Hovde Group Initiates Coverage on Orange County Bancorp (NASDAQ:OBT)

Equities research analysts at Hovde Group started coverage on shares of Orange County Bancorp (NASDAQ:OBT - Get Free Report) in a research note issued to investors on Monday,Briefing.com Automated Import reports. The brokerage set an "outperform" rating and a $30.50 price target on the stock. Hovde Group's price objective suggests a potential upside of 18.22% from the stock's previous close.

Orange County Bancorp Stock Performance

OBT opened at $25.80 on Monday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.84. Orange County Bancorp has a 1-year low of $20.97 and a 1-year high of $33.06. The company has a market cap of $293.71 million, a price-to-earnings ratio of 10.45 and a beta of 0.46. The company's fifty day moving average price is $23.67 and its two-hundred day moving average price is $26.32.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last released 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. Orange County Bancorp had a net margin of 19.47% and a return on equity of 15.51%. The company had revenue of $27.98 million for the quarter, compared to analyst estimates of $28.10 million. On average, analysts expect that Orange County Bancorp will post 2.83 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Gregory Sousa sold 2,440 shares of the firm's stock in a transaction that occurred 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 owns 10,280 shares in the company, valued at approximately $252,990.80. This trade represents a 19.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael J. Coulter sold 2,497 shares of the business's stock in a transaction on Monday, May 5th. The shares were 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. The trade was a 33.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Orange County Bancorp

Several hedge funds have recently added to or reduced their stakes in OBT. Deutsche Bank AG boosted its stake in shares of Orange County Bancorp by 74.3% in the 1st quarter. Deutsche Bank AG now owns 10,749 shares of the company's stock worth $251,000 after buying an additional 4,582 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Orange County Bancorp by 100.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 27,844 shares of the company's stock worth $651,000 after buying an additional 13,922 shares during the period. Meeder Advisory Services Inc. purchased a new stake in Orange County Bancorp during the 1st quarter valued at approximately $2,661,000. Carnegie Investment Counsel bought a new stake in shares of Orange County Bancorp in the 1st quarter worth about $664,000. Finally, New York State Common Retirement Fund grew its stake in shares of Orange County Bancorp by 100.0% during the first quarter. New York State Common Retirement Fund now owns 5,286 shares of the company's stock valued at $124,000 after buying an additional 2,643 shares during the last quarter. 42.55% of the stock is owned by 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.

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