Orange County Bancorp (NASDAQ:OBT) Stock Price Up 0.8% – Still a Buy?

Orange County Bancorp, Inc. (NASDAQ:OBT)’s stock price rose 0.8% during trading on Wednesday . The stock traded as high as $34.08 and last traded at $33.68. Approximately 40,289 shares were traded during mid-day trading, a decline of 7% from the average daily volume of 43,484 shares. The stock had previously closed at $33.41.

Analyst Ratings Changes

OBT has been the subject of several research reports. Wall Street Zen downgraded shares of Orange County Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, March 21st. Piper Sandler reaffirmed an “overweight” rating and set a $36.00 price target (up from $32.00) on shares of Orange County Bancorp in a research note on Thursday, February 5th. Hovde Group lifted their price target on shares of Orange County Bancorp from $32.00 to $38.00 and gave the stock an “outperform” rating in a report on Friday, February 6th. Finally, Weiss Ratings raised shares of Orange County Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, February 6th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $37.00.

Orange County Bancorp Stock Performance

The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a fifty day simple moving average of $33.43 and a two-hundred day simple moving average of $31.00. The stock has a market capitalization of $451.65 million, a price-to-earnings ratio of 9.91 and a beta of 0.44.

Orange County Bancorp (NASDAQ:OBT) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.07. Orange County Bancorp had a return on equity of 16.09% and a net margin of 27.54%.The firm had revenue of $32.08 million during the quarter, compared to the consensus estimate of $32.30 million.

Orange County Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Wednesday, March 4th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Wednesday, March 4th. Orange County Bancorp’s dividend payout ratio (DPR) is presently 21.18%.

Institutional Investors Weigh In On Orange County Bancorp

A number of large investors have recently bought and sold shares of OBT. Jacobs Levy Equity Management Inc. grew its holdings in Orange County Bancorp by 230.7% in the first quarter. Jacobs Levy Equity Management Inc. now owns 12,283 shares of the company’s stock worth $287,000 after purchasing an additional 8,569 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Orange County Bancorp by 107.9% in 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. grew its holdings in Orange County Bancorp by 85.0% in the first quarter. Goldman Sachs Group Inc. now owns 36,838 shares of the company’s stock worth $862,000 after purchasing an additional 16,929 shares during the period. Jane Street Group LLC acquired a new stake in Orange County Bancorp in the first quarter worth $204,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in Orange County Bancorp in the second quarter worth $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.