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

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 recipient of a significant drop in short interest in July. As of July 31st, there was short interest totaling 87,800 shares, adropof28.2% from the July 15th total of 122,200 shares. Approximately0.9% of the shares of the company are short sold. Based on an average daily volume of 66,200 shares, the short-interest ratio is currently 1.3 days. Based on an average daily volume of 66,200 shares, the short-interest ratio is currently 1.3 days. Approximately0.9% of the shares of the company are short sold.

Insider Buying and Selling at Orange County Bancorp

In other Orange County Bancorp news, Director Jon Schiller bought 6,451 shares of Orange County Bancorp stock in a transaction dated Wednesday, June 4th. The stock was purchased at an average price of $23.25 per share, for a total transaction of $149,985.75. Following the completion of the purchase, the director directly owned 12,446 shares of the company's stock, valued at approximately $289,369.50. This trade represents a 107.61% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 9.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Orange County Bancorp

Several hedge funds have recently bought and sold shares of the stock. American Century Companies Inc. lifted its position in Orange County Bancorp by 0.4% during the second quarter. American Century Companies Inc. now owns 124,512 shares of the company's stock valued at $3,217,000 after purchasing an additional 516 shares during the last quarter. Wells Fargo & Company MN lifted its position in 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 purchasing an additional 652 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Orange County Bancorp in the 4th quarter worth approximately $46,000. Ameriprise Financial Inc. lifted its holdings in shares of Orange County Bancorp by 4.4% in the 2nd quarter. Ameriprise Financial Inc. now owns 20,268 shares of the company's stock worth $524,000 after acquiring an additional 862 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Orange County Bancorp in the 4th quarter worth approximately $60,000. 42.55% of the stock is currently owned by institutional investors.

Orange County Bancorp Price Performance

Orange County Bancorp stock traded up $1.16 during mid-day trading on Friday, hitting $26.45. 55,425 shares of the company traded hands, compared to its average volume of 32,714. Orange County Bancorp has a one year low of $20.97 and a one year high of $33.06. The stock has a market cap of $353.37 million, a price-to-earnings ratio of 10.35 and a beta of 0.46. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a fifty day moving average price of $25.77 and a 200-day moving average price of $25.04.

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

Analysts Set New Price Targets

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

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.