Martingale Asset Management L P Buys New Stake in Orange County Bancorp, Inc. $OBT

Key Points

• Martingale Asset Management L P acquired a new stake in Orange County Bancorp, purchasing 21,461 shares valued at approximately $502,000, bringing their total ownership to about 0.19%.
• Several institutional investors, including BNP Paribas and New York State Common Retirement Fund, also adjusted their stakes in Orange County Bancorp, with institutional ownership now at 42.55%.
• Orange County Bancorp reported earnings of $0.87 EPS for the last quarter, exceeding analyst estimates of $0.76, and had a revenue of $32.46 million, surpassing the expected $29 million.

Martingale Asset Management L P 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 disclosure with the SEC. The fund acquired 21,461 shares of the company's stock, valued at approximately $502,000. Martingale Asset Management L P owned about 0.19% of Orange County Bancorp at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Hudson Valley Investment Advisors Inc. ADV lifted its stake in shares of Orange County Bancorp by 95.8% in the 1st quarter. Hudson Valley Investment Advisors Inc. ADV now owns 1,178,905 shares of the company's stock valued at $27,575,000 after purchasing an additional 576,721 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Orange County Bancorp by 92.4% in the 1st 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 during the last quarter. American Century Companies Inc. lifted its position in Orange County Bancorp by 130.7% during the 1st quarter. American Century Companies Inc. now owns 123,996 shares of the company's stock worth $2,900,000 after acquiring an additional 70,243 shares during the last quarter. Meeder Advisory Services Inc. acquired a new position in Orange County Bancorp during the 1st quarter worth $2,661,000. Finally, Bank of New York Mellon Corp lifted its position in Orange County Bancorp by 91.8% during the 1st quarter. Bank of New York Mellon Corp now owns 53,772 shares of the company's stock worth $1,258,000 after acquiring an additional 25,734 shares during the last quarter. Institutional investors and hedge funds own 42.55% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on OBT shares. Piper Sandler cut their target price on shares of Orange County Bancorp from $30.00 to $29.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Hovde Group cut 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 research report on Tuesday, June 10th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $29.25.

Insiders Place Their Bets

In other Orange County Bancorp news, Director Jon Schiller bought 6,451 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were acquired at an average price of $23.25 per share, with a total value of $149,985.75. Following the completion of the purchase, the director directly owned 12,446 shares in the company, valued at $289,369.50. The trade was a 107.61% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 9.30% of the stock is currently owned by insiders.

Orange County Bancorp Stock Performance

Shares of OBT traded up $0.14 during trading hours on Friday, reaching $26.68. 23,213 shares of the company traded hands, compared to its average volume of 34,196. The stock's fifty day moving average is $26.08 and its 200 day moving average is $25.02. The stock has a market cap of $356.44 million, a P/E ratio of 10.44 and a beta of 0.46. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.90 and a current ratio of 0.90. 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 announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.87 EPS for the quarter, beating analysts' consensus estimates of $0.76 by $0.11. The business had revenue of $32.46 million during the quarter, compared to analyst estimates of $29.00 million. Orange County Bancorp had a net margin of 19.84% and a return on equity of 14.19%. Equities research analysts anticipate that Orange County Bancorp, Inc. will post 2.83 earnings per share for the current fiscal year.

Orange County Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Monday, September 8th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.52 dividend on an annualized basis and a yield of 1.9%. Orange County Bancorp's payout ratio is presently 20.31%.

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.