Orange County Bancorp (NASDAQ:OBT) Price Target Raised to $38.00

Orange County Bancorp (NASDAQ:OBT) had its price target increased by investment analysts at Hovde Group from $32.00 to $38.00 in a research report issued on Friday. The brokerage currently has an “outperform” rating on the stock. Hovde Group’s price objective indicates a potential upside of 11.54% from the company’s current price.

Several other research analysts also recently issued reports on OBT. Weiss Ratings restated a “hold (c+)” rating on shares of Orange County Bancorp in a research report on Thursday, January 22nd. Piper Sandler reissued an “overweight” rating and set a $36.00 price objective (up previously from $32.00) on shares of Orange County Bancorp in a research note on Thursday. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $37.00.

Orange County Bancorp Price Performance

Orange County Bancorp stock opened at $34.07 on Friday. Orange County Bancorp has a 52 week low of $20.97 and a 52 week high of $35.07. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.21. The firm’s 50-day simple moving average is $29.22 and its 200 day simple moving average is $26.78. The firm has a market capitalization of $455.52 million, a PE ratio of 10.26 and a beta of 0.43.

Orange County Bancorp (NASDAQ:OBT) last posted its earnings results on Wednesday, February 4th. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.18. The firm had revenue of $33.03 million during the quarter, compared to the consensus estimate of $31.40 million. Orange County Bancorp had a net margin of 26.32% and a return on equity of 17.24%. On average, equities research analysts predict that Orange County Bancorp will post 2.83 EPS for the current fiscal year.

Insider Activity

In other news, SVP David P. Dineen sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $28.81, for a total transaction of $28,810.00. Following the completion of the transaction, the senior vice president directly owned 8,214 shares of the company’s stock, valued at approximately $236,645.34. This represents a 10.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 9.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. grew its holdings in Orange County Bancorp by 230.7% during the first quarter. Jacobs Levy Equity Management Inc. now owns 12,283 shares of the company’s stock worth $287,000 after acquiring an additional 8,569 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Orange County Bancorp by 107.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,036 shares of the company’s stock worth $141,000 after purchasing an additional 3,132 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Orange County Bancorp by 85.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 36,838 shares of the company’s stock valued at $862,000 after buying an additional 16,929 shares during the period. Jane Street Group LLC acquired a new stake in Orange County Bancorp during the first quarter valued at $204,000. Finally, Persistent Asset Partners Ltd acquired a new stake in shares of Orange County Bancorp during the 2nd quarter valued at about $243,000. Institutional investors and hedge funds own 42.55% of the company’s stock.

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.