Orange County Bancorp, Inc. (NASDAQ:OBT) Short Interest Update

Orange County Bancorp, Inc. (NASDAQ:OBT) was the recipient of a significant decrease in short interest in the month of April. As of April 15th, there was short interest totaling 71,132 shares, a decrease of 23.0% from the March 31st total of 92,346 shares. Based on an average daily trading volume, of 120,795 shares, the days-to-cover ratio is currently 0.6 days. Currently, 0.6% of the company’s shares are short sold.

Wall Street Analyst Weigh In

A number of analysts have recently commented on OBT shares. Hovde Group upped their price target on Orange County Bancorp from $32.00 to $38.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. Wall Street Zen cut shares of Orange County Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, March 21st. Piper Sandler reaffirmed an “overweight” rating and issued a $36.00 target price (up from $32.00) on shares of Orange County Bancorp in a research note on Thursday, February 5th. Finally, Weiss Ratings raised shares of Orange County Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, February 6th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Orange County Bancorp has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Orange County Bancorp Stock Up 0.2%

Shares of NASDAQ:OBT traded up $0.06 during trading on Thursday, hitting $34.10. 55,168 shares of the company’s stock traded hands, compared to its average volume of 84,046. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.12. The company has a 50-day moving average price of $33.27 and a 200-day moving average price of $30.11. Orange County Bancorp has a 52 week low of $22.84 and a 52 week high of $37.99. The company has a market cap of $457.21 million, a price-to-earnings ratio of 10.03 and a beta of 0.43.

Orange County Bancorp (NASDAQ:OBT) last announced its earnings results on Tuesday, April 28th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.78 by $0.07. Orange County Bancorp had a net margin of 27.54% and a return on equity of 16.43%. The firm had revenue of $32.08 million for the quarter, compared to the consensus estimate of $32.35 million.

Orange County Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Wednesday, March 4th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Wednesday, March 4th. Orange County Bancorp’s payout ratio is currently 21.18%.

Hedge Funds Weigh In On Orange County Bancorp

A number of large investors have recently added to or reduced their stakes in OBT. Vanguard Group Inc. raised its stake in shares of Orange County Bancorp by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 550,920 shares of the company’s stock valued at $13,889,000 after purchasing an additional 8,793 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Orange County Bancorp by 29.8% during the second quarter. The Manufacturers Life Insurance Company now owns 319,723 shares of the company’s stock worth $8,262,000 after buying an additional 73,483 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Orange County Bancorp by 3.6% during the fourth quarter. Geode Capital Management LLC now owns 258,623 shares of the company’s stock worth $7,385,000 after buying an additional 8,955 shares in the last quarter. Fourthstone LLC raised its position in Orange County Bancorp by 169.9% in the 4th quarter. Fourthstone LLC now owns 192,846 shares of the company’s stock valued at $5,506,000 after buying an additional 121,402 shares during the last quarter. Finally, State Street Corp lifted its stake in Orange County Bancorp by 1.5% in the 4th quarter. State Street Corp now owns 166,234 shares of the company’s stock valued at $4,746,000 after acquiring an additional 2,446 shares in the last quarter. Institutional investors own 42.55% of the company’s stock.

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.