Zacks Research Upgrades Orange County Bancorp (NASDAQ:OBT) to Hold

Key Points

• Zacks Research upgraded Orange County Bancorp to “Hold,” although the broader analyst consensus remains “Buy,” with an average price target of $43.25 versus the stock’s $37.90 opening price.
• Orange County Bancorp reported quarterly EPS of $1.02, exceeding the $0.80 consensus estimate, while revenue of $27.82 million fell short of the $33.00 million forecast.
• Institutional ownership increased, with hedge funds and other institutions holding 42.55% of shares, while company insiders sold 4,547 shares worth approximately $176,136 during the last quarter.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) was upgraded by investment analysts at Zacks Research to a "hold" rating in a research report issued to clients and investors on Tuesday, Zacks reports.

Several other equities analysts also recently weighed in on OBT. Hovde Group raised their price objective on Orange County Bancorp from $40.00 to $42.50 and gave the company an "outperform" rating in a research note on Friday, July 31st. Weiss Ratings reiterated a "buy (b)" rating on shares of Orange County Bancorp in a research report on Friday, June 26th. Finally, Piper Sandler set a $44.00 target price on Orange County Bancorp and gave the company an "overweight" rating in a report on Friday, September 4th. One equities research 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. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $43.25.

Orange County Bancorp Trading Down 0.7%

Shares of Orange County Bancorp stock opened at $37.90 on Tuesday. Orange County Bancorp has a 12-month low of $23.25 and a 12-month high of $40.10. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.11. The stock has a market cap of $508.24 million, a PE ratio of 10.68 and a beta of 0.41. The company has a 50-day moving average of $37.97 and a two-hundred day moving average of $35.44.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The company reported $1.02 earnings per share (EPS) for the quarter, beating 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%. On average, research analysts anticipate that Orange County Bancorp will post 3.5 EPS for the current fiscal year.

Insider Buying and Selling at Orange County Bancorp

In other news, EVP Gregory Sousa sold 1,882 shares of the firm'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 sale, the executive vice president owned 10,572 shares in the company, valued at $409,665. This trade 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 through this link. Also, SVP Stephen Rooney sold 1,500 shares of Orange County Bancorp 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 of the company's stock, valued at approximately $333,138.26. This represents a 14.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 4,547 shares of company stock valued at $176,136 over the last quarter. 8.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Orange County Bancorp

Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in Orange County Bancorp in the 2nd quarter valued at about $72,094,000. The Manufacturers Life Insurance Company acquired a new position in shares of Orange County Bancorp during the 2nd quarter valued at about $11,311,000. Fourthstone LLC lifted its holdings in shares of Orange County Bancorp by 169.9% during the 4th quarter. Fourthstone LLC now owns 192,846 shares of the company's stock worth $5,506,000 after acquiring an additional 121,402 shares during the period. The Manufacturers Life Insurance Company lifted its holdings 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 worth $8,262,000 after acquiring an additional 73,483 shares during the period. Finally, Boothbay Fund Management LLC acquired a new stake in shares of Orange County Bancorp in the second quarter worth approximately $1,638,000. 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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