Orange County Bancorp (NASDAQ:OBT) Earns Outperform Rating from Analysts at Hovde Group

Hovde Group started coverage on shares of Orange County Bancorp (NASDAQ:OBT) in a report released on Monday, MarketBeat reports. The firm issued an outperform rating and a $30.50 price objective on the stock.

Orange County Bancorp Price Performance

OBT opened at $26.49 on Monday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.84. Orange County Bancorp has a 12 month low of $20.97 and a 12 month high of $33.06. The company has a fifty day simple moving average of $23.82 and a 200 day simple moving average of $26.33. The stock has a market cap of $301.56 million, a P/E ratio of 10.72 and a beta of 0.46.

Orange County Bancorp (NASDAQ:OBT) last released its earnings results on Wednesday, April 30th. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.10. The firm had revenue of $27.98 million during the quarter, compared to analysts’ expectations of $28.10 million. Orange County Bancorp had a return on equity of 15.51% and a net margin of 19.47%. On average, research analysts expect that Orange County Bancorp will post 2.83 EPS for the current year.

Orange County Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date of this dividend was Tuesday, March 4th. This is a boost from Orange County Bancorp’s previous quarterly dividend of $0.13. Orange County Bancorp’s dividend payout ratio is 21.58%.

Insiders Place Their Bets

In other news, EVP Gregory Sousa sold 2,440 shares of the firm’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $24.61, for a total value of $60,048.40. Following the completion of the transaction, the executive vice president now owns 10,280 shares in the company, valued at $252,990.80. This trade represents a 19.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael J. Coulter sold 2,497 shares of the firm’s stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $26.17, for a total value of $65,346.49. Following the completion of the transaction, the executive vice president now owns 4,984 shares of the company’s stock, valued at $130,431.28. The trade was a 33.38% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 9.30% of the company’s stock.

Hedge Funds Weigh In On Orange County Bancorp

Several hedge funds have recently modified their holdings of the stock. Corebridge Financial Inc. grew its holdings in shares of Orange County Bancorp by 97.0% in the 1st quarter. Corebridge Financial Inc. now owns 5,007 shares of the company’s stock valued at $117,000 after acquiring an additional 2,466 shares in the last quarter. MetLife Investment Management LLC lifted its stake in Orange County Bancorp by 95.7% in the 1st quarter. MetLife Investment Management LLC now owns 6,229 shares of the company’s stock valued at $146,000 after purchasing an additional 3,046 shares during the last quarter. Martingale Asset Management L P acquired a new stake in Orange County Bancorp in the 1st quarter valued at about $502,000. Hsbc Holdings PLC acquired a new stake in Orange County Bancorp in the 1st quarter valued at about $345,000. Finally, Wellington Management Group LLP lifted its stake in Orange County Bancorp by 92.4% in the 1st quarter. Wellington Management Group LLP now owns 509,258 shares of the company’s stock valued at $11,912,000 after purchasing an additional 244,503 shares during the last quarter. Institutional investors own 42.55% of the company’s stock.

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.