Orange County Bancorp (NASDAQ:OBT) Shares Up 0.6% - Still a Buy?

Key Points

• Shares of Orange County Bancorp (NASDAQ: OBT) increased by 0.6%, trading at $25.29, with a decrease in trading volume by 27% from the average.
• Wall Street analysts maintain a consensus "Buy" rating for the stock, with a reduced average price target of $29.25 following recent ratings adjustments.
• In the second quarter, several hedge funds increased their stakes significantly, with Tower Research Capital raising its position by 706.8%.

Shares of Orange County Bancorp, Inc. (NASDAQ:OBT - Get Free Report) were up 0.6% during trading on Thursday . The stock traded as high as $25.33 and last traded at $25.29. Approximately 24,206 shares changed hands during trading, a decline of 27% from the average daily volume of 33,310 shares. The stock had previously closed at $25.14.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on OBT shares. Piper Sandler reduced their target price on shares of Orange County Bancorp from $30.00 to $29.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Hovde Group reduced their target price on shares of Orange County Bancorp from $30.50 to $29.50 and set an "outperform" rating on the stock in a report on Tuesday, June 10th. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $29.25.

Orange County Bancorp Trading Up 0.6%

The company has a debt-to-equity ratio of 0.20, a current ratio of 0.90 and a quick ratio of 0.90. The firm's 50 day moving average is $25.70 and its 200 day moving average is $25.04. The company has a market capitalization of $337.87 million, a PE ratio of 9.90 and a beta of 0.46.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.76 by $0.11. Orange County Bancorp had a net margin of 19.84% and a return on equity of 14.19%. The company had revenue of $32.46 million for the quarter, compared to the consensus estimate of $29.00 million. As a group, equities analysts predict that Orange County Bancorp, Inc. will post 2.83 EPS for the current year.

Insider Activity at Orange County Bancorp

In other news, Director Jon Schiller bought 6,451 shares of the firm's stock in a transaction that occurred on 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 completion of the purchase, the director directly owned 12,446 shares in the company, valued at $289,369.50. This represents a 107.61% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. 9.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC increased its position in Orange County Bancorp by 706.8% during 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. EJF Capital LLC purchased a new position in Orange County Bancorp during the 2nd quarter valued at $2,944,000. BNP Paribas Financial Markets increased its position in Orange County Bancorp by 58.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 7,074 shares of the company's stock valued at $183,000 after purchasing an additional 2,601 shares during the period. Boothbay Fund Management LLC purchased a new position in Orange County Bancorp during the 2nd quarter valued at $1,638,000. Finally, Bank of America Corp DE increased its position in Orange County Bancorp by 181.0% during the 2nd quarter. Bank of America Corp DE now owns 52,872 shares of the company's stock valued at $1,366,000 after purchasing an additional 34,059 shares during the period. 42.55% of the stock is owned by hedge funds and other institutional investors.

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.

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