Wellington Management Group LLP Sells 399,108 Shares of Orange County Bancorp, Inc. $OBT

Wellington Management Group LLP lowered its position in shares of Orange County Bancorp, Inc. (NASDAQ:OBT) by 80.2% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 98,314 shares of the company’s stock after selling 399,108 shares during the quarter. Wellington Management Group LLP’s holdings in Orange County Bancorp were worth $3,616,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in OBT. Russell Investments Group Ltd. increased its position in shares of Orange County Bancorp by 5,416.7% in the third quarter. Russell Investments Group Ltd. now owns 993 shares of the company’s stock valued at $25,000 after acquiring an additional 975 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Orange County Bancorp during the second quarter worth about $28,000. Royal Bank of Canada boosted its holdings in shares of Orange County Bancorp by 108.3% during the first quarter. Royal Bank of Canada now owns 1,029 shares of the company’s stock worth $33,000 after purchasing an additional 535 shares during the period. Legal & General Group Plc bought a new stake in shares of Orange County Bancorp in the second quarter worth about $45,000. Finally, Tower Research Capital LLC TRC grew its stake in shares of Orange County Bancorp by 706.8% in the second quarter. Tower Research Capital LLC TRC now owns 3,453 shares of the company’s stock worth $89,000 after purchasing an additional 3,025 shares during the last quarter. Institutional investors own 42.55% of the company’s stock.

Insider Activity at Orange County Bancorp

In related news, SVP Stephen Rooney sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $38.71, for a total value of $58,065.00. Following the sale, the senior vice president owned 8,606 shares in the company, valued at $333,138.26. This represents a 14.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Gregory Sousa sold 1,882 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $38.75, for a total value of $72,927.50. Following the transaction, the executive vice president directly owned 10,572 shares of the company’s stock, valued at approximately $409,665. This trade represents a 15.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 4,547 shares of company stock valued at $176,136 over the last quarter. Company insiders own 8.20% of the company’s stock.

Analyst Upgrades and Downgrades

OBT has been the subject of a number of recent analyst reports. Piper Sandler set a $44.00 price target on Orange County Bancorp and gave the company an “overweight” rating in a research report on Friday, September 4th. Hovde Group boosted their target price on Orange County Bancorp from $40.00 to $42.50 and gave the company an “outperform” rating in a research note on Friday, July 31st. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Orange County Bancorp in a report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $43.25.

Orange County Bancorp Stock Performance

Shares of Orange County Bancorp stock opened at $37.90 on Thursday. Orange County Bancorp, Inc. has a 12 month low of $23.25 and a 12 month high of $40.10. The firm has a market capitalization of $508.24 million, a P/E ratio of 10.68 and a beta of 0.41. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.11. The business has a fifty day simple moving average of $37.97 and a two-hundred day simple moving average of $35.44.

Orange County Bancorp (NASDAQ:OBT) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.22. Orange County Bancorp had a net margin of 30.80% and a return on equity of 16.44%. The company had revenue of $27.82 million during the quarter, compared to analyst estimates of $33.00 million. On average, equities analysts forecast that Orange County Bancorp, Inc. will post 3.5 earnings per share for the current fiscal year.

Orange County Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, September 4th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.9%. Orange County Bancorp’s dividend payout ratio (DPR) is currently 20.28%.

Orange County Bancorp Company Profile

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.