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 analysts at Piper Sandler from $30.00 to $29.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Piper Sandler's price objective suggests a potential upside of 21.54% from the stock's current price.

Separately, Hovde Group cut their price objective on shares of Orange County Bancorp from $30.50 to $29.50 and set an "outperform" rating for the company in a research report on Tuesday, June 10th.

Orange County Bancorp Stock Performance

OBT stock traded down $1.13 during mid-day trading on Thursday, hitting $23.86. 56,506 shares of the company were exchanged, compared to its average volume of 80,018. The business has a 50 day simple moving average of $25.82 and a 200-day simple moving average of $25.23. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $312.57 million, a PE ratio of 9.34 and a beta of 0.47. Orange County Bancorp has a 1-year low of $20.97 and a 1-year high of $33.06.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.10. The firm had revenue of $27.98 million during the quarter, compared to the consensus estimate of $28.10 million. Orange County Bancorp had a net margin of 19.84% and a return on equity of 15.28%. On average, equities analysts forecast that Orange County Bancorp will post 2.83 earnings per share for the current year.

Insider Buying and Selling

In other Orange County Bancorp news, insider Joseph A. Ruhl sold 1,752 shares of the business's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $26.67, for a total transaction of $46,725.84. Following the completion of the transaction, the insider directly owned 31,485 shares in the company, valued at $839,704.95. The trade was a 5.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jon Schiller acquired 6,451 shares of the stock in a transaction on Wednesday, June 4th. The shares were purchased at an average price of $23.25 per share, with a total value of $149,985.75. Following the completion of the transaction, the director owned 12,446 shares of the company's stock, valued at approximately $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 currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets acquired a new position in Orange County Bancorp during the fourth quarter valued at approximately $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. Corebridge Financial Inc. grew its stake in shares of Orange County Bancorp by 97.0% during the first quarter. Corebridge Financial Inc. now owns 5,007 shares of the company's stock worth $117,000 after buying an additional 2,466 shares during the last quarter. New York State Common Retirement Fund increased its holdings in shares of Orange County Bancorp by 100.0% during the first quarter. New York State Common Retirement Fund now owns 5,286 shares of the company's stock worth $124,000 after buying an additional 2,643 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Orange County Bancorp by 107.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,036 shares of the company's stock worth $141,000 after buying an additional 3,132 shares in the last quarter. 42.55% of the stock is currently owned by institutional investors and hedge funds.

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.