Wellington Management Group LLP Sells 399,108 Shares of Orange County Bancorp, Inc. $OBT

Wellington Management Group LLP reduced its position in Orange County Bancorp, Inc. (NASDAQ:OBT) by 80.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 98,314 shares of the company’s stock after selling 399,108 shares during the quarter. Wellington Management Group LLP owned approximately 0.73% of Orange County Bancorp worth $3,616,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Jacobs Levy Equity Management Inc. grew its stake in shares of Orange County Bancorp by 230.7% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 12,283 shares of the company’s stock worth $287,000 after acquiring an additional 8,569 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in 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 valued at $141,000 after purchasing an additional 3,132 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Orange County Bancorp by 85.0% during the first quarter. Goldman Sachs Group Inc. now owns 36,838 shares of the company’s stock valued at $862,000 after purchasing an additional 16,929 shares during the last quarter. Jane Street Group LLC bought a new position in Orange County Bancorp during the first quarter worth about $204,000. Finally, Northwestern Mutual Wealth Management Co. bought a new position in Orange County Bancorp during the second quarter worth about $28,000. 42.55% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Orange County Bancorp in a research note on Friday, June 26th. Hovde Group increased their target price on Orange County Bancorp from $40.00 to $42.50 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Finally, Piper Sandler set a $44.00 price target on Orange County Bancorp and gave the stock an “overweight” rating in a report on Friday, September 4th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Orange County Bancorp currently has an average rating of “Buy” and an average price target of $43.25.

Insiders Place Their Bets

In other Orange County Bancorp news, EVP Gregory Sousa sold 1,882 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $38.75, for a total value of $72,927.50. Following the completion of the sale, the executive vice president directly owned 10,572 shares of the company’s stock, valued at $409,665. The trade was a 15.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Stephen Rooney sold 1,500 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $38.71, for a total transaction of $58,065.00. Following the sale, the senior vice president owned 8,606 shares of the company’s stock, valued at approximately $333,138.26. The trade was a 14.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 4,547 shares of company stock valued at $176,136 in the last ninety days. 8.20% of the stock is owned by corporate insiders.

Orange County Bancorp Trading Down 0.7%

Shares of Orange County Bancorp stock opened at $37.90 on Thursday. The company’s 50-day moving average price is $37.97 and its 200-day moving average price is $35.44. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.11. Orange County Bancorp, Inc. has a 12-month low of $23.25 and a 12-month high of $40.10. The company has a market cap of $508.24 million, a price-to-earnings ratio of 10.68 and a beta of 0.41.

Orange County Bancorp (NASDAQ:OBT) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.80 by $0.22. The company had revenue of $27.82 million during the quarter, compared to analysts’ expectations of $33.00 million. Orange County Bancorp had a net margin of 30.80% and a return on equity of 16.44%. On average, equities analysts expect that Orange County Bancorp, Inc. will post 3.5 earnings per share for the current fiscal year.

Orange County Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, September 4th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, September 4th. Orange County Bancorp’s payout ratio is presently 20.28%.

Orange County Bancorp Company Profile

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.