Orange County Bancorp, Inc. $OBT Shares Sold by Hennessy Advisors Inc.

Hennessy Advisors Inc. cut its holdings in shares of Orange County Bancorp, Inc. (NASDAQ:OBT) by 28.6% during the second quarter, Holdings Channel.com reports. The fund owned 25,000 shares of the company’s stock after selling 10,000 shares during the period. Hennessy Advisors Inc.’s holdings in Orange County Bancorp were worth $646,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Public Employees Retirement System of Ohio acquired a new stake in shares of Orange County Bancorp during the 4th quarter valued at about $60,000. Corebridge Financial Inc. grew 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 period. New York State Common Retirement Fund boosted its holdings in Orange County Bancorp by 100.0% in the 1st quarter. New York State Common Retirement Fund now owns 5,286 shares of the company’s stock worth $124,000 after buying an additional 2,643 shares during the last quarter. Two Sigma Investments LP boosted its holdings in Orange County Bancorp by 25.7% in the 4th quarter. Two Sigma Investments LP now owns 5,294 shares of the company’s stock worth $294,000 after buying an additional 1,084 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Orange County Bancorp by 107.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,036 shares of the company’s stock worth $141,000 after buying an additional 3,132 shares during the last quarter. 42.55% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on OBT. Hovde Group lowered their price objective on Orange County Bancorp from $30.50 to $29.50 and set an “outperform” rating on the stock in a report on Tuesday, June 10th. Zacks Research upgraded Orange County Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Orange County Bancorp in a report on Saturday, September 27th. Finally, Piper Sandler lowered their price objective on Orange County Bancorp from $30.00 to $29.00 and set an “overweight” rating on the stock in a report on Thursday, July 31st. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.25.

Orange County Bancorp Trading Up 1.1%

Shares of Orange County Bancorp stock opened at $24.90 on Friday. The stock has a market cap of $332.66 million, a P/E ratio of 9.75 and a beta of 0.45. The stock’s 50 day simple moving average is $25.53 and its 200-day simple moving average is $25.17. Orange County Bancorp, Inc. has a 1-year low of $20.97 and a 1-year high of $33.06. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.90 and a quick ratio of 0.90.

Orange County Bancorp (NASDAQ:OBT) last issued its earnings results on Wednesday, July 30th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.11. The business had revenue of $32.46 million for the quarter, compared to analysts’ expectations of $29.00 million. Orange County Bancorp had a return on equity of 14.19% and a net margin of 19.84%. Analysts predict that Orange County Bancorp, Inc. will post 2.83 EPS for the current fiscal year.

Orange County Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Stockholders of record on Monday, September 8th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Monday, September 8th. Orange County Bancorp’s payout ratio is currently 20.31%.

About Orange County Bancorp

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.