Orange County Bancorp (NASDAQ:OBT) Stock Rating Upgraded by Piper Sandler

Key Points

• Piper Sandler upgraded Orange County Bancorp to “strong buy.” The stock has a consensus “Buy” rating and an average analyst price target of $43.25.
• Orange County Bancorp reported quarterly EPS of $1.02, exceeding the $0.80 consensus estimate, although revenue of $27.82 million fell short of the $33.00 million estimate.
• Shares opened at $38.72, near their 52-week high of $40.10. Institutional investors own 42.55% of the stock, while insiders have sold shares totaling approximately $176,136 over the past 90 days.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) was upgraded by analysts at Piper Sandler to a "strong-buy" rating in a note issued to investors on Friday, Zacks reports.

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

Orange County Bancorp Stock Performance

Shares of OBT opened at $38.72 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.91 and a current ratio of 0.93. The stock has a market capitalization of $519.24 million, a P/E ratio of 10.91 and a beta of 0.41. The company's fifty day moving average is $37.91 and its two-hundred day moving average is $35.37. Orange County Bancorp has a 1 year low of $23.25 and a 1 year high of $40.10.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $1.02 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.22. The company had revenue of $27.82 million during the quarter, compared to the consensus estimate of $33.00 million. Orange County Bancorp had a net margin of 30.80% and a return on equity of 16.44%.

Insiders Place Their Bets

In other news, SVP Stephen Rooney sold 1,500 shares of the company's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $38.71, for a total transaction of $58,065.00. Following the transaction, the senior vice president directly owned 8,606 shares of the company's stock, valued at $333,138.26. This represents a 14.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Gregory Sousa sold 1,882 shares of the firm's stock in a transaction dated Monday, August 3rd. The shares were 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 owned 10,572 shares of the company's stock, valued at $409,665. This trade represents a 15.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 4,547 shares of company stock worth $176,136. Corporate insiders own 8.20% of the company's stock.

Institutional Trading of Orange County Bancorp

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Orange County Bancorp during the second quarter valued at $72,094,000. Dimensional Fund Advisors LP lifted its holdings in shares of Orange County Bancorp by 29.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 126,936 shares of the company's stock worth $4,060,000 after acquiring an additional 29,205 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in shares of Orange County Bancorp in the second quarter worth approximately $11,311,000. Hsbc Holdings PLC acquired a new stake in shares of Orange County Bancorp in the second quarter worth approximately $1,597,000. Finally, Renaissance Technologies LLC grew its holdings in Orange County Bancorp by 169.4% in the first quarter. Renaissance Technologies LLC now owns 22,900 shares of the company's stock valued at $732,000 after purchasing an additional 14,400 shares during the period. 42.55% of the stock is currently owned by hedge funds and other institutional investors.

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.

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