Orange County Bancorp (NASDAQ:OBT) Coverage Initiated at Hovde Group

Hovde Group started coverage on shares of Orange County Bancorp (NASDAQ:OBT - Free Report) in a report issued on Monday, MarketBeat.com reports. The brokerage issued an outperform rating and a $30.50 target price on the stock.

Orange County Bancorp Price Performance

Shares of NASDAQ OBT traded up $0.07 during mid-day trading on Monday, reaching $26.84. The company's stock had a trading volume of 20,553 shares, compared to its average volume of 26,264. The stock has a 50-day moving average of $23.95 and a two-hundred day moving average of $26.30. The stock has a market capitalization of $305.55 million, a P/E ratio of 10.87 and a beta of 0.46. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.89 and a current ratio of 0.89. Orange County Bancorp 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 results on Wednesday, April 30th. The company reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates of $0.67 by $0.10. The business had revenue of $27.98 million during the quarter, compared to analysts' expectations of $28.10 million. Orange County Bancorp had a net margin of 19.47% and a return on equity of 15.51%. On average, equities research analysts anticipate that Orange County Bancorp will post 2.83 EPS for the current fiscal year.

Orange County Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Wednesday, June 4th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.94%. Orange County Bancorp's dividend payout ratio is presently 21.58%.

Insider Transactions at Orange County Bancorp

In other Orange County Bancorp news, EVP Gregory Sousa sold 2,440 shares of the business's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $24.61, for a total value of $60,048.40. Following the transaction, the executive vice president now directly owns 10,280 shares of the company's stock, valued at approximately $252,990.80. The trade was a 19.18% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Michael J. Coulter sold 2,497 shares of the company's stock in a transaction on Monday, May 5th. The stock was sold at an average price of $26.17, for a total transaction of $65,346.49. Following the transaction, the executive vice president now directly owns 4,984 shares in the company, valued at approximately $130,431.28. This trade represents a 33.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 9.30% of the company's stock.

Institutional Investors Weigh In On Orange County Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the business. Barclays PLC lifted its holdings in Orange County Bancorp by 183.2% in the 3rd quarter. Barclays PLC now owns 7,934 shares of the company's stock valued at $478,000 after purchasing an additional 5,132 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Orange County Bancorp by 132.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,339 shares of the company's stock valued at $503,000 after buying an additional 4,750 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Orange County Bancorp by 50.5% during the fourth quarter. Bank of New York Mellon Corp now owns 28,038 shares of the company's stock worth $1,558,000 after purchasing an additional 9,403 shares during the last quarter. American Century Companies Inc. lifted its stake in Orange County Bancorp by 59.8% during the fourth quarter. American Century Companies Inc. now owns 53,753 shares of the company's stock worth $2,987,000 after purchasing an additional 20,118 shares during the last quarter. Finally, LPL Financial LLC bought a new stake in Orange County Bancorp in the fourth quarter valued at $645,000. 42.55% of the stock is currently 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.