Hovde Group Cuts Orange County Bancorp (NASDAQ:OBT) Price Target to $29.50

Orange County Bancorp (NASDAQ:OBT) had its target price reduced by Hovde Group from $30.50 to $29.50 in a report released on Tuesday, MarketBeat reports. Hovde Group currently has an outperform rating on the stock.

Orange County Bancorp Price Performance

OBT stock opened at $23.82 on Tuesday. The business has a fifty day moving average of $24.47 and a two-hundred day moving average of $25.74. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.84. The stock has a market cap of $312.14 million, a price-to-earnings ratio of 9.64 and a beta of 0.48. Orange County Bancorp has a 52-week low of $20.97 and a 52-week high of $33.06.

Orange County Bancorp (NASDAQ:OBT) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.10. The firm had revenue of $27.98 million for the quarter, compared to the consensus estimate of $28.10 million. Orange County Bancorp had a return on equity of 15.51% and a net margin of 19.47%. As a group, research analysts anticipate that Orange County Bancorp will post 2.83 earnings per share for the current year.

Orange County Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Wednesday, June 4th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $0.52 annualized dividend and a yield of 2.18%. Orange County Bancorp’s payout ratio is 21.58%.

Insider Buying and Selling

In related news, Director Jon Schiller purchased 6,451 shares of the company’s stock in a transaction on Wednesday, June 4th. The stock was bought at an average price of $23.25 per share, with a total value of $149,985.75. Following the completion of the transaction, the director now owns 12,446 shares of the company’s stock, valued at approximately $289,369.50. This represents a 107.61% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joseph A. Ruhl sold 1,752 shares of Orange County Bancorp stock in a transaction on Friday, May 16th. The shares were sold at an average price of $26.67, for a total value of $46,725.84. Following the completion of the sale, the insider now directly owns 31,485 shares of the company’s stock, valued at approximately $839,704.95. This represents a 5.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,689 shares of company stock valued at $172,121 in the last three months. 9.30% of the stock is owned by corporate insiders.

Institutional Trading of Orange County Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in OBT. BNP Paribas Financial Markets bought a new position in Orange County Bancorp during the 4th quarter valued at $46,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Orange County Bancorp in the fourth quarter valued at $60,000. Wells Fargo & Company MN lifted its holdings in shares of Orange County Bancorp by 27.8% in the fourth 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. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Orange County Bancorp in the fourth quarter valued at $206,000. Finally, Corebridge Financial Inc. lifted its holdings in shares of Orange County Bancorp by 97.0% in the first quarter. Corebridge Financial Inc. now owns 5,007 shares of the company’s stock valued at $117,000 after purchasing an additional 2,466 shares in the last quarter. 42.55% of the stock is currently owned by institutional investors and hedge funds.

Orange County Bancorp Company Profile

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.