Orange County Bancorp (NASDAQ:OBT) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of Orange County Bancorp (NASDAQ:OBT) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday,Zacks reports.

OBT has been the subject of a number of other research reports. Piper Sandler set a $44.00 target price on Orange County Bancorp and gave the stock an “overweight” rating in a report on Friday, September 4th. Hovde Group lifted their price objective on shares of Orange County Bancorp from $40.00 to $42.50 and gave the company an “outperform” rating in a research note on Friday, July 31st. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Orange County Bancorp in a report on Tuesday, September 22nd. Two equities research analysts have rated the stock with a Strong Buy rating and two have assigned a Buy rating to the stock. According to MarketBeat, Orange County Bancorp presently has an average rating of “Strong Buy” and a consensus target price of $43.25.

Orange County Bancorp Trading Up 0.5%

NASDAQ OBT opened at $37.25 on Wednesday. The company has a fifty day simple moving average of $38.09 and a two-hundred day simple moving average of $36.25. The stock has a market cap of $499.52 million, a P/E ratio of 10.49 and a beta of 0.42. Orange County Bancorp has a 12-month low of $23.25 and a 12-month high of $40.10. 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 (NASDAQ:OBT) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.22. The firm had revenue of $27.82 million for the quarter, compared to analyst estimates of $33.00 million. Orange County Bancorp had a net margin of 30.80% and a return on equity of 16.44%. On average, analysts forecast that Orange County Bancorp will post 3.53 earnings per share for the current year.

Orange County Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Friday, September 4th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Friday, September 4th. Orange County Bancorp’s payout ratio is currently 20.28%.

Insider Activity

In related news, SVP Stephen Rooney sold 1,500 shares of the firm’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 completion of the sale, the senior vice president directly owned 8,606 shares in the company, valued at approximately $333,138.26. This trade represents a 14.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Gregory Sousa sold 1,882 shares of Orange County Bancorp stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $38.75, for a total transaction of $72,927.50. Following the transaction, the executive vice president directly owned 10,572 shares in the company, valued at $409,665. This trade represents a 15.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 4,547 shares of company stock worth $176,136. Corporate insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On Orange County Bancorp

Large investors have recently modified their holdings of the business. Royal Bank of Canada increased its position in shares of Orange County Bancorp by 108.3% during the 1st quarter. Royal Bank of Canada now owns 1,029 shares of the company’s stock worth $33,000 after purchasing an additional 535 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in Orange County Bancorp in the 2nd quarter valued at approximately $40,000. Legal & General Group Plc purchased a new stake in Orange County Bancorp in the second quarter valued at approximately $45,000. GoalVest Advisory LLC purchased a new position in shares of Orange County Bancorp during the second quarter worth $151,000. Finally, Globeflex Capital L P purchased a new position in Orange County Bancorp during the 2nd quarter valued at about $173,000. Institutional investors and hedge funds own 42.55% of the company’s stock.

About Orange County Bancorp

Orange County Bancorp, Inc is a bank holding company headquartered in Middletown, New York. Its principal subsidiary, Orange Bank & Trust Company, provides commercial and community banking services to businesses, professionals, municipalities and individuals.

Orange Bank & Trust offers deposit accounts, commercial and residential real estate lending, business loans, lines of credit, consumer loans and treasury management services. The bank also provides wealth management and investment advisory services through its affiliated Hudson Valley Investment Advisors, Inc

Founded in 1892, Orange Bank & Trust serves customers across New York’s Hudson Valley, including Orange, Rockland, Westchester, Dutchess and Ulster counties, as well as surrounding areas.