Arrowstreet Capital Limited Partnership Makes New Investment in Orange County Bancorp, Inc. $OBT

Arrowstreet Capital Limited Partnership purchased a new position in shares of Orange County Bancorp, Inc. (NASDAQ:OBT) during the first quarter, HoldingsChannel.com reports. The fund purchased 17,876 shares of the company’s stock, valued at approximately $572,000.

Several other institutional investors have also modified their holdings of OBT. Dimensional Fund Advisors LP increased its stake in Orange County Bancorp by 29.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 126,936 shares of the company’s stock worth $4,060,000 after purchasing an additional 29,205 shares in the last quarter. Carnegie Investment Counsel boosted its holdings in shares of Orange County Bancorp by 10.7% in the first quarter. Carnegie Investment Counsel now owns 31,428 shares of the company’s stock valued at $1,005,000 after buying an additional 3,028 shares during the period. Azora Capital LP boosted its holdings in shares of Orange County Bancorp by 7.4% in the fourth quarter. Azora Capital LP now owns 53,679 shares of the company’s stock valued at $1,533,000 after buying an additional 3,679 shares during the period. AQR Capital Management LLC increased its position in shares of Orange County Bancorp by 11.1% during the fourth quarter. AQR Capital Management LLC now owns 22,020 shares of the company’s stock worth $629,000 after acquiring an additional 2,196 shares in the last quarter. Finally, Barclays PLC increased its position in shares of Orange County Bancorp by 5.5% during the fourth quarter. Barclays PLC now owns 52,551 shares of the company’s stock worth $1,500,000 after acquiring an additional 2,721 shares in the last quarter. Institutional investors own 42.55% of the company’s stock.

Orange County Bancorp Price Performance

Shares of NASDAQ:OBT opened at $38.61 on Friday. The firm’s fifty day moving average is $36.86 and its 200-day moving average is $34.51. Orange County Bancorp, Inc. has a 52 week low of $22.98 and a 52 week high of $40.10. The firm has a market cap of $517.76 million, a PE ratio of 10.88 and a beta of 0.41. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.92 and a current ratio of 0.92.

Orange County Bancorp (NASDAQ:OBT) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.22. Orange County Bancorp had a return on equity of 16.80% and a net margin of 30.80%.The firm had revenue of $27.82 million during the quarter, compared to the consensus estimate of $33.00 million.

Orange County Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Thursday, June 4th were paid a dividend of $0.18 per share. The ex-dividend date was Thursday, June 4th. This represents a $0.72 annualized dividend and a dividend yield of 1.9%. Orange County Bancorp’s dividend payout ratio (DPR) is presently 20.28%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Orange County Bancorp in a research report on Friday, June 26th. Hovde Group upped their price objective on Orange County Bancorp from $40.00 to $42.50 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $39.25.

Insider Activity

In related news, SVP Stephen Rooney sold 1,500 shares of Orange County Bancorp stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $38.71, for a total value of $58,065.00. Following the completion of the transaction, the senior vice president directly owned 8,606 shares in the company, valued at approximately $333,138.26. The trade was a 14.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Gregory Sousa sold 1,882 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $38.75, for a total transaction of $72,927.50. Following the completion of the sale, the executive vice president owned 10,572 shares in the company, valued at $409,665. This 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 sold 4,547 shares of company stock valued at $176,136. 8.20% of the stock is currently owned by insiders.

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.