Wellington Management Group LLP Buys 244,503 Shares of Orange County Bancorp, Inc. $OBT

Key Points

• Wellington Management Group LLP has significantly increased its holdings in Orange County Bancorp, buying an additional 244,503 shares, bringing its total ownership to 509,258 shares, valued at approximately $11.9 million.
• Analysts have recently adjusted their price targets for Orange County Bancorp, with Hovde Group lowering it from $30.50 to $29.50 while maintaining an "outperform" rating.
• The company announced a quarterly dividend of $0.13 per share, which translates to an annualized dividend yield of 2.0%, reinforcing its commitment to returning value to shareholders.

Wellington Management Group LLP increased its position in Orange County Bancorp, Inc. (NASDAQ:OBT - Free Report) by 92.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 509,258 shares of the company's stock after buying an additional 244,503 shares during the quarter. Wellington Management Group LLP owned about 4.47% of Orange County Bancorp worth $11,912,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Wells Fargo & Company MN increased its position in shares of Orange County Bancorp by 27.8% during the fourth quarter. Wells Fargo & Company MN now owns 2,999 shares of the company's stock worth $167,000 after acquiring an additional 652 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Orange County Bancorp by 52.5% in the fourth quarter. Renaissance Technologies LLC now owns 6,100 shares of the company's stock valued at $339,000 after acquiring an additional 2,100 shares during the period. Barclays PLC boosted its stake in Orange County Bancorp by 29.7% in the fourth quarter. Barclays PLC now owns 10,292 shares of the company's stock valued at $572,000 after acquiring an additional 2,358 shares during the period. Dimensional Fund Advisors LP boosted its stake in Orange County Bancorp by 40.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 17,211 shares of the company's stock valued at $956,000 after acquiring an additional 4,966 shares during the period. Finally, Northern Trust Corp boosted its stake in Orange County Bancorp by 6.6% in the fourth quarter. Northern Trust Corp now owns 42,933 shares of the company's stock valued at $2,386,000 after acquiring an additional 2,668 shares during the period. 42.55% of the stock is owned by hedge funds and other institutional investors.

Orange County Bancorp Stock Performance

Shares of OBT traded up $0.14 during trading hours on Monday, reaching $26.68. 23,213 shares of the company traded hands, compared to its average volume of 32,531. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market cap of $356.44 million, a P/E ratio of 10.44 and a beta of 0.47. Orange County Bancorp, Inc. has a 1-year low of $20.97 and a 1-year high of $33.06. The stock's fifty day moving average is $26.08 and its 200 day moving average is $25.01.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.11. The firm had revenue of $32.46 million for the quarter, compared to analysts' expectations 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 Dividend Announcement

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

Insider Activity at Orange County Bancorp

In other Orange County Bancorp news, Director Jon Schiller acquired 6,451 shares of the business's stock in a transaction on Wednesday, June 4th. The stock was purchased at an average price of $23.25 per share, with a total value of $149,985.75. Following 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 9.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on OBT. Hovde Group cut their price target on Orange County Bancorp from $30.50 to $29.50 and set an "outperform" rating on the stock in a report on Tuesday, June 10th. Piper Sandler cut their price target on 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 analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $29.25.

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.