The Manufacturers Life Insurance Company Acquires Shares of 307,530 Orange County Bancorp, Inc. $OBT

Key Points

• The Manufacturers Life Insurance Company acquired 307,530 shares of Orange County Bancorp, valued at approximately $11.3 million, giving it a 2.29% stake. Institutional investors collectively own 42.55% of the company.
• Analysts maintain a generally positive outlook, with three Buy ratings and one Hold rating; Hovde Group raised its price target to $42.50, while the consensus target is $39.25.
• Orange County Bancorp reported quarterly EPS of $1.02, exceeding estimates of $0.80, and declared a quarterly dividend of $0.18, equivalent to a 1.9% annualized yield.

The Manufacturers Life Insurance Company acquired a new stake in shares of Orange County Bancorp, Inc. (NASDAQ:OBT - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 307,530 shares of the company's stock, valued at approximately $11,311,000. The Manufacturers Life Insurance Company owned approximately 2.29% of Orange County Bancorp as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Russell Investments Group Ltd. boosted its stake in Orange County Bancorp by 5,416.7% during the third quarter. Russell Investments Group Ltd. now owns 993 shares of the company's stock valued at $25,000 after buying an additional 975 shares during the last quarter. Royal Bank of Canada increased its stake in Orange County Bancorp by 108.3% in the 1st quarter. Royal Bank of Canada now owns 1,029 shares of the company's stock worth $33,000 after acquiring an additional 535 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Orange County Bancorp during the 2nd quarter worth approximately $40,000. Tower Research Capital LLC TRC raised its holdings in shares of Orange County Bancorp by 706.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,453 shares of the company's stock worth $89,000 after acquiring an additional 3,025 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Orange County Bancorp during the 2nd quarter valued at approximately $104,000. 42.55% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Orange County Bancorp in a research note on Friday, June 26th. Hovde Group upped their target price on shares of Orange County Bancorp from $40.00 to $42.50 and gave the company an "outperform" rating in a research report on Friday, July 31st. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $39.25.

Insider Transactions at Orange County Bancorp

In other Orange County Bancorp news, EVP Gregory Sousa sold 1,882 shares of the firm's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $38.75, for a total value of $72,927.50. Following the completion of the sale, the executive vice president owned 10,572 shares of the company's stock, valued at $409,665. This trade represents a 15.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Stephen Rooney sold 1,500 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $38.71, for a total value of $58,065.00. Following the transaction, the senior vice president directly owned 8,606 shares in the company, valued at approximately $333,138.26. This represents a 14.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 4,547 shares of company stock worth $176,136 over the last three months. 8.20% of the stock is currently owned by corporate insiders.

Orange County Bancorp Stock Up 0.4%

Shares of OBT opened at $38.10 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.11. The business has a fifty day moving average of $37.77 and a 200 day moving average of $35.27. The company has a market cap of $510.92 million, a PE ratio of 10.73 and a beta of 0.41. Orange County Bancorp, Inc. has a 52-week low of $23.25 and a 52-week high of $40.10.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $1.02 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.22. The business had revenue of $27.82 million for the quarter, compared to analysts' expectations of $33.00 million. Orange County Bancorp had a net margin of 30.80% and a return on equity of 16.44%.

Orange County Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, September 4th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, September 4th. Orange County Bancorp's dividend payout ratio is 20.28%.

Orange County Bancorp Company Profile

Orange County Bancorp, Inc NASDAQ: OBT is the bank holding company for Orange County Trust Bank, a community banking franchise headquartered in Goshen, New York. The company provides a full suite of financial services to individuals, small businesses and local organizations across Orange County and the surrounding Hudson Valley region.

Orange County Bancorp offers depository products that include checking and savings accounts, money market funds and certificates of deposit. On the lending side, the company extends commercial real estate and business loans, residential mortgage loans, consumer installment loans and home equity financing.

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