Orange County Bancorp (NASDAQ:OBT) Announces Earnings Results

Orange County Bancorp (NASDAQ:OBT) posted its quarterly earnings results on Wednesday. The company reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.22, Zacks reports. The business had revenue of $27.82 million during the quarter, compared to analysts’ expectations of $33.00 million. Orange County Bancorp had a net margin of 30.80% and a return on equity of 16.80%.

Orange County Bancorp Stock Performance

Shares of NASDAQ OBT traded up $0.22 during midday trading on Friday, reaching $37.99. 16,429 shares of the stock were exchanged, compared to its average volume of 63,470. The firm has a market cap of $509.45 million, a price-to-earnings ratio of 10.70 and a beta of 0.41. Orange County Bancorp has a twelve month low of $22.98 and a twelve month high of $40.10. The firm has a 50-day simple moving average of $36.34 and a two-hundred day simple moving average of $34.15. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.12.

Orange County Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Thursday, June 4th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.9%. The ex-dividend date was Thursday, June 4th. Orange County Bancorp’s dividend payout ratio is currently 21.18%.

Analysts Set New Price Targets

OBT has been the subject of a number of research analyst reports. Hovde Group raised their target price on Orange County Bancorp from $40.00 to $42.50 and gave the stock an “outperform” rating in a research note on Friday. Weiss Ratings reiterated a “buy (b)” rating on shares of Orange County Bancorp in a research report on Friday, June 26th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.25.

Institutional Trading of Orange County Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its holdings in Orange County Bancorp by 11.1% in the fourth quarter. AQR Capital Management LLC now owns 22,020 shares of the company’s stock valued at $629,000 after buying an additional 2,196 shares in the last quarter. Barclays PLC boosted its stake in shares of Orange County Bancorp by 5.5% during the 4th quarter. Barclays PLC now owns 52,551 shares of the company’s stock worth $1,500,000 after acquiring an additional 2,721 shares in the last quarter. Marshall Wace LLP grew its position in shares of Orange County Bancorp by 6.3% during the 4th quarter. Marshall Wace LLP now owns 54,236 shares of the company’s stock valued at $1,548,000 after acquiring an additional 3,225 shares during the period. Fourthstone LLC grew its position in shares of Orange County Bancorp by 169.9% during the 4th quarter. Fourthstone LLC now owns 192,846 shares of the company’s stock valued at $5,506,000 after acquiring an additional 121,402 shares during the period. Finally, First Trust Advisors LP increased its stake in shares of Orange County Bancorp by 18.9% in the 4th quarter. First Trust Advisors LP now owns 38,234 shares of the company’s stock valued at $1,092,000 after purchasing an additional 6,081 shares in the last quarter. Institutional investors and hedge funds own 42.55% of the company’s stock.

Orange County Bancorp Company Profile

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.