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 acquired a new stake in Orange County Bancorp, Inc. (NASDAQ:OBT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 28,400 shares of the company's stock, valued at approximately $664,000. Carnegie Investment Counsel owned approximately 0.25% of Orange County Bancorp at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. BNP Paribas Financial Markets acquired a new position in Orange County Bancorp in the fourth quarter valued at $46,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Orange County Bancorp in the fourth quarter valued at about $60,000. New York State Common Retirement Fund raised its holdings in shares of Orange County Bancorp by 100.0% in the first quarter. New York State Common Retirement Fund now owns 5,286 shares of the company's stock valued at $124,000 after buying an additional 2,643 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of Orange County Bancorp by 27.8% in the fourth quarter. Wells Fargo & Company MN now owns 2,999 shares of the company's stock valued at $167,000 after buying an additional 652 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in shares of Orange County Bancorp in the fourth quarter valued at about $206,000. Institutional investors and hedge funds own 42.55% of the company's stock.

Analysts Set New Price Targets

Separately, Hovde Group reduced their target price 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.

Insider Activity

In other news, Director Jon Schiller purchased 6,451 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The stock was purchased at an average cost of $23.25 per share, with a total value of $149,985.75. Following the completion of the acquisition, the director directly owned 12,446 shares of the company's stock, valued at approximately $289,369.50. This trade represents a 107.61% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Joseph A. Ruhl sold 1,752 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $26.67, for a total transaction of $46,725.84. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,689 shares of company stock valued at $172,121. Company insiders own 9.30% of the company's stock.

Orange County Bancorp Price Performance

Shares of NASDAQ:OBT opened at $26.40 on Friday. The company has a 50-day simple moving average of $25.89 and a 200-day simple moving average of $25.25. Orange County Bancorp, Inc. has a one year low of $20.97 and a one year high of $33.06. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market capitalization of $345.84 million, a price-to-earnings ratio of 10.93 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 (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.10. The firm 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 18.86% and a return on equity of 14.41%. On average, analysts predict 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 dividend of $0.13 per share. The ex-dividend date was Wednesday, June 4th. This represents a $0.52 annualized dividend and a yield of 1.97%. Orange County Bancorp's dividend payout ratio is currently 21.58%.

Orange County Bancorp Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.