Hudson Valley Investment Advisors Inc. ADV Has $30.02 Million Position in Orange County Bancorp, Inc. $OBT

Key Points

• Hudson Valley Investment Advisors Inc. ADV reduced its stake in Orange County Bancorp, Inc. by 1.5%, holding 1,161,617 shares worth approximately $30.02 million, making it 7th in their portfolio.
• Several hedge funds have increased their investments in Orange County Bancorp, including Wellington Management, which grew its stake by 92.4% in the first quarter.
• Analysts have mixed ratings for the stock, with an average target price of $29.25, while its last reported earnings topped estimates at $0.87 per share.

Hudson Valley Investment Advisors Inc. ADV trimmed its stake in Orange County Bancorp, Inc. (NASDAQ:OBT - Free Report) by 1.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,161,617 shares of the company's stock after selling 17,288 shares during the quarter. Orange County Bancorp makes up about 3.3% of Hudson Valley Investment Advisors Inc. ADV's portfolio, making the stock its 7th biggest holding. Hudson Valley Investment Advisors Inc. ADV owned 8.87% of Orange County Bancorp worth $30,016,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the stock. Wellington Management Group LLP grew its stake in Orange County Bancorp by 92.4% in the first quarter. Wellington Management Group LLP now owns 509,258 shares of the company's stock valued at $11,912,000 after purchasing an additional 244,503 shares in the last quarter. American Century Companies Inc. grew its stake in Orange County Bancorp by 130.7% in the first quarter. American Century Companies Inc. now owns 123,996 shares of the company's stock valued at $2,900,000 after purchasing an additional 70,243 shares in the last quarter. Meeder Advisory Services Inc. bought a new position in Orange County Bancorp in the first quarter valued at approximately $2,661,000. Bank of New York Mellon Corp grew its stake in Orange County Bancorp by 91.8% in the first quarter. Bank of New York Mellon Corp now owns 53,772 shares of the company's stock valued at $1,258,000 after purchasing an additional 25,734 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in Orange County Bancorp by 85.0% in the first quarter. Goldman Sachs Group Inc. now owns 36,838 shares of the company's stock valued at $862,000 after purchasing an additional 16,929 shares in the last quarter. 42.55% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Piper Sandler decreased their price target on Orange County Bancorp from $30.00 to $29.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. Zacks Research raised Orange County Bancorp from a "strong sell" rating to a "hold" rating in a research report on Monday, September 29th. Hovde Group cut 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. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Orange County Bancorp in a research report on Saturday, September 27th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $29.25.

Orange County Bancorp Stock Performance

NASDAQ:OBT opened at $24.90 on Friday. The stock has a market cap of $332.66 million, a P/E ratio of 9.75 and a beta of 0.45. The stock has a 50 day simple moving average of $25.53 and a 200 day simple moving average of $25.16. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.20. Orange County Bancorp, Inc. has a 1-year low of $20.97 and a 1-year high of $33.06.

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

Orange County Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Monday, September 8th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Monday, September 8th. Orange County Bancorp's dividend payout ratio (DPR) is presently 20.31%.

Orange County Bancorp 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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