Orange County Bancorp (NASDAQ:OBT) Issues Quarterly Earnings Results, Beats Estimates By $0.18 EPS

Orange County Bancorp (NASDAQ:OBT) issued its earnings results on Wednesday. The company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.75 by $0.18, FiscalAI reports. The business had revenue of $33.03 million for the quarter, compared to the consensus estimate of $31.40 million. Orange County Bancorp had a return on equity of 15.98% and a net margin of 23.51%.

Orange County Bancorp Stock Performance

NASDAQ OBT traded up $0.47 during trading hours on Wednesday, hitting $32.56. 69,491 shares of the company’s stock traded hands, compared to its average volume of 39,143. Orange County Bancorp has a 52 week low of $20.97 and a 52 week high of $32.91. The firm has a market capitalization of $435.23 million, a P/E ratio of 10.78 and a beta of 0.43. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.21. The business’s fifty day moving average price is $28.98 and its two-hundred day moving average price is $26.69.

Orange County Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 16th. Investors of record on Thursday, December 4th were issued a $0.18 dividend. The ex-dividend date of this dividend was Thursday, December 4th. This is a positive change from Orange County Bancorp’s previous quarterly dividend of $0.13. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.2%. Orange County Bancorp’s payout ratio is 23.84%.

Insider Buying and Selling at Orange County Bancorp

In other news, SVP David P. Dineen sold 1,000 shares of Orange County Bancorp stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $28.81, for a total transaction of $28,810.00. Following the transaction, the senior vice president owned 8,214 shares in the company, valued at $236,645.34. This trade represents a 10.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 9.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of OBT. Russell Investments Group Ltd. raised its holdings in Orange County Bancorp by 5,416.7% during the third quarter. Russell Investments Group Ltd. now owns 993 shares of the company’s stock valued at $25,000 after acquiring an additional 975 shares during the period. Northwestern Mutual Wealth Management Co. bought a new stake in Orange County Bancorp during the 2nd quarter valued at approximately $28,000. Tower Research Capital LLC TRC raised its stake 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. Raymond James Financial Inc. purchased a new position in Orange County Bancorp in the 2nd quarter worth approximately $104,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Orange County Bancorp by 107.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,036 shares of the company’s stock worth $141,000 after purchasing an additional 3,132 shares during the period. Institutional investors own 42.55% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on OBT. Piper Sandler restated an “overweight” rating and set a $31.00 target price (up previously from $29.00) on shares of Orange County Bancorp in a research note on Wednesday, December 10th. Weiss Ratings restated a “hold (c+)” rating on shares of Orange County Bancorp in a research report on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $30.25.

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.