Goldman Sachs Group Inc. Acquires 16,929 Shares of Orange County Bancorp, Inc. $OBT

Key Points

• Goldman Sachs Group Inc. increased its stake in Orange County Bancorp by 85.0%, acquiring 16,929 shares to hold a total of 36,838 shares, valued at approximately $862,000.
• Orange County Bancorp reported $0.87 earnings per share for the last quarter, exceeding analysts' expectations of $0.76, and generated revenue of $32.46 million.
• The company declared a quarterly dividend of $0.13 per share, representing an annualized dividend of $0.52 with a yield of 2.0%.

Goldman Sachs Group Inc. raised its position in shares of Orange County Bancorp, Inc. (NASDAQ:OBT - Free Report) by 85.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 36,838 shares of the company's stock after acquiring an additional 16,929 shares during the period. Goldman Sachs Group Inc. owned approximately 0.28% of Orange County Bancorp worth $862,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. BNP Paribas Financial Markets bought a new position in Orange County Bancorp during the fourth quarter valued at $46,000. Public Employees Retirement System of Ohio purchased a new stake in Orange County Bancorp in the fourth quarter worth about $60,000. Corebridge Financial Inc. lifted its stake in Orange County Bancorp by 97.0% in the first quarter. Corebridge Financial Inc. now owns 5,007 shares of the company's stock worth $117,000 after acquiring an additional 2,466 shares during the period. New York State Common Retirement Fund raised its holdings in 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 worth $124,000 after purchasing an additional 2,643 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Orange County Bancorp by 107.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,036 shares of the company's stock valued at $141,000 after buying an additional 3,132 shares during the last quarter. Institutional investors own 42.55% of the company's stock.

Orange County Bancorp Price Performance

OBT stock opened at $26.32 on Tuesday. The business has a 50 day moving average price of $25.98 and a 200 day moving average price of $25.10. The stock has a market cap of $351.64 million, a price-to-earnings ratio of 10.30 and a beta of 0.47. Orange County Bancorp, Inc. has a fifty-two week low of $20.97 and a fifty-two week high of $33.06. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.20.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.87 earnings per share for the quarter, beating analysts' consensus estimates of $0.76 by $0.11. Orange County Bancorp had a return on equity of 14.19% and a net margin of 19.84%.The company had revenue of $32.46 million during the quarter, compared to analysts' expectations of $29.00 million. Equities research analysts anticipate that Orange County Bancorp, Inc. will post 2.83 earnings per share for the current fiscal year.

Orange County Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Stockholders of record on Monday, September 8th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Monday, September 8th. Orange County Bancorp's dividend payout ratio is 20.31%.

Wall Street Analyst Weigh In

OBT has been the subject of several analyst reports. Hovde Group decreased their price target on shares of 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. Piper Sandler cut their price target on shares of Orange County Bancorp from $30.00 to $29.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $29.25.

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.

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