Hovde Group Has Lowered Expectations for Orange County Bancorp (NASDAQ:OBT) Stock Price

Orange County Bancorp (NASDAQ:OBT) had its target price reduced by Hovde Group from $30.50 to $29.50 in a research report released on Tuesday morning, Marketbeat.com reports. Hovde Group currently has an outperform rating on the stock.

Orange County Bancorp Stock Performance

OBT stock opened at $24.53 on Tuesday. The stock has a 50-day moving average price of $24.42 and a 200-day moving average price of $25.79. Orange County Bancorp has a 1-year low of $20.97 and a 1-year high of $33.06. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.84. The firm has a market cap of $321.44 million, a PE ratio of 9.93 and a beta of 0.48.

Orange County Bancorp (NASDAQ:OBT) last issued its earnings results on Wednesday, April 30th. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.10. Orange County Bancorp had a return on equity of 15.51% and a net margin of 19.47%. The business had revenue of $27.98 million during the quarter, compared to analyst estimates of $28.10 million. As a group, equities research analysts expect that Orange County Bancorp will post 2.83 earnings per share for the current year.

Orange County Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Wednesday, June 4th will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend is Wednesday, June 4th. Orange County Bancorp’s payout ratio is 21.58%.

Insider Activity at Orange County Bancorp

In other Orange County Bancorp news, EVP Gregory Sousa sold 2,440 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $24.61, for a total transaction of $60,048.40. Following the completion of the sale, the executive vice president now directly owns 10,280 shares of the company’s stock, valued at approximately $252,990.80. The trade was a 19.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Joseph A. Ruhl sold 1,752 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $26.67, for a total value of $46,725.84. Following the sale, the insider now directly owns 31,485 shares of the company’s stock, valued at $839,704.95. This represents a 5.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,689 shares of company stock valued at $172,121 in the last three months. Corporate insiders own 9.30% of the company’s stock.

Institutional Trading of Orange County Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OBT. BNP Paribas Financial Markets bought a new stake in Orange County Bancorp during the 4th quarter worth approximately $46,000. Public Employees Retirement System of Ohio bought a new stake in Orange County Bancorp during the 4th quarter worth approximately $60,000. Corebridge Financial Inc. increased its holdings in Orange County Bancorp by 97.0% during the 1st quarter. Corebridge Financial Inc. now owns 5,007 shares of the company’s stock worth $117,000 after purchasing an additional 2,466 shares in the last quarter. New York State Common Retirement Fund increased its holdings in Orange County Bancorp by 100.0% during the 1st quarter. New York State Common Retirement Fund now owns 5,286 shares of the company’s stock worth $124,000 after purchasing an additional 2,643 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Orange County Bancorp by 107.9% during 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 in the last quarter. 42.55% of the stock is owned by institutional investors.

About Orange County Bancorp

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.