Hovde Group Lowers Orange County Bancorp (NASDAQ:OBT) Price Target to $29.50

Orange County Bancorp (NASDAQ:OBT) had its target price cut by Hovde Group from $30.50 to $29.50 in a research report released on Tuesday, MarketBeat Ratings reports. They currently have an outperform rating on the stock.

Orange County Bancorp Stock Performance

Shares of Orange County Bancorp stock opened at $23.82 on Tuesday. The firm has a fifty day moving average of $24.47 and a two-hundred day moving average of $25.74. The stock has a market capitalization of $312.14 million, a price-to-earnings ratio of 9.64 and a beta of 0.48. Orange County Bancorp has a 52 week low of $20.97 and a 52 week high of $33.06. 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 (NASDAQ:OBT) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.10. The business had revenue of $27.98 million during the quarter, compared to analysts’ expectations of $28.10 million. Orange County Bancorp had a net margin of 19.47% and a return on equity of 15.51%. As a group, equities research analysts predict that Orange County Bancorp will post 2.83 EPS for the current year.

Orange County Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Wednesday, June 4th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.18%. Orange County Bancorp’s dividend payout ratio is 21.58%.

Insider Transactions at Orange County Bancorp

In other Orange County Bancorp news, insider Joseph A. Ruhl sold 1,752 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $26.67, for a total value of $46,725.84. Following the transaction, the insider now directly owns 31,485 shares of the company’s stock, valued at $839,704.95. This represents a 5.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jon Schiller purchased 6,451 shares of the stock in a transaction on Wednesday, June 4th. The stock was bought at an average cost of $23.25 per share, for a total transaction of $149,985.75. Following the completion of the acquisition, the director now owns 12,446 shares in the company, valued at approximately $289,369.50. This trade represents a 107.61% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 6,689 shares of company stock worth $172,121 in the last three months. Insiders own 9.30% of the company’s stock.

Institutional Trading of Orange County Bancorp

Large investors have recently made changes to their positions in the company. Ameriprise Financial Inc. boosted its position in shares of Orange County Bancorp by 19.6% during the 4th quarter. Ameriprise Financial Inc. now owns 22,916 shares of the company’s stock worth $1,273,000 after acquiring an additional 3,752 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Orange County Bancorp by 77.2% during the 4th quarter. Deutsche Bank AG now owns 6,167 shares of the company’s stock worth $343,000 after acquiring an additional 2,686 shares in the last quarter. Citadel Advisors LLC boosted its position in shares of Orange County Bancorp by 17.0% during the 4th quarter. Citadel Advisors LLC now owns 15,693 shares of the company’s stock worth $872,000 after acquiring an additional 2,281 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Orange County Bancorp by 59.8% during the 4th quarter. American Century Companies Inc. now owns 53,753 shares of the company’s stock worth $2,987,000 after acquiring an additional 20,118 shares in the last quarter. Finally, Hudson Valley Investment Advisors Inc. ADV boosted its position in shares of Orange County Bancorp by 95.8% during the 1st quarter. Hudson Valley Investment Advisors Inc. ADV now owns 1,178,905 shares of the company’s stock worth $27,575,000 after acquiring an additional 576,721 shares in the last quarter. Institutional investors and hedge funds 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.