307,530 Shares in Orange County Bancorp, Inc. $OBT Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company bought a new stake in shares of Orange County Bancorp, Inc. (NASDAQ:OBT) in the second quarter, HoldingsChannel reports. The institutional investor bought 307,530 shares of the company’s stock, valued at approximately $11,311,000.

Several other hedge funds have also made changes to their positions in the company. Russell Investments Group Ltd. grew its position in shares of Orange County Bancorp by 5,416.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 993 shares of the company’s stock worth $25,000 after buying an additional 975 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Orange County Bancorp in the second quarter valued at about $28,000. Royal Bank of Canada lifted its stake in Orange County Bancorp by 108.3% in the first quarter. Royal Bank of Canada now owns 1,029 shares of the company’s stock worth $33,000 after acquiring an additional 535 shares during the period. Tower Research Capital LLC TRC lifted its stake in Orange County Bancorp by 706.8% in the second quarter. Tower Research Capital LLC TRC now owns 3,453 shares of the company’s stock worth $89,000 after acquiring an additional 3,025 shares during the period. Finally, Raymond James Financial Inc. bought a new position in Orange County Bancorp during the 2nd quarter worth about $104,000. 42.55% of the stock is currently owned by hedge funds and other institutional investors.

Orange County Bancorp Price Performance

Shares of OBT stock opened at $38.10 on Friday. The stock’s 50-day moving average is $37.77 and its 200 day moving average is $35.27. Orange County Bancorp, Inc. has a 1-year low of $23.25 and a 1-year high of $40.10. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.93 and a quick ratio of 0.91. The company has a market cap of $510.92 million, a P/E ratio of 10.73 and a beta of 0.41.

Orange County Bancorp (NASDAQ:OBT) last released its quarterly earnings results on Tuesday, July 28th. The company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.22. Orange County Bancorp had a net margin of 30.80% and a return on equity of 16.44%. The business had revenue of $27.82 million for the quarter, compared to analysts’ expectations of $33.00 million.

Orange County Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, September 4th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.72 dividend on an annualized basis and a yield of 1.9%. Orange County Bancorp’s dividend payout ratio is presently 20.28%.

Insider Activity at Orange County Bancorp

In other Orange County Bancorp news, SVP Stephen Rooney sold 1,500 shares of Orange County Bancorp stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $38.71, for a total value of $58,065.00. Following the transaction, the senior vice president directly owned 8,606 shares of the company’s stock, valued at approximately $333,138.26. The trade was a 14.84% 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. Also, EVP Gregory Sousa sold 1,882 shares of Orange County Bancorp stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $38.75, for a total transaction of $72,927.50. Following the completion of the transaction, the executive vice president directly owned 10,572 shares in the company, valued at $409,665. This represents a 15.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 4,547 shares of company stock valued at $176,136. 8.20% of the stock is owned by insiders.

Analyst Ratings Changes

OBT has been the topic of a number of research reports. Weiss Ratings reissued a “buy (b)” rating on shares of Orange County Bancorp in a research report on Friday, June 26th. Hovde Group increased their price objective on shares of Orange County Bancorp from $40.00 to $42.50 and gave the company an “outperform” rating in a research note on Friday, July 31st. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $39.25.

Orange County Bancorp 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.