Orange County Bancorp (NASDAQ:OBT) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Orange County Bancorp (NASDAQ:OBT) to a hold rating in a report published on Tuesday,Zacks reports.

A number of other brokerages also recently issued reports on OBT. Piper Sandler set a $44.00 price target on Orange County Bancorp and gave the stock an “overweight” rating in a report on Friday, September 4th. Weiss Ratings reiterated a “buy (b)” rating on shares of Orange County Bancorp in a report on Friday, June 26th. Finally, Hovde Group raised their target price on Orange County Bancorp from $40.00 to $42.50 and gave the stock an “outperform” rating in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $43.25.

Orange County Bancorp Price Performance

Shares of OBT opened at $37.90 on Tuesday. Orange County Bancorp has a twelve month low of $23.25 and a twelve month high of $40.10. The firm’s fifty day simple moving average is $37.97 and its 200-day simple moving average is $35.44. The firm has a market capitalization of $508.24 million, a price-to-earnings 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.

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

Orange County Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, September 4th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, September 4th. Orange County Bancorp’s dividend payout ratio is currently 20.28%.

Insider Activity

In other news, EVP Gregory Sousa sold 1,882 shares of Orange County Bancorp stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $38.75, for a total transaction of $72,927.50. Following the sale, the executive vice president owned 10,572 shares in the company, valued at approximately $409,665. The trade was a 15.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Stephen Rooney sold 1,500 shares of the business’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $38.71, for a total value of $58,065.00. Following the completion of the sale, the senior vice president directly owned 8,606 shares of the company’s stock, valued at $333,138.26. The trade was a 14.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 4,547 shares of company stock worth $176,136. Corporate insiders own 8.20% of the company’s stock.

Institutional Investors Weigh In On Orange County Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. grew its position in shares of Orange County Bancorp by 5,416.7% during the third quarter. Russell Investments Group Ltd. now owns 993 shares of the company’s stock worth $25,000 after acquiring an additional 975 shares during the last quarter. Royal Bank of Canada boosted its stake in Orange County Bancorp by 108.3% during the 1st 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. Northwestern Mutual Wealth Management Co. purchased a new position in Orange County Bancorp during the 2nd quarter worth $40,000. Legal & General Group Plc purchased a new position in Orange County Bancorp during the 2nd quarter worth $45,000. Finally, Tower Research Capital LLC TRC increased its stake in 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 valued at $89,000 after purchasing an additional 3,025 shares during the period. Hedge funds and other institutional investors own 42.55% of the company’s stock.

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.