Bank of New York Mellon Corp Grows Stock Position in Orange County Bancorp, Inc. (NASDAQ:OBT)

Bank of New York Mellon Corp increased 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 SEC. The fund owned 53,772 shares of the company's stock after purchasing an additional 25,734 shares during the quarter. Bank of New York Mellon Corp owned 0.47% of Orange County Bancorp worth $1,258,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of OBT. BNP Paribas Financial Markets bought a new stake in Orange County Bancorp in the fourth quarter worth about $46,000. Public Employees Retirement System of Ohio bought a new stake in shares of Orange County Bancorp during the 4th quarter worth approximately $60,000. Wells Fargo & Company MN lifted its stake 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 acquiring an additional 652 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in Orange County Bancorp during the 4th quarter valued at $206,000. Finally, Rhumbline Advisers grew its position in Orange County Bancorp by 84.7% in the 1st quarter. Rhumbline Advisers now owns 10,501 shares of the company's stock valued at $246,000 after acquiring 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 NASDAQ OBT traded down $1.13 during trading hours on Friday, reaching $23.86. The stock had a trading volume of 56,506 shares, compared to its average volume of 80,018. Orange County Bancorp, Inc. has a 52-week low of $20.97 and a 52-week high of $33.06. The firm has a market cap of $312.57 million, a price-to-earnings ratio of 9.78 and a beta of 0.47. The business's fifty day moving average price is $25.85 and its two-hundred day moving average price is $25.24. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.25.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.77 earnings per share for the quarter, topping 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 return on equity of 15.28% and a net margin of 19.84%. Analysts expect that Orange County Bancorp, Inc. will post 2.83 EPS for the current fiscal year.

Orange County Bancorp Announces Dividend

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

Analysts Set New Price Targets

Several research firms have recently weighed in on OBT. Piper Sandler decreased their target price on Orange County Bancorp from $30.00 to $29.00 and set an "overweight" rating for the company in a research report on Thursday. Hovde Group reduced their price target 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.

Insider Buying and Selling at Orange County Bancorp

In related news, insider Joseph A. Ruhl sold 1,752 shares of the business'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 value of $46,725.84. Following the completion of the transaction, the insider owned 31,485 shares of the company's stock, valued at $839,704.95. The trade was a 5.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Michael J. Coulter sold 2,497 shares of Orange County Bancorp stock in a transaction on Monday, May 5th. The shares were sold at an average price of $26.17, for a total value of $65,346.49. Following the completion of the transaction, the executive vice president owned 4,984 shares in the company, valued at $130,431.28. This represents a 33.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 9.30% of the company's stock.

About Orange County Bancorp

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.