Orange County Bancorp (NASDAQ:OBT) Price Target Lowered to $29.50 at Hovde Group

Orange County Bancorp (NASDAQ:OBT - Free Report) had its target price trimmed by Hovde Group from $30.50 to $29.50 in a research note released on Tuesday morning, Marketbeat.com reports. The firm currently has an outperform rating on the stock.

Orange County Bancorp Price Performance

OBT stock traded down $0.76 during trading on Tuesday, hitting $23.06. The stock had a trading volume of 55,739 shares, compared to its average volume of 28,679. Orange County Bancorp has a twelve month low of $20.97 and a twelve month high of $33.06. The company's 50-day moving average price is $24.49 and its two-hundred day moving average price is $25.69. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market capitalization of $302.18 million, a P/E ratio of 9.34 and a beta of 0.48.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.67 by $0.10. The firm had revenue of $27.98 million during the quarter, compared to analysts' expectations of $28.10 million. Orange County Bancorp had a return on equity of 15.51% and a net margin of 19.47%. As a group, research analysts predict that Orange County Bancorp will post 2.83 EPS for the current fiscal year.

Orange County Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Wednesday, June 4th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend is Wednesday, June 4th. Orange County Bancorp's dividend payout ratio is currently 21.58%.

Insider Buying and Selling

In related news, Director Jon Schiller bought 6,451 shares of the company's stock in a transaction on Wednesday, June 4th. The stock was bought at an average cost of $23.25 per share, for a total transaction of $149,985.75. Following the acquisition, the director now directly owns 12,446 shares in the company, valued at $289,369.50. This represents a 107.61% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Joseph A. Ruhl sold 1,752 shares of Orange County Bancorp stock in a transaction on Friday, May 16th. The stock was sold at an average price of $26.67, for a total value of $46,725.84. Following the transaction, the insider now owns 31,485 shares in the company, valued at approximately $839,704.95. This represents a 5.27% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,689 shares of company stock worth $172,121. 9.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Orange County Bancorp

A number of institutional investors have recently bought and sold shares of the company. Rhumbline Advisers increased its holdings in shares of Orange County Bancorp by 84.7% during the 1st quarter. Rhumbline Advisers now owns 10,501 shares of the company's stock worth $246,000 after buying an additional 4,816 shares during the last quarter. Jane Street Group LLC purchased a new position in Orange County Bancorp in the first quarter worth approximately $204,000. Goldman Sachs Group Inc. increased its stake in Orange County Bancorp by 85.0% during the first quarter. Goldman Sachs Group Inc. now owns 36,838 shares of the company's stock worth $862,000 after acquiring an additional 16,929 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in 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 worth $141,000 after acquiring an additional 3,132 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its position in Orange County Bancorp by 230.7% in the first quarter. Jacobs Levy Equity Management Inc. now owns 12,283 shares of the company's stock valued at $287,000 after purchasing an additional 8,569 shares during the period. 42.55% of the stock is owned by hedge funds and other institutional investors.

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.