Hovde Group Has Lowered Expectations for Orange County Bancorp (NASDAQ:OBT) Stock Price

Orange County Bancorp (NASDAQ:OBT) had its price objective decreased by equities researchers at Hovde Group from $30.50 to $29.50 in a research note issued to investors on Tuesday, Marketbeat reports. The brokerage currently has an “outperform” rating on the stock. Hovde Group’s target price would suggest a potential upside of 22.92% from the company’s previous close.

Orange County Bancorp Trading Down 2.2%

Shares of OBT opened at $24.00 on Tuesday. The firm has a market capitalization of $314.50 million, a PE ratio of 9.72 and a beta of 0.48. 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 12-month low of $20.97 and a 12-month high of $33.06. The stock’s fifty day simple moving average is $24.45 and its 200-day simple moving average is $25.78.

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

Insider Buying and Selling at Orange County Bancorp

In related 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 transaction of $60,048.40. Following the completion of the transaction, the executive vice president now owns 10,280 shares in the company, valued at approximately $252,990.80. This represents a 19.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Joseph A. Ruhl sold 1,752 shares of Orange County Bancorp stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $26.67, for a total value of $46,725.84. Following the completion of the sale, the insider now directly owns 31,485 shares in the company, valued at approximately $839,704.95. This represents a 5.27% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,689 shares of company stock valued at $172,121. 9.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Orange County Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the business. Hudson Valley Investment Advisors Inc. ADV raised its holdings in Orange County Bancorp by 95.8% in the 1st quarter. Hudson Valley Investment Advisors Inc. ADV now owns 1,178,905 shares of the company’s stock valued at $27,575,000 after acquiring an additional 576,721 shares during the period. Wellington Management Group LLP increased its stake in Orange County Bancorp by 92.4% in the first quarter. Wellington Management Group LLP now owns 509,258 shares of the company’s stock valued at $11,912,000 after acquiring an additional 244,503 shares during the last quarter. Meeder Advisory Services Inc. acquired a new position in shares of Orange County Bancorp during the 1st quarter worth $2,661,000. American Century Companies Inc. raised its stake in Orange County Bancorp by 130.7% during the first quarter. American Century Companies Inc. now owns 123,996 shares of the company’s stock worth $2,900,000 after acquiring an additional 70,243 shares in the last quarter. Finally, Carnegie Investment Counsel bought a new position in Orange County Bancorp in the 1st quarter valued at approximately $664,000. Institutional investors own 42.55% of the company’s stock.

About Orange County Bancorp

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.