Orange County Bancorp (NASDAQ:OBT) Posts Earnings Results, Beats Estimates By $0.11 EPS

Key Points

• Orange County Bancorp exceeded quarterly expectations: EPS was $0.93 versus the $0.82 consensus, while revenue reached $35.30 million compared with estimates of $33.50 million.
• The company declared a quarterly dividend of $0.18 per share, equivalent to $0.72 annually and a 1.9% yield.
• Analyst sentiment remains positive, with an average “Strong Buy” rating and a $43.25 price target; however, company insiders sold 4,547 shares worth approximately $176,136 over the past 90 days.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) issued its quarterly earnings data on Wednesday. The company reported $0.93 earnings per share for the quarter, beating analysts' consensus estimates of $0.82 by $0.11, FiscalAI reports. Orange County Bancorp had a return on equity of 16.44% and a net margin of 30.80%. The business had revenue of $35.30 million for the quarter, compared to the consensus estimate of $33.50 million.

Orange County Bancorp Price Performance

NASDAQ:OBT traded down $0.35 on Wednesday, reaching $38.10. The stock had a trading volume of 50,647 shares, compared to its average volume of 61,469. The company has a market capitalization of $510.84 million, a P/E ratio of 10.73 and a beta of 0.42. Orange County Bancorp has a 1-year low of $23.25 and a 1-year high of $40.10. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.11. The stock has a fifty day moving average price of $37.76 and a 200-day moving average price of $35.27.

Orange County Bancorp Announces Dividend

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

Insider Activity

In other news, EVP Gregory Sousa sold 1,882 shares of Orange County Bancorp stock in a transaction that occurred on 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 owned 10,572 shares in the company, valued at approximately $409,665. The trade was a 15.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Stephen Rooney sold 1,500 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $38.71, for a total value of $58,065.00. Following the completion of the transaction, the senior vice president directly owned 8,606 shares in the company, valued at $333,138.26. The trade was a 14.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 4,547 shares of company stock worth $176,136 over the last ninety days. Insiders own 8.20% of the company's stock.

Analysts Set New Price Targets

OBT has been the topic of several analyst reports. Hovde Group increased their price target on Orange County Bancorp from $40.00 to $42.50 and gave the company an "outperform" rating in a report on Friday, July 31st. Piper Sandler set a $44.00 price objective on shares of Orange County Bancorp and gave the stock an "overweight" rating in a research note on Friday, September 4th. Zacks Research upgraded shares of Orange County Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 7th. Finally, Weiss Ratings downgraded shares of Orange County Bancorp from a "buy (b+)" rating to a "buy (b)" rating in a report on Friday. Two analysts have rated the stock with a Strong Buy rating and two have issued a Buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Strong Buy" and an average price target of $43.25.

About Orange County Bancorp

Orange County Bancorp, Inc is the bank holding company for Orange Bank & Trust Company, a community-focused commercial bank headquartered in Middletown, New York. Through its banking subsidiary, the company provides financial services to businesses, professionals, municipalities and individual customers.

Orange Bank & Trust offers commercial and consumer lending, business and personal deposit accounts, cash-management services, online and mobile banking, treasury services, and residential mortgage products.

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