Orange County Bancorp (NASDAQ:OBT) Price Target Raised to $71.00

Orange County Bancorp (NASDAQ:OBT) had its target price hoisted by Piper Sandler from $66.00 to $71.00 in a research report report published on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

Orange County Bancorp Price Performance

OBT opened at $59.16 on Friday. The company has a fifty day moving average price of $58.08 and a two-hundred day moving average price of $55.21. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.89 and a current ratio of 0.89. Orange County Bancorp has a 52 week low of $41.00 and a 52 week high of $66.11. The firm has a market capitalization of $335.67 million, a PE ratio of 11.55 and a beta of 0.40.

Orange County Bancorp (NASDAQ:OBT) last released its earnings results on Wednesday, October 30th. The company reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.86). Orange County Bancorp had a return on equity of 16.37% and a net margin of 20.31%. The business had revenue of $35.61 million for the quarter, compared to analyst estimates of $26.60 million. As a group, analysts anticipate that Orange County Bancorp will post 4.93 earnings per share for the current year.

Orange County Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, December 4th will be issued a $0.25 dividend. This is a positive change from Orange County Bancorp’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.00 annualized dividend and a dividend yield of 1.69%. Orange County Bancorp’s payout ratio is 19.53%.

Insider Activity

In other news, SVP Michael Listner sold 589 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $59.40, for a total value of $34,986.60. Following the completion of the transaction, the senior vice president now owns 3,072 shares of the company’s stock, valued at $182,476.80. The trade was a 16.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joseph A. Ruhl sold 910 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $57.75, for a total transaction of $52,552.50. Following the completion of the transaction, the insider now directly owns 14,464 shares of the company’s stock, valued at $835,296. This trade represents a 5.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,925 shares of company stock valued at $110,969 in the last quarter. Company insiders own 10.50% of the company’s stock.

Institutional Investors Weigh In On Orange County Bancorp

Several institutional investors have recently added to or reduced their stakes in OBT. Hennessy Advisors Inc. lifted its position in Orange County Bancorp by 28.9% in the 2nd quarter. Hennessy Advisors Inc. now owns 34,809 shares of the company’s stock valued at $1,841,000 after acquiring an additional 7,809 shares in the last quarter. Quadrature Capital Ltd bought a new stake in Orange County Bancorp during the 3rd quarter worth about $379,000. Barclays PLC lifted its position in Orange County Bancorp by 183.2% during the 3rd quarter. Barclays PLC now owns 7,934 shares of the company’s stock worth $478,000 after buying an additional 5,132 shares in the last quarter. Hudson Valley Investment Advisors Inc. ADV lifted its position in Orange County Bancorp by 0.7% during the 3rd quarter. Hudson Valley Investment Advisors Inc. ADV now owns 602,918 shares of the company’s stock worth $36,368,000 after buying an additional 4,408 shares in the last quarter. Finally, State Street Corp lifted its position in Orange County Bancorp by 5.7% during the 3rd quarter. State Street Corp now owns 74,966 shares of the company’s stock worth $4,522,000 after buying an additional 4,060 shares in the last quarter. 42.55% of the stock is owned by institutional investors.

Orange County Bancorp Company Profile

Orange County Bancorp, Inc, through its subsidiaries, provides commercial and consumer banking products and services, and trust and wealth management services to small businesses, middle-market enterprises, local municipal governments, and individuals. It accepts various deposits, including interest-bearing and noninterest-bearing demand accounts, money market deposit accounts, savings accounts, and certificates of deposit.