Orange County Bancorp (NASDAQ:OBT) Now Covered by Hovde Group

Equities research analysts at Hovde Group started coverage on shares of Orange County Bancorp (NASDAQ:OBT) in a research report issued to clients and investors on Monday,Briefing.com Automated Import reports. The firm set an “outperform” rating and a $30.50 price target on the stock. Hovde Group’s target price would suggest a potential upside of 18.22% from the stock’s current price.

Orange County Bancorp Price Performance

NASDAQ OBT opened at $25.80 on Monday. The stock’s fifty day moving average price is $23.67 and its 200 day moving average price is $26.32. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market cap of $293.71 million, a price-to-earnings ratio of 10.45 and a beta of 0.46. Orange County Bancorp has a 1 year low of $20.97 and a 1 year high of $33.06.

Orange County Bancorp (NASDAQ:OBT) last posted its quarterly 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 firm had revenue of $27.98 million for the quarter, compared to analyst estimates of $28.10 million. Orange County Bancorp had a net margin of 19.47% and a return on equity of 15.51%. As a group, equities research analysts forecast that Orange County Bancorp will post 2.83 earnings per share for the current year.

Insider Activity

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

A number of institutional investors have recently modified their holdings of the business. BNP Paribas Financial Markets acquired a new stake in Orange County Bancorp during the 4th quarter valued at $46,000. Public Employees Retirement System of Ohio acquired a new position in shares of Orange County Bancorp during the fourth quarter worth about $60,000. 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 acquiring an additional 2,643 shares during the period. Wells Fargo & Company MN grew its holdings in 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 purchasing an additional 652 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new position in shares of Orange County Bancorp in the fourth quarter worth about $206,000. 42.55% of the stock is currently owned by hedge funds and other institutional investors.

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.