Zacks Research Upgrades Orange County Bancorp (NASDAQ:OBT) to Hold

Key Points

• Zacks Research upgraded Orange County Bancorp (NASDAQ:OBT) from a "strong sell" rating to a "hold" rating, signaling a more neutral outlook for the stock.
• The stock currently has an average rating of "Moderate Buy" with a consensus price target of $29.25, despite recent price target cuts from other analysts.
• Institutional investors are showing increased interest, with hedge funds like Hudson Valley Investment Advisors increasing their holdings significantly by 95.8% in the first quarter.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) was upgraded by investment analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report released on Monday,Zacks.com reports.

OBT has been the topic of a number of other research reports. Piper Sandler cut their target price on Orange County Bancorp from $30.00 to $29.00 and set an "overweight" rating on the stock in a research note on Thursday, July 31st. 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. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Orange County Bancorp currently has an average rating of "Moderate Buy" and a consensus price target of $29.25.

Orange County Bancorp Price Performance

OBT stock opened at $25.21 on Monday. The company has a market capitalization of $336.81 million, a P/E ratio of 9.87 and a beta of 0.47. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.90 and a current ratio of 0.90. Orange County Bancorp has a 52-week low of $20.97 and a 52-week high of $33.06. The business has a 50-day simple moving average of $25.66 and a two-hundred day simple moving average of $25.15.

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

Institutional Investors Weigh In On Orange County Bancorp

A number of hedge funds have recently modified their holdings of OBT. Hudson Valley Investment Advisors Inc. ADV raised its holdings 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 worth $27,575,000 after purchasing an additional 576,721 shares during the period. Wellington Management Group LLP raised its holdings 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 acquiring an additional 244,503 shares during the period. Fourthstone LLC bought a new stake in Orange County Bancorp during the 2nd quarter valued at $6,210,000. Endeavour Capital Advisors Inc. bought a new stake in Orange County Bancorp during the 2nd quarter valued at $5,121,000. Finally, EJF Capital LLC bought a new stake in Orange County Bancorp during the 2nd quarter valued at $2,944,000. Institutional investors 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.

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