Short Interest in Orange County Bancorp, Inc. (NASDAQ:OBT) Decreases By 28.2%

Key Points

• Short interest in Orange County Bancorp declined by 28.2% in July, bringing the total to 87,800 shares.
• The company reported earnings of $0.87 per share, exceeding analysts' expectations of $0.76, with total revenue of $32.46 million for the quarter.
• Brokerages have lowered their price targets for Orange County Bancorp, with the consensus rating currently at "Buy" and an average target price of $29.25.

Orange County Bancorp, Inc. (NASDAQ:OBT - Get Free Report) was the target of a large drop in short interest in the month of July. As of July 31st, there was short interest totaling 87,800 shares, adropof28.2% from the July 15th total of 122,200 shares. Based on an average daily volume of 66,200 shares, the days-to-cover ratio is currently 1.3 days. Currently,0.9% of the company's shares are sold short. Currently,0.9% of the company's shares are sold short. Based on an average daily volume of 66,200 shares, the days-to-cover ratio is currently 1.3 days.

Orange County Bancorp Price Performance

NASDAQ OBT traded down $0.11 on Monday, reaching $26.34. The company's stock had a trading volume of 56,404 shares, compared to its average volume of 40,091. The business has a 50-day moving average price of $25.77 and a 200 day moving average price of $25.01. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.20. The firm has a market cap of $351.90 million, a PE ratio of 10.28 and a beta of 0.46. Orange County Bancorp has a 52 week low of $20.97 and a 52 week high of $33.06.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.76 by $0.11. The business had revenue of $32.46 million for the quarter, compared to analyst estimates of $29.00 million. Orange County Bancorp had a return on equity of 14.19% and a net margin of 19.84%. Sell-side analysts expect that Orange County Bancorp will post 2.83 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have commented on OBT shares. Hovde Group decreased their price objective on Orange County Bancorp from $30.50 to $29.50 and set an "outperform" rating for the company in a research report on Tuesday, June 10th. Piper Sandler decreased their price objective on Orange County Bancorp from $30.00 to $29.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $29.25.

Insider Buying and Selling at Orange County Bancorp

In related news, Director Jon Schiller purchased 6,451 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The stock was acquired at an average price of $23.25 per share, for a total transaction of $149,985.75. Following the transaction, the director directly owned 12,446 shares of the company's stock, valued at $289,369.50. This trade represents a 107.61% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 9.30% of the stock is owned by company insiders.

Institutional Trading of Orange County Bancorp

Several institutional investors have recently bought and sold shares of OBT. American Century Companies Inc. boosted its stake in Orange County Bancorp by 0.4% in the second quarter. American Century Companies Inc. now owns 124,512 shares of the company's stock worth $3,217,000 after purchasing an additional 516 shares in the last quarter. Wells Fargo & Company MN lifted its stake 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 valued at $167,000 after acquiring an additional 652 shares during the period. BNP Paribas Financial Markets acquired a new position in shares of Orange County Bancorp during the fourth quarter valued at $46,000. Ameriprise Financial Inc. lifted its stake in shares of Orange County Bancorp by 4.4% during the second quarter. Ameriprise Financial Inc. now owns 20,268 shares of the company's stock valued at $524,000 after acquiring an additional 862 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Orange County Bancorp during the fourth quarter valued at $60,000. Institutional investors and hedge funds own 42.55% of the company's stock.

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.