Orange County Bancorp (NASDAQ:OBT) Rating Increased to Hold at Zacks Research

Orange County Bancorp (NASDAQ:OBT) was upgraded by analysts at Zacks Research to a “hold” rating in a research note issued to investors on Tuesday, Zacks reports.

OBT has been the subject of a number of other research reports. Weiss Ratings reissued a “buy (b)” rating on shares of Orange County Bancorp in a research report on Friday, June 26th. Hovde Group lifted their price target on shares of Orange County Bancorp from $40.00 to $42.50 and gave the company an “outperform” rating in a research report on Friday, July 31st. Finally, Piper Sandler set a $44.00 price objective on shares of Orange County Bancorp and gave the stock an “overweight” rating in a research note on Friday, September 4th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $43.25.

Orange County Bancorp Price Performance

Shares of Orange County Bancorp stock opened at $37.90 on Tuesday. The business’s fifty day moving average price is $37.97 and its 200 day moving average price is $35.44. Orange County Bancorp has a twelve month low of $23.25 and a twelve month high of $40.10. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $508.24 million, a P/E ratio of 10.68 and a beta of 0.41.

Orange County Bancorp (NASDAQ:OBT) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $1.02 EPS for the quarter, topping the consensus estimate of $0.80 by $0.22. The company had revenue of $27.82 million during the quarter, compared to analyst estimates of $33.00 million. Orange County Bancorp had a return on equity of 16.44% and a net margin of 30.80%. As a group, research analysts anticipate that Orange County Bancorp will post 3.5 earnings per share for the current year.

Insider Buying and Selling at Orange County Bancorp

In other Orange County Bancorp news, EVP Gregory Sousa sold 1,882 shares of the company’s 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 completion of the transaction, the executive vice president directly owned 10,572 shares of the company’s stock, valued at $409,665. This represents a 15.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 completion of the transaction, the senior vice president directly owned 8,606 shares of the company’s stock, valued at approximately $333,138.26. The trade was a 14.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 4,547 shares of company stock worth $176,136 in the last ninety days. 8.20% of the stock is currently owned by insiders.

Institutional Trading of Orange County Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of OBT. BlackRock Inc. acquired a new position in shares of Orange County Bancorp in the second quarter worth about $72,094,000. The Manufacturers Life Insurance Company acquired a new stake in Orange County Bancorp during the 2nd quarter valued at approximately $11,311,000. Fourthstone LLC grew its stake in Orange County Bancorp by 169.9% during the 4th quarter. Fourthstone LLC now owns 192,846 shares of the company’s stock valued at $5,506,000 after purchasing an additional 121,402 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Orange County Bancorp by 29.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 319,723 shares of the company’s stock valued at $8,262,000 after purchasing an additional 73,483 shares in the last quarter. Finally, Boothbay Fund Management LLC purchased a new stake in Orange County Bancorp during the 2nd quarter worth approximately $1,638,000. 42.55% of the stock is owned by hedge funds and other institutional investors.

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.