Orange County Bancorp (NASDAQ:OBT) Posts Earnings Results, Beats Estimates By $0.21 EPS

Orange County Bancorp (NASDAQ:OBT) released its quarterly earnings results on Tuesday. The company reported $1.02 EPS for the quarter, topping the consensus estimate of $0.81 by $0.21, Zacks reports. The firm had revenue of $27.82 million during the quarter, compared to analyst estimates of $33.00 million. Orange County Bancorp had a return on equity of 16.09% and a net margin of 27.54%.

Orange County Bancorp Trading Up 3.2%

Shares of NASDAQ:OBT opened at $38.88 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.12. Orange County Bancorp has a 52-week low of $22.98 and a 52-week high of $40.10. The stock has a market cap of $521.38 million, a price-to-earnings ratio of 11.44 and a beta of 0.41. The business has a 50-day moving average price of $36.16 and a 200-day moving average price of $34.03.

Orange County Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Thursday, June 4th were issued a $0.18 dividend. The ex-dividend date of this dividend was Thursday, June 4th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.9%. Orange County Bancorp’s dividend payout ratio is currently 21.18%.

Hedge Funds Weigh In On Orange County Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of OBT. Russell Investments Group Ltd. lifted its stake in Orange County Bancorp by 5,416.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 993 shares of the company’s stock valued at $25,000 after acquiring an additional 975 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Orange County Bancorp during the second quarter worth $28,000. Tower Research Capital LLC TRC lifted 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 valued at $89,000 after purchasing an additional 3,025 shares during the period. Raymond James Financial Inc. purchased a new stake in Orange County Bancorp in the second quarter valued at $104,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Orange County Bancorp by 107.9% in 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. Institutional investors and hedge funds own 42.55% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Orange County Bancorp in a research report on Friday, June 26th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Orange County Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $37.00.

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.