Carnegie Investment Counsel Acquires Shares of 28,400 Orange County Bancorp, Inc. (NASDAQ:OBT)

Key Points

• Carnegie Investment Counsel acquired 28,400 shares of Orange County Bancorp, valued at approximately $664,000, increasing its ownership to about 0.25% of the company.
• Director Jon Schiller increased his holdings by purchasing 6,451 shares at an average cost of $23.25 per share, representing a 107.61% increase in his position.
• Orange County Bancorp recently declared a quarterly dividend of $0.13 per share, yielding 1.97% annually, with a payout ratio of 21.58%.

Carnegie Investment Counsel bought a new position in shares of Orange County Bancorp, Inc. (NASDAQ:OBT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 28,400 shares of the company's stock, valued at approximately $664,000. Carnegie Investment Counsel owned approximately 0.25% of Orange County Bancorp as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. American Century Companies Inc. grew its position in shares of Orange County Bancorp by 59.8% during the fourth quarter. American Century Companies Inc. now owns 53,753 shares of the company's stock worth $2,987,000 after buying an additional 20,118 shares in the last quarter. LPL Financial LLC acquired a new position in Orange County Bancorp during the fourth quarter worth about $645,000. JPMorgan Chase & Co. grew its stake in shares of Orange County Bancorp by 129.0% in the 4th quarter. JPMorgan Chase & Co. now owns 19,100 shares of the company's stock worth $1,061,000 after purchasing an additional 10,761 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Orange County Bancorp by 27.8% in 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. Finally, Renaissance Technologies LLC increased its stake in Orange County Bancorp by 52.5% in the 4th quarter. Renaissance Technologies LLC now owns 6,100 shares of the company's stock worth $339,000 after purchasing an additional 2,100 shares in the last quarter. Institutional investors and hedge funds own 42.55% of the company's stock.

Analyst Ratings Changes

Separately, Hovde Group decreased their price objective on Orange County Bancorp from $30.50 to $29.50 and set an "outperform" rating for the company in a research report on Tuesday, June 10th.

Orange County Bancorp Stock Performance

Shares of NASDAQ OBT traded down $0.08 during trading hours on Tuesday, reaching $26.34. The stock had a trading volume of 7,413 shares, compared to its average volume of 40,552. The business's fifty day moving average is $25.88 and its two-hundred day moving average is $25.24. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market cap of $345.01 million, a price-to-earnings ratio of 10.99 and a beta of 0.47. Orange County Bancorp, Inc. has a twelve month low of $20.97 and a twelve month high of $33.06.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.67 by $0.10. The company had revenue of $27.98 million for the quarter, compared to analysts' expectations of $28.10 million. Orange County Bancorp had a return on equity of 14.41% and a net margin of 18.86%. As a group, research analysts expect that Orange County Bancorp, Inc. will post 2.83 EPS for the current year.

Orange County Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Wednesday, June 4th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.97%. The ex-dividend date was Wednesday, June 4th. Orange County Bancorp's dividend payout ratio is 21.58%.

Insider Transactions at Orange County Bancorp

In related news, EVP Gregory Sousa sold 2,440 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $24.61, for a total value of $60,048.40. Following the transaction, the executive vice president owned 10,280 shares in the company, valued at $252,990.80. This trade represents a 19.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joseph A. Ruhl sold 1,752 shares of the stock in a transaction dated 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 directly owned 31,485 shares in the company, valued at $839,704.95. The trade was a 5.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,689 shares of company stock worth $172,121 in the last ninety days. 9.30% of the stock is currently owned by insiders.

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.