Orange County Bancorp (NASDAQ:OBT – Get Free Report) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday, Zacks reports.
Other research analysts have also issued research reports about the stock. Hovde Group raised their price objective on shares of Orange County Bancorp from $40.00 to $42.50 and gave the company an “outperform” rating in a research note on Friday, July 31st. Piper Sandler set a $44.00 target price on Orange County Bancorp and gave the stock an “overweight” rating in a research report on Friday, September 4th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Orange County Bancorp in a research note on Tuesday, September 22nd. Two investment analysts have rated the stock with a Strong Buy rating and two have assigned a Buy rating to the stock. According to MarketBeat.com, Orange County Bancorp currently has a consensus rating of “Strong Buy” and an average target price of $43.25.
Read Our Latest Research Report on OBT
Orange County Bancorp Stock Performance
Orange County Bancorp (NASDAQ:OBT – Get Free Report) last released its quarterly 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 company had revenue of $27.82 million for 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%. On average, sell-side analysts anticipate that Orange County Bancorp will post 3.53 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Orange County Bancorp news, SVP Stephen Rooney sold 1,500 shares of Orange County Bancorp 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 transaction, the senior vice president owned 8,606 shares in the company, valued at approximately $333,138.26. The trade was a 14.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Gregory Sousa sold 1,882 shares of the company’s stock in a transaction on 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 directly owned 10,572 shares in the company, valued at $409,665. This represents a 15.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 4,547 shares of company stock valued at $176,136 over the last 90 days. 8.20% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Orange County Bancorp
A number of hedge funds have recently modified their holdings of the stock. Squarepoint Ops LLC raised its position in shares of Orange County Bancorp by 26.5% during the second quarter. Squarepoint Ops LLC now owns 15,756 shares of the company’s stock worth $580,000 after purchasing an additional 3,301 shares during the period. HighTower Advisors LLC lifted its holdings in shares of Orange County Bancorp by 25.9% during the second quarter. HighTower Advisors LLC now owns 9,516 shares of the company’s stock valued at $350,000 after purchasing an additional 1,960 shares during the last quarter. Kahn Brothers Group Inc. acquired a new position in shares of Orange County Bancorp in the 2nd quarter valued at $294,000. Bank of America Corp DE acquired a new position in shares of Orange County Bancorp in the 2nd quarter valued at $2,125,000. Finally, Hsbc Holdings PLC purchased a new position in Orange County Bancorp in the 2nd quarter worth about $1,597,000. 42.55% of the stock is currently owned by institutional investors and hedge funds.
About Orange County Bancorp
Orange County Bancorp, Inc is a bank holding company headquartered in Middletown, New York. Its principal subsidiary, Orange Bank & Trust Company, provides commercial and community banking services to businesses, professionals, municipalities and individuals.
Orange Bank & Trust offers deposit accounts, commercial and residential real estate lending, business loans, lines of credit, consumer loans and treasury management services. The bank also provides wealth management and investment advisory services through its affiliated Hudson Valley Investment Advisors, Inc
Founded in 1892, Orange Bank & Trust serves customers across New York’s Hudson Valley, including Orange, Rockland, Westchester, Dutchess and Ulster counties, as well as surrounding areas.
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