Bank of America Corp DE Makes New Investment in Orange County Bancorp, Inc. $OBT

Key Points

• Bank of America initiated a position in Orange County Bancorp during the second quarter, purchasing 57,789 shares valued at approximately $2.1 million. Institutional investors collectively own 42.55% of the company.
• Orange County Bancorp reported quarterly EPS of $1.02, exceeding analysts’ $0.80 estimate, though revenue of $27.82 million fell short of the $33 million consensus forecast. The company also maintains a $0.18 quarterly dividend, or $0.72 annually.
• Analysts remain generally positive, with a consensus “Buy” rating and an average price target of $43.25 versus the stock’s reported $36.95 price. However, company insiders sold 4,547 shares worth about $176,000 over the prior 90 days.

Bank of America Corp DE acquired a new position in shares of Orange County Bancorp, Inc. (NASDAQ:OBT - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 57,789 shares of the company's stock, valued at approximately $2,125,000. Bank of America Corp DE owned 0.43% of Orange County Bancorp as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of OBT. BlackRock Inc. bought a new position in Orange County Bancorp in the 2nd quarter valued at $72,094,000. The Manufacturers Life Insurance Company bought a new stake in shares of Orange County Bancorp during the second quarter worth $11,311,000. Dimensional Fund Advisors LP boosted its stake in shares of Orange County Bancorp by 29.9% during the first quarter. Dimensional Fund Advisors LP now owns 126,936 shares of the company's stock valued at $4,060,000 after purchasing an additional 29,205 shares during the period. Hsbc Holdings PLC purchased a new stake in shares of Orange County Bancorp during the second quarter valued at $1,597,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Orange County Bancorp in the second quarter worth about $2,026,000. Institutional investors own 42.55% of the company's stock.

Insiders Place Their Bets

In other Orange County Bancorp news, SVP Stephen Rooney sold 1,500 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $38.71, for a total transaction of $58,065.00. Following the completion of the sale, the senior vice president directly owned 8,606 shares of the company's stock, valued at approximately $333,138.26. This represents a 14.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Gregory Sousa sold 1,882 shares of the firm's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $38.75, for a total transaction 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. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 4,547 shares of company stock valued at $176,136 over the last 90 days. 8.20% of the stock is currently owned by company insiders.

Orange County Bancorp Stock Down 1.0%

NASDAQ:OBT opened at $36.95 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.93 and a quick ratio of 0.91. The firm has a market cap of $495.50 million, a PE ratio of 10.41 and a beta of 0.41. The company has a 50-day moving average of $38.16 and a 200 day moving average of $35.98. Orange County Bancorp, Inc. has a 1-year low of $23.25 and a 1-year high of $40.10.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.22. The firm had revenue of $27.82 million during the quarter, compared to analysts' expectations of $33.00 million. Orange County Bancorp had a net margin of 30.80% and a return on equity of 16.44%. As a group, research analysts anticipate that Orange County Bancorp, Inc. will post 3.53 EPS for the current fiscal year.

Orange County Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Friday, September 4th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, September 4th. Orange County Bancorp's payout ratio is presently 20.28%.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Hovde Group raised their price target on shares of Orange County Bancorp from $40.00 to $42.50 and gave the stock an "outperform" rating in a research note on Friday, July 31st. Weiss Ratings reissued a "buy (b)" rating on shares of Orange County Bancorp in a research report on Tuesday, September 22nd. Piper Sandler set a $44.00 target price on shares of Orange County Bancorp and gave the stock an "overweight" rating in a research report on Friday, September 4th. Finally, Zacks Research raised shares of Orange County Bancorp to a "hold" rating in a research note on Tuesday, September 8th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $43.25.

Orange County Bancorp Profile

Orange County Bancorp, Inc is a bank holding company headquartered in Middletown, New York. Through its principal subsidiary, Orange Bank & Trust Company, it provides banking and financial services to businesses, individuals, professionals and nonprofit organizations.

Orange Bank & Trust offers commercial and residential lending, business banking, deposit accounts, cash-management services, online banking and other treasury-management solutions. Its lending activities include commercial real estate, construction, commercial and industrial, residential mortgage and consumer loans.

The company also provides wealth-management and investment-advisory services through Hudson Valley Investment Advisors, Inc Orange Bank & Trust traces its roots to the formation of Orange County Trust Company in 1892 and serves communities in New York's Hudson Valley and the broader New York metropolitan region, including Orange, Rockland, Westchester, Dutchess and Ulster counties.

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