Piper Sandler Cuts Orange County Bancorp (NASDAQ:OBT) Price Target to $29.00

Key Points

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Orange County Bancorp (NASDAQ:OBT - Get Free Report) had its price objective cut by stock analysts at Piper Sandler from $30.00 to $29.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's price objective suggests a potential upside of 18.80% from the stock's previous close.

Separately, Hovde Group cut their target price on Orange County Bancorp from $30.50 to $29.50 and set an "outperform" rating on the stock in a research note on Tuesday, June 10th.

Orange County Bancorp Stock Performance

Orange County Bancorp stock traded up $0.55 during midday trading on Thursday, hitting $24.41. 26,943 shares of the company's stock were exchanged, compared to its average volume of 82,843. The stock has a market cap of $319.87 million, a price-to-earnings ratio of 9.55 and a beta of 0.47. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.87. Orange County Bancorp has a 12-month low of $20.97 and a 12-month high of $33.06. The firm's 50 day simple moving average is $25.82 and its 200 day simple moving average is $25.21.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $0.87 earnings per share for the quarter, beating analysts' consensus estimates of $0.76 by $0.11. Orange County Bancorp had a net margin of 19.84% and a return on equity of 15.28%. The business had revenue of $32.46 million during the quarter, compared to analyst estimates of $29.00 million. Equities research analysts predict that Orange County Bancorp will post 2.83 EPS for the current year.

Insider Transactions at Orange County Bancorp

In related news, insider Joseph A. Ruhl sold 1,752 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $26.67, for a total value of $46,725.84. Following the completion of the sale, the insider owned 31,485 shares in the company, valued at approximately $839,704.95. This represents a 5.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Jon Schiller acquired 6,451 shares of the stock in a transaction dated Wednesday, June 4th. The shares were bought at an average cost of $23.25 per share, with a total value 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 represents a 107.61% increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Orange County Bancorp

A number of institutional investors have recently bought and sold shares of the business. Hudson Valley Investment Advisors Inc. ADV raised its position in shares of Orange County Bancorp by 95.8% in the 1st quarter. Hudson Valley Investment Advisors Inc. ADV now owns 1,178,905 shares of the company's stock valued at $27,575,000 after buying an additional 576,721 shares in the last quarter. Wellington Management Group LLP increased its stake in Orange County Bancorp by 92.4% during the 1st quarter. Wellington Management Group LLP now owns 509,258 shares of the company's stock valued at $11,912,000 after purchasing an additional 244,503 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Orange County Bancorp by 130.7% during the first quarter. American Century Companies Inc. now owns 123,996 shares of the company's stock valued at $2,900,000 after buying an additional 70,243 shares during the last quarter. Meeder Advisory Services Inc. bought a new position in shares of Orange County Bancorp in the first quarter valued at approximately $2,661,000. Finally, Bank of New York Mellon Corp raised its position in Orange County Bancorp by 91.8% in the first quarter. Bank of New York Mellon Corp now owns 53,772 shares of the company's stock worth $1,258,000 after acquiring an additional 25,734 shares during the period. Institutional investors and hedge funds own 42.55% of the company's stock.

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.