Orange County Bancorp, Inc. (NASDAQ:OBT) Short Interest Down 13.4% in January

Orange County Bancorp, Inc. (NASDAQ:OBT) saw a significant decline in short interest in the month of January. As of January 15th, there was short interest totaling 63,594 shares, a decline of 13.4% from the December 31st total of 73,446 shares. Based on an average daily volume of 32,397 shares, the short-interest ratio is presently 2.0 days. Currently, 0.5% of the shares of the company are sold short. Currently, 0.5% of the shares of the company are sold short. Based on an average daily volume of 32,397 shares, the short-interest ratio is presently 2.0 days.

Insider Activity at Orange County Bancorp

In other news, SVP David P. Dineen sold 1,000 shares of the company’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $28.81, for a total transaction of $28,810.00. Following the sale, the senior vice president directly owned 8,214 shares in the company, valued at $236,645.34. This represents a 10.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 9.30% of the company’s stock.

Institutional Trading of Orange County Bancorp

Hedge funds have recently bought and sold shares of the business. Russell Investments Group Ltd. lifted its holdings in shares of Orange County Bancorp by 5,416.7% in 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 during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in Orange County Bancorp during the 2nd quarter worth about $28,000. CWM LLC grew its position in Orange County Bancorp by 174.5% in the 3rd quarter. CWM LLC now owns 1,356 shares of the company’s stock valued at $34,000 after acquiring an additional 862 shares in the last quarter. New York State Common Retirement Fund lifted its position in shares of Orange County Bancorp by 140.0% during the third quarter. New York State Common Retirement Fund now owns 3,086 shares of the company’s stock worth $78,000 after purchasing an additional 1,800 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Orange County Bancorp by 706.8% in 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 in the last quarter. Institutional investors and hedge funds own 42.55% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on OBT. Weiss Ratings reiterated a “hold (c+)” rating on shares of Orange County Bancorp in a research report on Thursday, January 22nd. Piper Sandler reiterated an “overweight” rating and set a $31.00 price objective (up from $29.00) on shares of Orange County Bancorp in a research note on Wednesday, December 10th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.25.

Orange County Bancorp Stock Performance

OBT stock traded up $0.35 during midday trading on Tuesday, hitting $32.20. 15,716 shares of the stock traded hands, compared to its average volume of 34,715. The stock’s fifty day simple moving average is $28.88 and its 200-day simple moving average is $26.66. The firm has a market cap of $430.45 million, a P/E ratio of 10.66 and a beta of 0.43. Orange County Bancorp has a 1-year low of $20.97 and a 1-year high of $32.71. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.91 and a quick ratio of 0.91.

Orange County Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 16th. Stockholders of record on Thursday, December 4th were paid a $0.18 dividend. This is a boost from Orange County Bancorp’s previous quarterly dividend of $0.13. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Thursday, December 4th. Orange County Bancorp’s dividend payout ratio is presently 23.84%.

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.