Orange County Bancorp (NASDAQ:OBT) Raised to “Hold” at Zacks Research

Orange County Bancorp (NASDAQ:OBT) was upgraded by Zacks Research to a “hold” rating in a report issued on Tuesday, Zacks reports.

OBT has been the topic of several other reports. Piper Sandler set a $44.00 price objective on shares of Orange County Bancorp and gave the company an “overweight” rating in a report on Friday, September 4th. Hovde Group increased their target price on shares of Orange County Bancorp from $40.00 to $42.50 and gave the stock an “outperform” rating in a report on Friday, July 31st. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Orange County Bancorp in a research report on Friday, June 26th. One equities research 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. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $43.25.

Orange County Bancorp Stock Down 0.7%

Shares of NASDAQ OBT opened at $37.90 on Tuesday. The firm has a market cap of $508.24 million, a price-to-earnings ratio of 10.68 and a beta of 0.41. The company’s 50-day simple moving average is $37.97 and its 200-day simple moving average is $35.44. Orange County Bancorp has a 52-week low of $23.25 and a 52-week high of $40.10. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.11.

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

Insiders Place Their Bets

In other news, EVP Gregory Sousa sold 1,882 shares of the stock in a transaction dated 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 transaction, the executive vice president owned 10,572 shares in the company, valued at $409,665. This trade represents a 15.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Stephen Rooney sold 1,500 shares of the business’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $38.71, for a total transaction of $58,065.00. Following the sale, the senior vice president directly owned 8,606 shares in the company, valued at approximately $333,138.26. This represents a 14.84% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 4,547 shares of company stock valued at $176,136. 8.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Orange County Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of OBT. Russell Investments Group Ltd. boosted its stake in shares of Orange County Bancorp by 5,416.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 993 shares of the company’s stock worth $25,000 after acquiring an additional 975 shares in the last quarter. Royal Bank of Canada raised its holdings in Orange County Bancorp by 108.3% during the first 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 position in Orange County Bancorp during the second quarter worth $40,000. Legal & General Group Plc purchased a new stake in Orange County Bancorp during the second quarter worth $45,000. Finally, Tower Research Capital LLC TRC boosted its position in Orange County Bancorp by 706.8% during the second quarter. Tower Research Capital LLC TRC now owns 3,453 shares of the company’s stock worth $89,000 after purchasing an additional 3,025 shares in the last quarter. 42.55% of the stock is currently owned by institutional investors and hedge funds.

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.