BlackRock Inc. Acquires Shares of 1,960,135 Orange County Bancorp, Inc. $OBT

Key Points

• BlackRock acquired 1,960,135 shares of Orange County Bancorp in the second quarter, worth approximately $72.1 million and representing a 14.62% stake. Institutional investors collectively own 42.55% of the company.
• Analysts maintain a favorable outlook, with three Buy ratings and one Hold rating; Hovde Group raised its price target to $42.50, while the consensus target is $39.25.
• Orange County Bancorp reported quarterly EPS of $1.02, exceeding the $0.80 consensus estimate, and declared a quarterly dividend of $0.18 per share, equivalent to a 1.9% annualized yield.

BlackRock Inc. bought a new position in shares of Orange County Bancorp, Inc. (NASDAQ:OBT - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,960,135 shares of the company's stock, valued at approximately $72,094,000. BlackRock Inc. owned about 14.62% of Orange County Bancorp at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of OBT. Vanguard Group Inc. boosted its stake in Orange County Bancorp by 1.6% in the third quarter. Vanguard Group Inc. now owns 550,920 shares of the company's stock valued at $13,889,000 after buying an additional 8,793 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Orange County Bancorp by 29.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 319,723 shares of the company's stock valued at $8,262,000 after purchasing an additional 73,483 shares during the last quarter. Geode Capital Management LLC increased its position in Orange County Bancorp by 3.6% during the 4th quarter. Geode Capital Management LLC now owns 258,623 shares of the company's stock worth $7,385,000 after purchasing an additional 8,955 shares in the last quarter. Fourthstone LLC grew its stake in shares of Orange County Bancorp by 169.9% during the fourth quarter. Fourthstone LLC now owns 192,846 shares of the company's stock worth $5,506,000 after buying an additional 121,402 shares during the last quarter. Finally, State Street Corp increased its holdings in shares of Orange County Bancorp by 1.5% during the fourth quarter. State Street Corp now owns 166,234 shares of the company's stock worth $4,746,000 after buying an additional 2,446 shares in the last quarter. Institutional investors own 42.55% of the company's stock.

Insiders Place Their Bets

In other Orange County Bancorp news, EVP Gregory Sousa sold 1,882 shares of the company's stock in a transaction 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 transaction, the executive vice president owned 10,572 shares in the company, valued at approximately $409,665. This represents a 15.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Stephen Rooney sold 1,500 shares of the firm's 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 transaction, the senior vice president directly owned 8,606 shares in the company, valued at approximately $333,138.26. The trade was a 14.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 4,547 shares of company stock valued at $176,136 in the last 90 days. 8.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Weiss Ratings reissued a "buy (b)" rating on shares of Orange County Bancorp in a research note on Friday, June 26th. Hovde Group lifted their target price on shares of Orange County Bancorp from $40.00 to $42.50 and gave the stock an "outperform" rating in a research report on Friday, July 31st. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Orange County Bancorp currently has an average rating of "Moderate Buy" and a consensus target price of $39.25.

Orange County Bancorp Stock Performance

NASDAQ:OBT opened at $38.10 on Monday. The firm has a market capitalization of $510.84 million, a P/E ratio of 10.73 and a beta of 0.41. Orange County Bancorp, Inc. has a twelve month low of $23.25 and a twelve month high of $40.10. The company has a fifty day moving average of $37.77 and a 200-day moving average of $35.27. The company has a quick ratio of 0.91, a current ratio of 0.93 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 (EPS) for the quarter, topping 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 company had revenue of $27.82 million for the quarter, compared to analysts' expectations of $33.00 million.

Orange County Bancorp Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, September 4th. Orange County Bancorp's payout ratio is 20.28%.

Orange County Bancorp 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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