Orange County Bancorp, Inc. (NASDAQ:OBT) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its stake in shares of Orange County Bancorp, Inc. (NASDAQ:OBT - Free Report) by 91.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 53,772 shares of the company's stock after purchasing an additional 25,734 shares during the period. Bank of New York Mellon Corp owned approximately 0.47% of Orange County Bancorp worth $1,258,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. BNP Paribas Financial Markets acquired a new stake in Orange County Bancorp in the 4th quarter valued at $46,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Orange County Bancorp during the fourth quarter worth about $60,000. Wells Fargo & Company MN raised its position in shares of Orange County Bancorp by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 2,999 shares of the company's stock worth $167,000 after purchasing an additional 652 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in Orange County Bancorp in the 4th quarter valued at about $206,000. Finally, Rhumbline Advisers boosted its holdings in Orange County Bancorp by 84.7% in the 1st quarter. Rhumbline Advisers now owns 10,501 shares of the company's stock worth $246,000 after buying an additional 4,816 shares during the last quarter. Hedge funds and other institutional investors own 42.55% of the company's stock.

Orange County Bancorp Trading Down 4.5%

Shares of OBT traded down $1.13 during midday trading on Friday, reaching $23.86. The company had a trading volume of 56,506 shares, compared to its average volume of 80,018. Orange County Bancorp, Inc. has a 1-year low of $20.97 and a 1-year high of $33.06. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.25. The firm has a 50 day simple moving average of $25.82 and a 200-day simple moving average of $25.22. The stock has a market cap of $312.57 million, a PE ratio of 9.34 and a beta of 0.47.

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

Orange County Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Wednesday, June 4th were paid a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $0.52 annualized dividend and a dividend yield of 2.2%. Orange County Bancorp's dividend payout ratio (DPR) is presently 20.31%.

Insider Activity

In related news, insider Joseph A. Ruhl sold 1,752 shares of the company's stock in a transaction that occurred 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 sale, the insider directly owned 31,485 shares of the company's stock, valued at $839,704.95. This represents a 5.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael J. Coulter sold 2,497 shares of the firm's stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $26.17, for a total transaction of $65,346.49. Following the completion of the transaction, the executive vice president directly owned 4,984 shares of the company's stock, valued at $130,431.28. This represents a 33.38% decrease in their position. The disclosure for this sale can be found here. Insiders own 9.30% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. 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 research note on Thursday. Hovde Group cut their price objective on shares of Orange County Bancorp from $30.50 to $29.50 and set an "outperform" rating for the company in a report on Tuesday, June 10th.

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.