Short Interest in Orange County Bancorp, Inc. (NASDAQ:OBT) Expands By 21.1%

Orange County Bancorp, Inc. (NASDAQ:OBT - Get Free Report) was the recipient of a significant growth in short interest in 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 shares of the stock are short sold.

Insider Buying and Selling at Orange County Bancorp

In other Orange County Bancorp news, insider Joseph A. Ruhl sold 1,752 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $26.67, for a total value of $46,725.84. Following the sale, the insider now directly owns 31,485 shares in the company, valued at $839,704.95. This represents a 5.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Gregory Sousa sold 2,440 shares of the company'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 completion of the sale, the executive vice president now owns 10,280 shares in the company, valued at $252,990.80. This trade represents a 19.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,689 shares of company stock worth $172,121 over the last three months. Company insiders own 9.30% of the company's stock.

Hedge Funds Weigh In On Orange County Bancorp

Hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets bought a new position in Orange County Bancorp in the fourth quarter valued at about $46,000. Public Employees Retirement System of Ohio bought a new position in Orange County Bancorp in the fourth quarter valued at about $60,000. Corebridge Financial Inc. boosted its holdings in Orange County Bancorp by 97.0% in the first quarter. Corebridge Financial Inc. now owns 5,007 shares of the company's stock valued at $117,000 after acquiring an additional 2,466 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in Orange County Bancorp by 100.0% in the first quarter. New York State Common Retirement Fund now owns 5,286 shares of the company's stock valued at $124,000 after acquiring an additional 2,643 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Orange County Bancorp by 107.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,036 shares of the company's stock valued at $141,000 after acquiring an additional 3,132 shares during the last quarter. Institutional investors own 42.55% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Hovde Group assumed coverage on Orange County Bancorp in a report on Monday, May 12th. They set an "outperform" rating and a $30.50 target price on the stock.

Orange County Bancorp Price Performance

Shares of OBT stock traded up $0.33 during trading hours on Thursday, hitting $23.97. 91,298 shares of the company's stock were exchanged, compared to its average volume of 27,711. The stock's 50-day moving average is $24.33 and its 200-day moving average is $25.96. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market cap of $272.87 million, a price-to-earnings ratio of 9.70 and a beta of 0.48. 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 earnings results on Wednesday, April 30th. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.67 by $0.10. The company had revenue of $27.98 million for the quarter, compared to analysts' expectations of $28.10 million. Orange County Bancorp had a return on equity of 15.51% and a net margin of 19.47%. As a group, research analysts forecast that Orange County Bancorp will post 2.83 EPS for the current year.

Orange County Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Wednesday, June 4th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.17%. The ex-dividend date is Wednesday, June 4th. Orange County Bancorp's dividend payout ratio is 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.