Meeder Advisory Services Inc. Invests $2.66 Million in Orange County Bancorp, Inc. (NASDAQ:OBT)

Key Points

• Meeder Advisory Services Inc. acquired 113,749 shares of Orange County Bancorp, Inc. during the first quarter, representing approximately $2,661,000 and amounting to 1% ownership of the company.
• Orange County Bancorp posted quarterly earnings of $0.77 per share, surpassing estimates and showing a return on equity of 14.41% with a net margin of 18.86%.
• The company recently declared a quarterly dividend of $0.13 per share, yielding 1.97%, with a payout ratio currently at 21.58%.

Meeder Advisory Services Inc. acquired a new stake in Orange County Bancorp, Inc. (NASDAQ:OBT - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 113,749 shares of the company's stock, valued at approximately $2,661,000. Meeder Advisory Services Inc. owned approximately 1.00% of Orange County Bancorp at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. American Century Companies Inc. boosted its holdings in Orange County Bancorp by 59.8% during the fourth quarter. American Century Companies Inc. now owns 53,753 shares of the company's stock worth $2,987,000 after buying an additional 20,118 shares in the last quarter. LPL Financial LLC bought a new stake in Orange County Bancorp during the fourth quarter worth approximately $645,000. JPMorgan Chase & Co. boosted its holdings in Orange County Bancorp by 129.0% during the fourth quarter. JPMorgan Chase & Co. now owns 19,100 shares of the company's stock worth $1,061,000 after buying an additional 10,761 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Orange County Bancorp by 27.8% during the fourth quarter. Wells Fargo & Company MN now owns 2,999 shares of the company's stock worth $167,000 after buying an additional 652 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Orange County Bancorp by 52.5% in the 4th quarter. Renaissance Technologies LLC now owns 6,100 shares of the company's stock valued at $339,000 after acquiring an additional 2,100 shares in the last quarter. 42.55% of the stock is currently owned by institutional investors.

Orange County Bancorp Stock Down 2.7%

Shares of Orange County Bancorp stock traded down $0.68 during midday trading on Friday, reaching $24.31. 27,596 shares of the company's stock traded hands, compared to its average volume of 40,658. The company has a market cap of $318.46 million, a price-to-earnings ratio of 9.51 and a beta of 0.47. The company's 50 day simple moving average is $25.85 and its 200 day simple moving average is $25.24. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.87. Orange County Bancorp, Inc. has a 52 week low of $20.97 and a 52 week high of $33.06.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates of $0.67 by $0.10. The business had revenue of $27.98 million for the quarter, compared to the consensus estimate of $28.10 million. Orange County Bancorp had a net margin of 19.84% and a return on equity of 15.28%. Equities analysts expect that Orange County Bancorp, Inc. will post 2.83 earnings per share for the current fiscal year.

Orange County Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Wednesday, June 4th were paid a $0.13 dividend. The ex-dividend date was Wednesday, June 4th. This represents a $0.52 dividend on an annualized basis and a yield of 2.1%. Orange County Bancorp's dividend payout ratio (DPR) is presently 21.58%.

Insider Activity at Orange County Bancorp

In other news, Director Jon Schiller bought 6,451 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were acquired at an average cost of $23.25 per share, for a total transaction of $149,985.75. Following the purchase, the director owned 12,446 shares of the company's stock, valued at $289,369.50. This represents a 107.61% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joseph A. Ruhl sold 1,752 shares of the firm's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $26.67, for a total transaction of $46,725.84. Following the completion of the transaction, the insider owned 31,485 shares in the company, valued at $839,704.95. The trade was a 5.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on OBT shares. Hovde Group reduced their price target on shares of Orange County Bancorp from $30.50 to $29.50 and set an "outperform" rating for the company in a research report on Tuesday, June 10th. Piper Sandler reduced their price target on shares of Orange County Bancorp from $30.00 to $29.00 and set an "overweight" rating for the company in a research report on Thursday.

About Orange County Bancorp

Orange County Bancorp, Inc, through its subsidiaries, provides commercial and consumer banking products and services, and trust and wealth management services to small businesses, middle-market enterprises, local municipal governments, and individuals. It accepts various deposits, including interest-bearing and noninterest-bearing demand accounts, money market deposit accounts, savings accounts, and certificates of deposit.