Orange County Bancorp (NASDAQ:OBT – Get Free Report) was upgraded by equities researchers at Piper Sandler to a “strong-buy” rating in a research report issued on Friday, Zacks reports.
Other research analysts have also recently issued reports about the stock. Hovde Group boosted their target price on shares of Orange County Bancorp from $40.00 to $42.50 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Weiss Ratings reiterated a “buy (b)” rating on shares of Orange County Bancorp in a report on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $43.25.
Read Our Latest Research Report on OBT
Orange County Bancorp Stock Up 0.8%
Orange County Bancorp (NASDAQ:OBT – Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.22. Orange County Bancorp had a net margin of 30.80% and a return on equity of 16.44%. The firm had revenue of $27.82 million for the quarter, compared to analysts’ expectations of $33.00 million.
Insider Activity
In other Orange County Bancorp news, EVP Gregory Sousa sold 1,882 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $38.75, for a total value of $72,927.50. Following the completion of the transaction, the executive vice president owned 10,572 shares in the company, valued at approximately $409,665. This represents a 15.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Stephen Rooney sold 1,500 shares of the firm’s stock in a transaction that occurred on 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 owned 8,606 shares in the company, valued at approximately $333,138.26. This represents a 14.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 4,547 shares of company stock worth $176,136. 8.20% of the stock is owned by company insiders.
Institutional Investors Weigh In On Orange County Bancorp
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its stake in Orange County Bancorp by 4.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 10,666 shares of the company’s stock valued at $269,000 after buying an additional 476 shares during the period. Royal Bank of Canada increased its stake in shares of Orange County Bancorp by 108.3% during the first quarter. Royal Bank of Canada now owns 1,029 shares of the company’s stock valued at $33,000 after acquiring an additional 535 shares during the period. Rhumbline Advisers raised its holdings in Orange County Bancorp by 8.1% during the third quarter. Rhumbline Advisers now owns 10,600 shares of the company’s stock worth $267,000 after purchasing an additional 793 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in Orange County Bancorp by 4.4% during the second quarter. Ameriprise Financial Inc. now owns 20,268 shares of the company’s stock worth $524,000 after purchasing an additional 862 shares in the last quarter. Finally, LPL Financial LLC lifted its position in Orange County Bancorp by 4.1% in the fourth quarter. LPL Financial LLC now owns 22,285 shares of the company’s stock worth $636,000 after purchasing an additional 875 shares during the period. 42.55% of the stock is currently owned by institutional investors.
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.
Further Reading
- Five stocks we like better than Orange County Bancorp
- MarketBeat Week in Review – 08/31 – 09/04
- Revolution Medicines Got Its Breakthrough—What Moves It Next?
- Retail Earnings Just Exposed a Bigger Divide in the U.S. Consumer Economy
- FB Financial’s Southern Expansion and Buybacks Drive Analyst Optimism
Receive News & Ratings for Orange County Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Orange County Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.
