Orange County Bancorp (NASDAQ:OBT) Upgraded to “Strong-Buy” at Piper Sandler

Piper Sandler upgraded shares of Orange County Bancorp (NASDAQ:OBT) to a strong-buy rating in a research report report published on Friday morning,Zacks reports.

Several other equities analysts have also commented on OBT. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Orange County Bancorp in a research report on Friday, June 26th. Hovde Group boosted their price objective on shares of Orange County Bancorp from $40.00 to $42.50 and gave the company an “outperform” rating in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $43.25.

Orange County Bancorp Stock Up 0.8%

Shares of NASDAQ:OBT opened at $38.72 on Friday. The stock’s 50-day moving average price is $37.91 and its two-hundred day moving average price is $35.37. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.11. Orange County Bancorp has a 12-month low of $23.25 and a 12-month high of $40.10. The firm has a market cap of $519.24 million, a price-to-earnings ratio of 10.91 and a beta of 0.41.

Orange County Bancorp (NASDAQ:OBT) last posted its quarterly earnings results on Tuesday, July 28th. The company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.80 by $0.22. The company had revenue of $27.82 million during the quarter, compared to analysts’ expectations of $33.00 million. Orange County Bancorp had a return on equity of 16.44% and a net margin of 30.80%.

Orange County Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, September 4th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, September 4th. Orange County Bancorp’s dividend payout ratio (DPR) is presently 20.28%.

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 firm’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $38.71, for a total value of $58,065.00. Following the sale, the senior vice president owned 8,606 shares of the company’s stock, valued at $333,138.26. This represents a 14.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of OBT. BlackRock Inc. purchased a new stake in Orange County Bancorp during the 2nd quarter worth approximately $72,094,000. Vanguard Group Inc. boosted its stake in shares of Orange County Bancorp by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 550,920 shares of the company’s stock valued at $13,889,000 after buying an additional 8,793 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of 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 buying an additional 73,483 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Orange County Bancorp during the second quarter worth approximately $11,311,000. Finally, Geode Capital Management LLC grew its position in shares of Orange County Bancorp by 3.6% during the fourth quarter. Geode Capital Management LLC now owns 258,623 shares of the company’s stock worth $7,385,000 after buying an additional 8,955 shares in the last quarter. Hedge funds and other institutional investors own 42.55% of the company’s stock.

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.