Orange County Bancorp (NASDAQ:OBT) Earns Outperform Rating from Analysts at Hovde Group

Hovde Group began coverage on shares of Orange County Bancorp (NASDAQ:OBT) in a research report report published on Monday, MarketBeat reports. The brokerage issued an outperform rating and a $30.50 price objective on the stock.

Orange County Bancorp Stock Down 1.4%

OBT stock opened at $26.49 on Monday. Orange County Bancorp has a twelve month low of $20.97 and a twelve month high of $33.06. The company has a market cap of $301.56 million, a PE ratio of 10.72 and a beta of 0.46. The business’s 50-day simple moving average is $23.82 and its 200 day simple moving average is $26.33. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.84.

Orange County Bancorp (NASDAQ:OBT) last released its earnings results on Wednesday, April 30th. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.10. The business had revenue of $27.98 million for the quarter, compared to the consensus estimate of $28.10 million. Orange County Bancorp had a return on equity of 15.51% and a net margin of 19.47%. On average, research analysts anticipate that Orange County Bancorp will post 2.83 earnings per share for the current year.

Orange County Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.96%. This is an increase from Orange County Bancorp’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Tuesday, March 4th. Orange County Bancorp’s payout ratio is presently 21.58%.

Insider Buying and Selling at Orange County Bancorp

In other Orange County Bancorp news, EVP Gregory Sousa sold 2,440 shares of Orange County Bancorp stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $24.61, for a total transaction of $60,048.40. Following the sale, the executive vice president now directly owns 10,280 shares of the company’s stock, valued at approximately $252,990.80. The trade was a 19.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael J. Coulter sold 2,497 shares of Orange County Bancorp stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $26.17, for a total transaction of $65,346.49. Following the completion of the transaction, the executive vice president now owns 4,984 shares of the company’s stock, valued at $130,431.28. This trade represents a 33.38% decrease in their position. The disclosure for this sale can be found here. Company insiders own 9.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets bought a new stake in shares of Orange County Bancorp during the 4th quarter valued at $46,000. Public Employees Retirement System of Ohio bought a new stake in shares of Orange County Bancorp during the 4th quarter valued at $60,000. Wells Fargo & Company MN raised its position in shares of Orange County Bancorp by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 2,999 shares of the company’s stock valued at $167,000 after acquiring an additional 652 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of Orange County Bancorp during the 4th quarter valued at $206,000. Finally, Corebridge Financial Inc. raised its position in shares of Orange County Bancorp by 97.0% during the 1st quarter. Corebridge Financial Inc. now owns 5,007 shares of the company’s stock valued at $117,000 after acquiring an additional 2,466 shares during the last quarter. Institutional investors own 42.55% of the company’s stock.

Orange County Bancorp Company Profile

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.