Orange County Bancorp (NASDAQ:OBT – Get Free Report) had its target price hoisted by Hovde Group from $40.00 to $42.50 in a report issued on Friday. The brokerage currently has an “outperform” rating on the stock. Hovde Group’s target price points to a potential upside of 12.51% from the stock’s current price.
Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Orange County Bancorp in a research note on Friday, June 26th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $39.25.
View Our Latest Stock Report on OBT
Orange County Bancorp Trading Up 0.0%
Orange County Bancorp (NASDAQ:OBT – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.22. The business had revenue of $27.82 million for the quarter, compared to analysts’ expectations of $33.00 million. Orange County Bancorp had a return on equity of 16.80% and a net margin of 30.80%.
Hedge Funds Weigh In On Orange County Bancorp
Institutional investors have recently modified their holdings of the stock. Fourthstone LLC boosted its stake in Orange County Bancorp by 169.9% during the 4th quarter. Fourthstone LLC now owns 192,846 shares of the company’s stock worth $5,506,000 after acquiring an additional 121,402 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Orange County Bancorp by 29.8% in the second quarter. The Manufacturers Life Insurance Company now owns 319,723 shares of the company’s stock valued at $8,262,000 after acquiring an additional 73,483 shares during the period. Boothbay Fund Management LLC acquired a new stake in shares of Orange County Bancorp during the second quarter worth about $1,638,000. Marshall Wace LLP bought a new position in shares of Orange County Bancorp during the 2nd quarter valued at about $986,000. Finally, Bank of America Corp DE increased its stake in Orange County Bancorp by 181.0% during the 2nd quarter. Bank of America Corp DE now owns 52,872 shares of the company’s stock worth $1,366,000 after purchasing an additional 34,059 shares in the last quarter. 42.55% of the stock is currently owned by institutional investors and hedge funds.
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.
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