Orange County Bancorp (NASDAQ:OBT) EVP Gregory Sousa Sells 1,882 Shares of Stock

Key Points

• EVP Gregory Sousa sold 1,882 Orange County Bancorp shares at an average price of $38.75, generating $72,927.50. He retained 10,572 shares, reducing his ownership by 15.11%, and had also sold 1,165 shares several days earlier.
• Orange County Bancorp shares rose 1.1% to $38.65, near the company’s 12-month high of $40.10. The bank’s latest quarterly earnings were $1.02 per share, beating analyst expectations of $0.80, although revenue fell short of estimates.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $39.25; Hovde Group recently raised its target to $42.50.

Orange County Bancorp, Inc. (NASDAQ:OBT - Get Free Report) EVP Gregory Sousa sold 1,882 shares of the firm's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $38.75, for a total transaction of $72,927.50. Following the completion of the sale, the executive vice president owned 10,572 shares in the company, valued at $409,665. This represents a 15.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Gregory Sousa also recently made the following trade(s):

• On Thursday, July 30th, Gregory Sousa sold 1,165 shares of Orange County Bancorp stock. The stock was sold at an average price of $38.75, for a total transaction of $45,143.75.

Orange County Bancorp Stock Up 1.1%

NASDAQ:OBT traded up $0.40 during midday trading on Monday, reaching $38.65. 19,121 shares of the stock traded hands, compared to its average volume of 63,421. Orange County Bancorp, Inc. has a 12-month low of $22.98 and a 12-month high of $40.10. The business has a 50-day moving average of $36.42 and a two-hundred day moving average of $34.22. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market capitalization of $518.35 million, a PE ratio of 10.88 and a beta of 0.41.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.22. The company had revenue of $27.82 million during the quarter, compared to the consensus estimate of $33.00 million. Orange County Bancorp had a net margin of 30.80% and a return on equity of 16.80%.

Orange County Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Thursday, June 4th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Thursday, June 4th. Orange County Bancorp's dividend payout ratio is currently 20.28%.

Institutional Trading of Orange County Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. boosted its position in Orange County Bancorp by 5,416.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 993 shares of the company's stock worth $25,000 after purchasing an additional 975 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of Orange County Bancorp by 108.3% during the 1st quarter. Royal Bank of Canada now owns 1,029 shares of the company's stock valued at $33,000 after purchasing an additional 535 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Orange County Bancorp in the 2nd quarter valued at $28,000. Tower Research Capital LLC TRC lifted its stake in shares of Orange County Bancorp by 706.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,453 shares of the company's stock valued at $89,000 after purchasing an additional 3,025 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in Orange County Bancorp during the second quarter worth $104,000. 42.55% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on OBT shares. Hovde Group boosted their price target on Orange County Bancorp from $40.00 to $42.50 and gave the stock an "outperform" rating in a research note on Friday. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Orange County Bancorp in a research report on Friday, June 26th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $39.25.

About Orange County Bancorp

Orange County Bancorp, Inc NASDAQ: OBT is the bank holding company for Orange County Trust Bank, a community banking franchise headquartered in Goshen, New York. The company provides a full suite of financial services to individuals, small businesses and local organizations across Orange County and the surrounding Hudson Valley region.

Orange County Bancorp offers depository products that include checking and savings accounts, money market funds and certificates of deposit. On the lending side, the company extends commercial real estate and business loans, residential mortgage loans, consumer installment loans and home equity financing.

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