Hsbc Holdings PLC Makes New $345,000 Investment in Orange County Bancorp, Inc. $OBT

Key Points

• Hsbc Holdings PLC acquired 14,757 shares of Orange County Bancorp, Inc. (NASDAQ: OBT), valued at approximately $345,000, marking a new investment in the company.
• Orange County Bancorp reported strong earnings with $0.87 earnings per share, exceeding the consensus estimate, alongside revenue of $32.46 million for the quarter.
• The company announced a quarterly dividend of $0.13 per share, with a yield of 2.0%, set to be paid to shareholders on September 16th.

Hsbc Holdings PLC bought a new position in Orange County Bancorp, Inc. (NASDAQ:OBT - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The fund bought 14,757 shares of the company's stock, valued at approximately $345,000. Hsbc Holdings PLC owned 0.13% of Orange County Bancorp at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Hudson Valley Investment Advisors Inc. ADV grew its holdings in shares of Orange County Bancorp by 95.8% in the first quarter. Hudson Valley Investment Advisors Inc. ADV now owns 1,178,905 shares of the company's stock valued at $27,575,000 after purchasing an additional 576,721 shares in the last quarter. Wellington Management Group LLP raised its position in Orange County Bancorp by 92.4% during the 1st quarter. Wellington Management Group LLP now owns 509,258 shares of the company's stock worth $11,912,000 after buying an additional 244,503 shares during the last quarter. Meeder Advisory Services Inc. purchased a new position in Orange County Bancorp during the 1st quarter worth $2,661,000. American Century Companies Inc. grew its stake in shares of Orange County Bancorp by 130.7% during the 1st quarter. American Century Companies Inc. now owns 123,996 shares of the company's stock worth $2,900,000 after purchasing an additional 70,243 shares during the period. Finally, Carnegie Investment Counsel acquired a new stake in Orange County Bancorp in the 1st quarter valued at about $664,000. Hedge funds and other institutional investors own 42.55% of the company's stock.

Orange County Bancorp Stock Performance

OBT stock traded down $0.34 during midday trading on Monday, hitting $26.28. The company's stock had a trading volume of 10,798 shares, compared to its average volume of 39,378. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.20. Orange County Bancorp, Inc. has a 1 year low of $20.97 and a 1 year high of $33.06. The stock has a market cap of $351.10 million, a price-to-earnings ratio of 10.33 and a beta of 0.47. The stock's 50-day moving average price is $26.21 and its 200 day moving average price is $25.02.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.11. Orange County Bancorp had a return on equity of 14.19% and a net margin of 19.84%.The firm had revenue of $32.46 million during the quarter, compared to analyst estimates of $29.00 million. On average, equities analysts forecast that Orange County Bancorp, Inc. will post 2.83 EPS for the current year.

Orange County Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Monday, September 8th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Monday, September 8th. Orange County Bancorp's payout ratio is 20.31%.

Analyst Ratings Changes

A number of research firms have recently issued reports on OBT. Hovde Group dropped their price objective on shares of Orange County Bancorp from $30.50 to $29.50 and set an "outperform" rating on the stock in a research note on Tuesday, June 10th. Piper Sandler lowered their price target on Orange County Bancorp from $30.00 to $29.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $29.25.

Orange County Bancorp Company Profile

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.