Orange County Bancorp (NASDAQ:OBT) Trading 0.4% Higher – Time to Buy?

Shares of Orange County Bancorp, Inc. (NASDAQ:OBT) rose 0.4% on Monday . The company traded as high as $29.59 and last traded at $29.07. Approximately 37,850 shares changed hands during trading, an increase of 15% from the average daily volume of 32,909 shares. The stock had previously closed at $28.94.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on OBT shares. Piper Sandler restated an “overweight” rating and issued a $31.00 target price (up previously from $29.00) on shares of Orange County Bancorp in a report on Wednesday, December 10th. Zacks Research upgraded shares of Orange County Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Orange County Bancorp in a report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.25.

Orange County Bancorp Stock Performance

The stock has a market cap of $388.67 million, a PE ratio of 9.63 and a beta of 0.43. The firm’s 50-day moving average is $27.65 and its 200 day moving average is $26.38. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.91 and a current ratio of 0.91.

Orange County Bancorp (NASDAQ:OBT) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.07. Orange County Bancorp had a net margin of 23.51% and a return on equity of 15.98%. The company had revenue of $33.73 million for the quarter, compared to the consensus estimate of $28.60 million. As a group, research analysts anticipate that Orange County Bancorp, Inc. will post 2.83 EPS for the current year.

Orange County Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 16th. Shareholders of record on Thursday, December 4th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, December 4th. This represents a $0.72 annualized dividend and a yield of 2.5%. This is a boost from Orange County Bancorp’s previous quarterly dividend of $0.13. Orange County Bancorp’s dividend payout ratio (DPR) is currently 23.84%.

Insider Activity at Orange County Bancorp

In related news, SVP David P. Dineen sold 1,000 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $28.81, for a total transaction of $28,810.00. Following the completion of the sale, the senior vice president directly owned 8,214 shares of the company’s stock, valued at $236,645.34. This trade represents a 10.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Gilfeather acquired 1,300 shares of the company’s stock in a transaction on Friday, October 31st. The stock was purchased at an average cost of $24.02 per share, for a total transaction of $31,226.00. Following the completion of the purchase, the chief executive officer directly owned 106,788 shares in the company, valued at $2,565,047.76. This trade represents a 1.23% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 9.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Fourthstone LLC purchased a new position in Orange County Bancorp during the second quarter worth about $6,210,000. Endeavour Capital Advisors Inc. acquired a new position in Orange County Bancorp during the 2nd quarter worth approximately $5,121,000. EJF Capital LLC purchased a new position in shares of Orange County Bancorp during the 2nd quarter worth approximately $2,944,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Orange County Bancorp by 29.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 319,723 shares of the company’s stock valued at $8,262,000 after buying an additional 73,483 shares during the period. Finally, Boothbay Fund Management LLC purchased a new stake in shares of Orange County Bancorp in the second quarter valued at approximately $1,638,000. 42.55% of the stock is currently owned by institutional investors and hedge funds.

Orange County Bancorp Company Profile

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.