Bank of New York Mellon Corp Buys New Shares in Orange County Bancorp, Inc. $OBT

Key Points

• Bank of New York Mellon acquired 55,095 shares of Orange County Bancorp, valued at approximately $2.03 million, giving it a 0.41% stake. Institutional investors collectively own 42.55% of the company.
• Analysts maintain a positive outlook, with a consensus “Buy” rating and an average price target of $43.25, above the stock’s reported price of $38.17.
• Orange County Bancorp beat quarterly earnings expectations, reporting $1.02 in EPS versus the $0.80 consensus estimate, and declared a quarterly dividend of $0.18 per share, representing a 1.9% yield.

Bank of New York Mellon Corp purchased a new position in shares of Orange County Bancorp, Inc. (NASDAQ:OBT - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 55,095 shares of the company's stock, valued at approximately $2,026,000. Bank of New York Mellon Corp owned about 0.41% of Orange County Bancorp as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP grew its position in Orange County Bancorp by 29.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 126,936 shares of the company's stock worth $4,060,000 after acquiring an additional 29,205 shares during the last quarter. Renaissance Technologies LLC boosted its position in Orange County Bancorp by 169.4% during the 1st quarter. Renaissance Technologies LLC now owns 22,900 shares of the company's stock valued at $732,000 after buying an additional 14,400 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in Orange County Bancorp during the 1st quarter valued at $572,000. LPL Financial LLC grew its holdings in Orange County Bancorp by 4.1% in the 4th quarter. LPL Financial LLC now owns 22,285 shares of the company's stock worth $636,000 after acquiring an additional 875 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in Orange County Bancorp by 4.4% in the 2nd quarter. Ameriprise Financial Inc. now owns 20,268 shares of the company's stock worth $524,000 after acquiring an additional 862 shares during the last quarter. 42.55% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Gregory Sousa sold 1,882 shares of the business's stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 10,572 shares of the company's stock, valued at $409,665. The trade was a 15.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Stephen Rooney sold 1,500 shares of Orange County Bancorp stock in a transaction that occurred on Tuesday, August 4th. The stock was 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 trade represents a 14.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 4,547 shares of company stock valued at $176,136. Corporate insiders own 8.20% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on OBT shares. Hovde Group boosted 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 target price on Orange County Bancorp and gave the company an "overweight" rating in a research note on Friday. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Orange County Bancorp in a research note on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $43.25.

Orange County Bancorp Trading Down 1.4%

Orange County Bancorp stock opened at $38.17 on Wednesday. Orange County Bancorp, Inc. has a 12 month low of $23.25 and a 12 month high of $40.10. The company has a market capitalization of $511.86 million, a price-to-earnings ratio of 10.75 and a beta of 0.41. The business's fifty day simple moving average is $37.97 and its two-hundred day simple moving average is $35.41. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.11.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The company reported $1.02 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.22. Orange County Bancorp had a net margin of 30.80% and a return on equity of 16.44%. The business had revenue of $27.82 million during the quarter, compared to analyst estimates of $33.00 million.

Orange County Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, September 4th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, September 4th. Orange County Bancorp's dividend payout ratio (DPR) is currently 20.28%.

Orange County Bancorp Company Profile

Orange County Bancorp, Inc NASDAQ: OBT is the bank holding company for Orange County Trust Bank, a community banking franchise headquartered in Goshen, New York. The company provides a full suite of financial services to individuals, small businesses and local organizations across Orange County and the surrounding Hudson Valley region.

Orange County Bancorp offers depository products that include checking and savings accounts, money market funds and certificates of deposit. On the lending side, the company extends commercial real estate and business loans, residential mortgage loans, consumer installment loans and home equity financing.

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