Orange County Bancorp, Inc. (NASDAQ:OBT) Sees Significant Increase in Short Interest

Orange County Bancorp, Inc. (NASDAQ:OBT - Get Free Report) saw a large growth in short interest during the month of May. As of May 15th, there was short interest totalling 130,200 shares, a growth of 21.1% from the April 30th total of 107,500 shares. Based on an average trading volume of 19,100 shares, the short-interest ratio is presently 6.8 days. Approximately 1.5% of the company's shares are sold short.

Insider Buying and Selling at Orange County Bancorp

In related news, EVP Gregory Sousa sold 2,440 shares of the 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 sale, the executive vice president now directly owns 10,280 shares in the company, valued at $252,990.80. This trade represents a 19.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Michael J. Coulter sold 2,497 shares of the business's stock in a transaction that occurred 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 owns 4,984 shares of the company's stock, valued at approximately $130,431.28. This represents a 33.38% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,689 shares of company stock worth $172,121. Insiders own 9.30% of the company's stock.

Institutional Trading of Orange County Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in OBT. Wells Fargo & Company MN lifted its position in Orange County Bancorp by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 2,999 shares of the company's stock worth $167,000 after buying an additional 652 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in Orange County Bancorp during the fourth quarter worth about $46,000. Public Employees Retirement System of Ohio acquired a new position in Orange County Bancorp during the fourth quarter valued at approximately $60,000. Two Sigma Investments LP boosted its position in Orange County Bancorp by 25.7% during the fourth quarter. Two Sigma Investments LP now owns 5,294 shares of the company's stock valued at $294,000 after purchasing an additional 1,084 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in Orange County Bancorp by 52.5% in the fourth quarter. Renaissance Technologies LLC now owns 6,100 shares of the company's stock valued at $339,000 after purchasing an additional 2,100 shares in the last quarter. 42.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Hovde Group assumed coverage on shares of Orange County Bancorp in a research report on Monday, May 12th. They issued an "outperform" rating and a $30.50 price objective for the company.

Orange County Bancorp Stock Up 1.5%

Shares of NASDAQ OBT traded up $0.36 during mid-day trading on Friday, reaching $24.33. 108,200 shares of the company's stock were exchanged, compared to its average volume of 27,993. Orange County Bancorp has a twelve month low of $20.97 and a twelve month high of $33.06. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $276.97 million, a price-to-earnings ratio of 9.85 and a beta of 0.48. The business has a fifty day simple moving average of $24.35 and a 200 day simple moving average of $25.86.

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, beating analysts' consensus estimates of $0.67 by $0.10. Orange County Bancorp had a return on equity of 15.51% and a net margin of 19.47%. The company had revenue of $27.98 million for the quarter, compared to analyst estimates of $28.10 million. As a group, equities analysts expect 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 dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $0.52 annualized dividend and a dividend yield of 2.14%. Orange County Bancorp's dividend payout ratio is currently 21.58%.

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.