Banc Funds Co. LLC Cuts Holdings in Orange County Bancorp, Inc. $OBT

Banc Funds Co. LLC decreased its holdings in Orange County Bancorp, Inc. (NASDAQ:OBT) by 24.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 247,853 shares of the company’s stock after selling 82,103 shares during the period. Banc Funds Co. LLC owned about 1.85% of Orange County Bancorp worth $6,248,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Russell Investments Group Ltd. raised its position in shares of Orange County Bancorp by 5,416.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 993 shares of the company’s stock worth $25,000 after acquiring an additional 975 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in Orange County Bancorp in the second quarter valued at about $28,000. CWM LLC raised its holdings in Orange County Bancorp by 174.5% in the third quarter. CWM LLC now owns 1,356 shares of the company’s stock worth $34,000 after purchasing an additional 862 shares in the last quarter. New York State Common Retirement Fund lifted its position in shares of Orange County Bancorp by 140.0% during the third quarter. New York State Common Retirement Fund now owns 3,086 shares of the company’s stock valued at $78,000 after buying an additional 1,800 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of 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 valued at $89,000 after buying an additional 3,025 shares in the last quarter. Institutional investors own 42.55% of the company’s stock.

Orange County Bancorp Stock Performance

OBT opened at $30.51 on Friday. The company has a market cap of $407.92 million, a P/E ratio of 9.19 and a beta of 0.42. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.21. The firm’s 50-day moving average price is $31.93 and its 200-day moving average price is $28.28. Orange County Bancorp, Inc. has a 52-week low of $20.97 and a 52-week high of $37.99.

Orange County Bancorp (NASDAQ:OBT) last released its earnings results on Wednesday, February 4th. The company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.18. The company had revenue of $33.03 million during the quarter, compared to analysts’ expectations 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 analysts anticipate that Orange County Bancorp, Inc. will post 2.83 EPS for the current fiscal year.

Orange County Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Wednesday, March 4th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Wednesday, March 4th. Orange County Bancorp’s payout ratio is presently 21.69%.

Analyst Ratings Changes

Several research firms recently commented on OBT. Piper Sandler reiterated an “overweight” rating and set a $36.00 price objective (up from $32.00) on shares of Orange County Bancorp in a research note on Thursday, February 5th. Weiss Ratings upgraded shares of Orange County Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, February 6th. Wall Street Zen raised shares of Orange County Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, February 7th. Finally, Hovde Group upped their price target on Orange County Bancorp from $32.00 to $38.00 and gave the stock an “outperform” rating in a research report on Friday, February 6th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $37.00.

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.