Orange County Bancorp (NASDAQ:OBT) Issues Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Orange County Bancorp (NASDAQ:OBT) released its quarterly earnings results on Wednesday. The company reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.11, FiscalAI reports. The business had revenue of $35.30 million for the quarter, compared to the consensus estimate of $33.50 million. Orange County Bancorp had a net margin of 32.35% and a return on equity of 16.95%.

Orange County Bancorp Trading Up 0.8%

Orange County Bancorp stock traded up $0.31 during mid-day trading on Friday, hitting $38.89. 10,026 shares of the stock were exchanged, compared to its average volume of 61,316. The firm’s fifty day simple moving average is $37.76 and its two-hundred day simple moving average is $35.36. Orange County Bancorp has a 12 month low of $23.75 and a 12 month high of $40.49. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $521.51 million, a price-to-earnings ratio of 10.43 and a beta of 0.42.

Orange County Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Friday, September 4th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, September 4th. Orange County Bancorp’s dividend payout ratio (DPR) is presently 20.28%.

Insider Activity

In other Orange County Bancorp news, EVP Gregory Sousa sold 1,882 shares of Orange County Bancorp stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $38.75, for a total value of $72,927.50. Following the sale, the executive vice president owned 10,572 shares of the company’s stock, valued at approximately $409,665. The trade was a 15.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Stephen Rooney sold 1,500 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $38.71, for a total transaction of $58,065.00. Following the sale, the senior vice president directly owned 8,606 shares in the company, valued at approximately $333,138.26. This trade represents a 14.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 8.20% of the company’s stock.

Analysts Set New Price Targets

OBT has been the topic of a number of analyst reports. Weiss Ratings cut Orange County Bancorp from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, October 23rd. Piper Sandler set a $44.00 price target on shares of Orange County Bancorp and gave the company an “overweight” rating in a research report on Friday, September 4th. Hovde Group boosted their price target on shares of Orange County Bancorp from $40.00 to $42.50 and gave the company an “outperform” rating in a report on Friday, July 31st. Finally, Zacks Research raised shares of Orange County Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 7th. Two investment analysts have rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Strong Buy” and an average target price of $43.25.

About Orange County Bancorp

Orange County Bancorp, Inc is the bank holding company for Orange Bank & Trust Company, a community-focused commercial bank headquartered in Middletown, New York. Through its banking subsidiary, the company provides financial services to businesses, professionals, municipalities and individual customers.

Orange Bank & Trust offers commercial and consumer lending, business and personal deposit accounts, cash-management services, online and mobile banking, treasury services, and residential mortgage products.