Orange County Bancorp (NASDAQ:OBT) Hits New 1-Year High – Here’s Why

Orange County Bancorp, Inc. (NASDAQ:OBT)’s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $40.10 and last traded at $37.49, with a volume of 14253 shares trading hands. The stock had previously closed at $37.23.

Wall Street Analyst Weigh In

Separately, 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. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Orange County Bancorp has an average rating of “Moderate Buy” and an average price target of $37.00.

Orange County Bancorp Stock Up 0.2%

The stock has a market capitalization of $500.19 million, a price-to-earnings ratio of 10.97 and a beta of 0.43. The firm’s fifty day moving average is $34.77 and its 200-day moving average is $32.37. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.92 and a quick ratio of 0.92.

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

Orange County Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Thursday, June 4th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.9%. The ex-dividend date was Thursday, June 4th. Orange County Bancorp’s dividend payout ratio (DPR) is currently 21.18%.

Hedge Funds Weigh In On Orange County Bancorp

Several large investors have recently made changes to their positions in OBT. JPMorgan Chase & Co. raised its position in shares of Orange County Bancorp by 4.7% during the third quarter. JPMorgan Chase & Co. now owns 10,666 shares of the company’s stock worth $269,000 after purchasing an additional 476 shares during the period. Royal Bank of Canada increased its stake in shares of Orange County Bancorp by 108.3% during the 1st quarter. Royal Bank of Canada now owns 1,029 shares of the company’s stock worth $33,000 after purchasing an additional 535 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of Orange County Bancorp by 8.1% in the 3rd quarter. Rhumbline Advisers now owns 10,600 shares of the company’s stock valued at $267,000 after purchasing an additional 793 shares during the last quarter. Ameriprise Financial Inc. increased its position in Orange County Bancorp by 4.4% during the second quarter. Ameriprise Financial Inc. now owns 20,268 shares of the company’s stock worth $524,000 after buying an additional 862 shares during the last quarter. Finally, LPL Financial LLC lifted its position in shares of Orange County Bancorp by 4.1% in the fourth quarter. LPL Financial LLC now owns 22,285 shares of the company’s stock worth $636,000 after buying an additional 875 shares during the last quarter. Institutional investors own 42.55% of the company’s stock.

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.