Orange County Bancorp, Inc. (OBT) to Issue Quarterly Dividend of $0.13 on June 16th

Orange County Bancorp, Inc. (NASDAQ:OBT) declared a quarterly dividend on Friday, May 16th, RTT News reports. Shareholders of record on Wednesday, June 4th will be paid a dividend of 0.13 per share on Monday, June 16th. This represents a $0.52 annualized dividend and a yield of 1.94%.

Orange County Bancorp has a dividend payout ratio of 17.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Orange County Bancorp to earn $3.27 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 28.1%.

Orange County Bancorp Stock Performance

Shares of OBT stock opened at $26.84 on Friday. 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 52 week low of $20.97 and a 52 week high of $33.06. The stock has a market capitalization of $305.55 million, a PE ratio of 10.87 and a beta of 0.46. The firm has a 50 day moving average of $23.95 and a two-hundred day moving average of $26.29.

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

Wall Street Analyst Weigh In

Separately, Hovde Group began coverage on shares of Orange County Bancorp in a research note on Monday, May 12th. They set an “outperform” rating and a $30.50 price target on the stock.

Insider Activity

In other news, EVP Gregory Sousa sold 2,440 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $24.61, for a total value of $60,048.40. Following the completion of the sale, the executive vice president now owns 10,280 shares of the company’s stock, valued at $252,990.80. This represents a 19.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael J. Coulter sold 2,497 shares of the stock in a transaction on Monday, May 5th. The stock was sold at an average price of $26.17, for a total transaction of $65,346.49. Following the completion of the sale, the executive vice president now directly 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. Company insiders own 9.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Orange County Bancorp by 107.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,036 shares of the company’s stock valued at $141,000 after acquiring an additional 3,132 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in Orange County Bancorp by 230.7% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 12,283 shares of the company’s stock valued at $287,000 after acquiring an additional 8,569 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Orange County Bancorp by 85.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 36,838 shares of the company’s stock valued at $862,000 after acquiring an additional 16,929 shares during the last quarter. 42.55% of the stock is currently owned by hedge funds and other 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.