Orange County Bancorp (NASDAQ:OBT) Stock Lifted to “Strong-Buy” by Zacks Research

Orange County Bancorp (NASDAQ:OBT) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday, Zacks reports.

Several other research analysts have also recently commented on OBT. Hovde Group raised their target price on shares of Orange County Bancorp from $40.00 to $42.50 and gave the stock an “outperform” rating in a report on Friday, July 31st. Piper Sandler set a $44.00 price target on shares of Orange County Bancorp and gave the company an “overweight” rating in a research report on Friday, September 4th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Orange County Bancorp in a research note on Tuesday, September 22nd. Two analysts have rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Strong Buy” and a consensus price target of $43.25.

Orange County Bancorp Stock Up 0.5%

OBT stock opened at $37.25 on Wednesday. Orange County Bancorp has a fifty-two week low of $23.25 and a fifty-two week high of $40.10. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.93 and a quick ratio of 0.91. The stock has a market capitalization of $499.52 million, a price-to-earnings ratio of 10.49 and a beta of 0.42. The business’s fifty day moving average price is $38.09 and its two-hundred day moving average price is $36.25.

Orange County Bancorp (NASDAQ:OBT) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.22. Orange County Bancorp had a net margin of 30.80% and a return on equity of 16.44%. The business had revenue of $27.82 million during the quarter, compared to analysts’ expectations of $33.00 million. On average, equities analysts anticipate that Orange County Bancorp will post 3.53 earnings per share for the current year.

Insider Activity 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 on Monday, August 3rd. The stock was sold at an average price of $38.75, for a total transaction of $72,927.50. Following the completion of the sale, the executive vice president directly owned 10,572 shares in the company, valued at $409,665. This represents a 15.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Stephen Rooney sold 1,500 shares of the firm’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $38.71, for a total value of $58,065.00. Following the completion of the sale, the senior vice president directly owned 8,606 shares in the company, valued at approximately $333,138.26. This represents a 14.84% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 4,547 shares of company stock valued at $176,136. Company insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On Orange County Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in OBT. Squarepoint Ops LLC boosted its stake in shares of Orange County Bancorp by 26.5% during the second quarter. Squarepoint Ops LLC now owns 15,756 shares of the company’s stock valued at $580,000 after purchasing an additional 3,301 shares in the last quarter. HighTower Advisors LLC raised its holdings in Orange County Bancorp by 25.9% in the 2nd quarter. HighTower Advisors LLC now owns 9,516 shares of the company’s stock valued at $350,000 after buying an additional 1,960 shares during the last quarter. Kahn Brothers Group Inc. bought a new position in Orange County Bancorp in the 2nd quarter valued at approximately $294,000. Bank of America Corp DE acquired a new stake in Orange County Bancorp during the 2nd quarter worth approximately $2,125,000. Finally, Hsbc Holdings PLC acquired a new stake in Orange County Bancorp during the 2nd quarter worth approximately $1,597,000. Institutional investors own 42.55% of the company’s stock.

Orange County Bancorp Company Profile

Orange County Bancorp, Inc is a bank holding company headquartered in Middletown, New York. Its principal subsidiary, Orange Bank & Trust Company, provides commercial and community banking services to businesses, professionals, municipalities and individuals.

Orange Bank & Trust offers deposit accounts, commercial and residential real estate lending, business loans, lines of credit, consumer loans and treasury management services. The bank also provides wealth management and investment advisory services through its affiliated Hudson Valley Investment Advisors, Inc

Founded in 1892, Orange Bank & Trust serves customers across New York’s Hudson Valley, including Orange, Rockland, Westchester, Dutchess and Ulster counties, as well as surrounding areas.