Hovde Group Issues Positive Forecast for Orange County Bancorp (NASDAQ:OBT) Stock Price

Orange County Bancorp (NASDAQ:OBT) had its price objective boosted by research analysts at Hovde Group from $40.00 to $42.50 in a research note issued to investors on Friday. The brokerage currently has an “outperform” rating on the stock. Hovde Group’s price target indicates a potential upside of 12.51% from the stock’s previous close.

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Orange County Bancorp in a research note on Friday, June 26th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.25.

Orange County Bancorp Stock Up 0.0%

NASDAQ OBT traded up $0.01 on Friday, reaching $37.78. The company had a trading volume of 4,327 shares, compared to its average volume of 63,385. The company’s fifty day moving average is $36.34 and its 200-day moving average is $34.15. Orange County Bancorp has a 1-year low of $22.98 and a 1-year high of $40.10. The firm has a market capitalization of $506.58 million, a price-to-earnings ratio of 10.70 and a beta of 0.41. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.92 and a current ratio of 0.92.

Orange County Bancorp (NASDAQ:OBT) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.22. Orange County Bancorp had a return on equity of 16.80% and a net margin of 30.80%.The business had revenue of $27.82 million during the quarter, compared to the consensus estimate of $33.00 million.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its holdings in shares of Orange County Bancorp by 4.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 10,666 shares of the company’s stock worth $269,000 after acquiring an additional 476 shares during the last quarter. Royal Bank of Canada lifted its holdings in Orange County Bancorp by 108.3% during the 1st quarter. Royal Bank of Canada now owns 1,029 shares of the company’s stock valued at $33,000 after purchasing an additional 535 shares during the last quarter. Rhumbline Advisers lifted its holdings in Orange County Bancorp by 8.1% during 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. boosted 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 purchasing an additional 862 shares during the period. Finally, LPL Financial LLC boosted its position in Orange County Bancorp by 4.1% during the fourth quarter. LPL Financial LLC now owns 22,285 shares of the company’s stock worth $636,000 after purchasing an additional 875 shares during the period. Institutional investors and hedge funds own 42.55% of the company’s stock.

About Orange County Bancorp

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.