Wednesday, March 4th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.2%. Orange County Bancorp’s payout ratio is currently 21.69%.

Insider Buying and Selling at Orange County Bancorp

In other news, SVP David P. Dineen sold 1,000 shares of the firm’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $28.81, for a total transaction of $28,810.00. Following the sale, the senior vice president owned 8,214 shares in the company, valued at $236,645.34. This trade represents a 10.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 9.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Orange County Bancorp

A number of institutional investors have recently bought and sold shares of OBT. Russell Investments Group Ltd. increased its holdings in shares of Orange County Bancorp by 5,416.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 993 shares of the company’s stock valued at $25,000 after purchasing an additional 975 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new position in Orange County Bancorp during the second quarter valued at approximately $28,000. CWM LLC grew its position in Orange County Bancorp by 174.5% during the third quarter. CWM LLC now owns 1,356 shares of the company’s stock valued at $34,000 after purchasing an additional 862 shares in the last quarter. New York State Common Retirement Fund increased its stake in Orange County Bancorp by 140.0% in the 3rd quarter. New York State Common Retirement Fund now owns 3,086 shares of the company’s stock valued at $78,000 after buying an additional 1,800 shares during the period. Finally, Tower Research Capital LLC TRC lifted its position in Orange County Bancorp by 706.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,453 shares of the company’s stock worth $89,000 after buying an additional 3,025 shares in the last quarter. 42.55% of the stock is currently owned by institutional investors and hedge funds.

About Orange County Bancorp

Orange County Bancorp, Inc (NASDAQ: OBT) is the bank holding company for Orange County Trust Bank, a community banking franchise headquartered in Goshen, New York. The company provides a full suite of financial services to individuals, small businesses and local organizations across Orange County and the surrounding Hudson Valley region.

Orange County Bancorp offers depository products that include checking and savings accounts, money market funds and certificates of deposit. On the lending side, the company extends commercial real estate and business loans, residential mortgage loans, consumer installment loans and home equity financing.