Orange County Bancorp, Inc. (NASDAQ:OBT) Sees Significant Drop in Short Interest

Orange County Bancorp, Inc. (NASDAQ:OBT) was the target of a significant decline in short interest in February. As of February 13th, there was short interest totaling 48,998 shares, a decline of 38.5% from the January 29th total of 79,694 shares. Based on an average daily volume of 93,216 shares, the short-interest ratio is presently 0.5 days. Approximately 0.4% of the company’s stock are short sold. Approximately 0.4% of the company’s stock are short sold. Based on an average daily volume of 93,216 shares, the short-interest ratio is presently 0.5 days.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on OBT shares. Piper Sandler reaffirmed an “overweight” rating and issued a $36.00 price target (up from $32.00) on shares of Orange County Bancorp in a report on Thursday, February 5th. Weiss Ratings raised shares of Orange County Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, February 6th. Hovde Group lifted their price target on Orange County Bancorp from $32.00 to $38.00 and gave the stock an “outperform” rating in a research note on Friday, February 6th. Finally, Wall Street Zen upgraded Orange County Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, February 7th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Insider Buying and Selling at Orange County Bancorp

In related news, SVP David P. Dineen sold 1,000 shares of Orange County Bancorp stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $28.81, for a total transaction of $28,810.00. Following the sale, the senior vice president owned 8,214 shares of the company’s stock, valued at $236,645.34. The trade was a 10.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 9.30% of the company’s stock.

Hedge Funds Weigh In On Orange County Bancorp

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Orange County Bancorp by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 550,920 shares of the company’s stock worth $13,889,000 after acquiring an additional 8,793 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Orange County Bancorp by 29.8% during the second quarter. The Manufacturers Life Insurance Company now owns 319,723 shares of the company’s stock worth $8,262,000 after purchasing an additional 73,483 shares in the last quarter. Geode Capital Management LLC raised its holdings in Orange County Bancorp by 3.6% during the fourth quarter. Geode Capital Management LLC now owns 258,623 shares of the company’s stock worth $7,385,000 after purchasing an additional 8,955 shares in the last quarter. Fourthstone LLC acquired a new stake in Orange County Bancorp in the second quarter worth approximately $6,210,000. Finally, Endeavour Capital Advisors Inc. bought a new position in Orange County Bancorp during the 2nd quarter valued at $5,121,000. Institutional investors and hedge funds own 42.55% of the company’s stock.

Orange County Bancorp Stock Performance

OBT traded up $0.05 on Monday, hitting $33.26. 39,912 shares of the company’s stock were exchanged, compared to its average volume of 75,772. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.21. The stock has a fifty day moving average of $31.38 and a two-hundred day moving average of $27.91. Orange County Bancorp has a twelve month low of $20.97 and a twelve month high of $37.99. The firm has a market cap of $444.69 million, a PE ratio of 10.02 and a beta of 0.42.

Orange County Bancorp (NASDAQ:OBT) last released its quarterly earnings results on Wednesday, February 4th. The company reported $0.93 EPS for the quarter, topping the consensus estimate of $0.75 by $0.18. Orange County Bancorp had a net margin of 26.32% and a return on equity of 17.24%. The business had revenue of $33.03 million during the quarter, compared to analyst estimates of $31.40 million. On average, research analysts anticipate that Orange County Bancorp will post 2.83 earnings per share for the current fiscal year.

Orange County Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Wednesday, March 4th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, March 4th. This represents a $0.72 annualized dividend and a yield of 2.2%. Orange County Bancorp’s dividend payout ratio is presently 21.69%.

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.