Orange County Bancorp, Inc. (NASDAQ:OBT) to Issue Quarterly Dividend of $0.18

Key Points

• Orange County Bancorp declared a quarterly dividend of $0.18 per share, payable September 15 to shareholders of record September 4. The dividend carries a 1.9% yield and a 13.3% payout ratio.
• The company reported quarterly earnings of $1.02 per share, exceeding analysts’ $0.80 estimate, although revenue of $27.82 million came in below the $33.00 million consensus forecast.
• Institutional investors own 42.55% of the company, with BlackRock and Manufacturers Life Insurance among investors establishing or expanding positions; insiders sold 4,547 shares worth approximately $176,136 over the past 90 days.

Orange County Bancorp, Inc. (NASDAQ:OBT - Get Free Report) announced a quarterly dividend on Thursday, August 20th. Stockholders of record on Friday, September 4th will be paid a dividend of 0.18 per share on Tuesday, September 15th. This represents a c) dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, September 4th.

Orange County Bancorp has a payout ratio of 13.3% meaning its dividend is sufficiently covered by earnings.

Orange County Bancorp Stock Performance

NASDAQ:OBT opened at $37.50 on Wednesday. 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 50-day simple moving average of $37.82 and a two-hundred day simple moving average of $35.30. The firm has a market capitalization of $502.88 million, a PE ratio of 10.56 and a beta of 0.41. Orange County Bancorp has a 52-week low of $23.25 and a 52-week high of $40.10.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $1.02 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.22. The firm had revenue of $27.82 million for 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%.

Insider Activity

In other news, SVP Stephen Rooney sold 1,500 shares of Orange County Bancorp stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $38.71, for a total value of $58,065.00. Following the sale, the senior vice president directly owned 8,606 shares of the company's stock, valued at approximately $333,138.26. The trade was a 14.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Gregory Sousa sold 1,882 shares of the business's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $38.75, for a total value of $72,927.50. Following the completion of the sale, the executive vice president owned 10,572 shares in the company, valued at $409,665. This represents a 15.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 4,547 shares of company stock worth $176,136 over the last ninety days. Insiders own 8.20% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of Orange County Bancorp in the 2nd quarter valued at approximately $72,094,000. The Manufacturers Life Insurance Company purchased a new stake in Orange County Bancorp in the 2nd quarter valued at about $11,311,000. Fourthstone LLC increased its position in shares of Orange County Bancorp by 169.9% during the fourth 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 increased its position in shares of Orange County Bancorp by 29.8% during the second 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 bought a new stake in shares of Orange County Bancorp during the second quarter valued at approximately $1,638,000. Institutional investors own 42.55% of the company's stock.

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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