Orange County Bancorp (NASDAQ:OBT) Price Target Raised to $38.00

Orange County Bancorp (NASDAQ:OBT) had its target price upped by Hovde Group from $32.00 to $38.00 in a report released on Friday morning, Marketbeat.com reports. Hovde Group currently has an outperform rating on the stock.

Several other research analysts also recently weighed in on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $36.00 target price (up previously from $32.00) on shares of Orange County Bancorp in a report on Thursday. Weiss Ratings restated a “hold (c+)” rating on shares of Orange County Bancorp in a research report on Thursday, January 22nd. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $37.00.

Orange County Bancorp Trading Up 3.3%

Shares of NASDAQ:OBT opened at $35.21 on Friday. The stock has a 50 day moving average of $29.38 and a 200 day moving average of $26.82. The company has a market cap of $470.76 million, a PE ratio of 10.61 and a beta of 0.43. Orange County Bancorp has a 12-month low of $20.97 and a 12-month high of $35.43. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.21.

Orange County Bancorp (NASDAQ:OBT) last issued its quarterly earnings results on Wednesday, February 4th. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.18. The business had revenue of $33.03 million for the quarter, compared to the consensus estimate of $31.40 million. Orange County Bancorp had a net margin of 26.32% and a return on equity of 17.24%. As a group, equities research analysts expect that Orange County Bancorp will post 2.83 EPS for the current year.

Orange County Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 16th. Stockholders of record on Thursday, December 4th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.0%. This is a positive change from Orange County Bancorp’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Thursday, December 4th. Orange County Bancorp’s payout ratio is presently 21.69%.

Insider Buying and Selling

In related news, SVP David P. Dineen sold 1,000 shares of the stock in a transaction that occurred 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 transaction, the senior vice president directly owned 8,214 shares of the company’s stock, valued at approximately $236,645.34. This represents a 10.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 9.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in OBT. Russell Investments Group Ltd. boosted its holdings in Orange County Bancorp by 5,416.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 993 shares of the company’s stock valued at $25,000 after acquiring an additional 975 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Orange County Bancorp during the second quarter valued at $28,000. CWM LLC boosted its stake in shares of Orange County Bancorp by 174.5% during the third quarter. CWM LLC now owns 1,356 shares of the company’s stock valued at $34,000 after purchasing an additional 862 shares during the period. New York State Common Retirement Fund grew its holdings in shares of Orange County Bancorp by 140.0% in the third quarter. New York State Common Retirement Fund now owns 3,086 shares of the company’s stock worth $78,000 after purchasing an additional 1,800 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in Orange County Bancorp by 706.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,453 shares of the company’s stock worth $89,000 after buying an additional 3,025 shares during the period. Hedge funds and other institutional investors 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.