American Century Companies Inc. Grows Position in Orange County Bancorp, Inc. $OBT

Key Points

• American Century Companies Inc. significantly increased its stake in Orange County Bancorp by 130.7%, acquiring an additional 70,243 shares during the first quarter, bringing their total ownership to 123,996 shares valued at approximately $2.9 million.
• Orange County Bancorp has declared a quarterly dividend of $0.13 per share, with a dividend yield of 1.9%, set to be paid to stockholders on September 16th.
• Despite some analysts lowering their price target for Orange County Bancorp, the stock maintains an average "Buy" rating, with a revised target price of $29.25.

American Century Companies Inc. raised its stake in Orange County Bancorp, Inc. (NASDAQ:OBT - Free Report) by 130.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 123,996 shares of the company's stock after acquiring an additional 70,243 shares during the period. American Century Companies Inc. owned approximately 1.09% of Orange County Bancorp worth $2,900,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Wells Fargo & Company MN lifted its holdings in shares of Orange County Bancorp by 27.8% during the fourth quarter. Wells Fargo & Company MN now owns 2,999 shares of the company's stock valued at $167,000 after purchasing an additional 652 shares in the last quarter. BNP Paribas Financial Markets bought a new position in shares of Orange County Bancorp during the fourth quarter valued at $46,000. Public Employees Retirement System of Ohio bought a new position in shares of Orange County Bancorp during the fourth quarter valued at $60,000. Two Sigma Investments LP lifted its holdings in shares of Orange County Bancorp by 25.7% during the fourth quarter. Two Sigma Investments LP now owns 5,294 shares of the company's stock valued at $294,000 after purchasing an additional 1,084 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Orange County Bancorp by 52.5% during the fourth quarter. Renaissance Technologies LLC now owns 6,100 shares of the company's stock valued at $339,000 after purchasing an additional 2,100 shares in the last quarter. 42.55% of the stock is owned by hedge funds and other institutional investors.

Orange County Bancorp Stock Performance

Shares of NASDAQ OBT traded up $0.29 during trading on Thursday, hitting $26.67. The company had a trading volume of 10,896 shares, compared to its average volume of 39,581. The stock has a 50 day simple moving average of $26.17 and a 200 day simple moving average of $25.03. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.90 and a current ratio of 0.90. Orange County Bancorp, Inc. has a 12 month low of $20.97 and a 12 month high of $33.06. The firm has a market capitalization of $356.24 million, a P/E ratio of 10.44 and a beta of 0.47.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $0.87 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 for the quarter, compared to the consensus estimate of $29.00 million. As a group, analysts anticipate that Orange County Bancorp, Inc. will post 2.83 earnings per share for the current year.

Orange County Bancorp Dividend Announcement

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

Analyst Ratings Changes

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

Orange County Bancorp 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.