Hovde Group Issues Positive Forecast for Orange County Bancorp (NASDAQ:OBT) Stock Price

Orange County Bancorp (NASDAQ:OBT) had its target price hoisted by Hovde Group from $40.00 to $42.50 in a research note issued to investors on Friday morning, Marketbeat reports. Hovde Group currently has an outperform rating on the stock.

Separately, Weiss Ratings restated a “buy (b)” rating on shares of Orange County Bancorp in a research note on Friday, June 26th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Orange County Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.25.

Orange County Bancorp Stock Performance

Shares of Orange County Bancorp stock opened at $38.25 on Friday. The company has a 50 day moving average of $36.42 and a 200-day moving average of $34.18. Orange County Bancorp has a 1-year low of $22.98 and a 1-year high of $40.10. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.12. The company has a market cap of $512.93 million, a PE ratio of 10.77 and a beta of 0.41.

Orange County Bancorp (NASDAQ:OBT) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.22. The business had revenue of $27.82 million for the quarter, compared to analyst estimates 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 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Thursday, June 4th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, June 4th. This represents a $0.72 annualized dividend and a yield of 1.9%. Orange County Bancorp’s payout ratio is presently 20.28%.

Institutional Investors Weigh In On Orange County Bancorp

A number of hedge funds have recently made changes to their positions in OBT. Jacobs Levy Equity Management Inc. grew its holdings in shares of Orange County Bancorp by 230.7% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 12,283 shares of the company’s stock valued at $287,000 after purchasing an additional 8,569 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Orange County Bancorp by 107.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,036 shares of the company’s stock valued at $141,000 after purchasing an additional 3,132 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Orange County Bancorp by 85.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 36,838 shares of the company’s stock valued at $862,000 after purchasing an additional 16,929 shares during the last quarter. Jane Street Group LLC acquired a new stake in Orange County Bancorp in the first quarter valued at approximately $204,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in Orange County Bancorp in the second quarter valued at approximately $28,000. 42.55% of the stock is currently owned by institutional investors and hedge funds.

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.