Orange County Bancorp (NASDAQ:OBT) Upgraded by Wall Street Zen to “Buy” Rating

Wall Street Zen upgraded shares of Orange County Bancorp (NASDAQ:OBT) from a hold rating to a buy rating in a research report report published on Saturday morning.

Other research analysts also recently issued research reports about the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Orange County Bancorp in a report on Thursday, January 22nd. Piper Sandler reiterated an “overweight” rating and issued a $36.00 target price (up previously from $32.00) on shares of Orange County Bancorp in a report on Thursday. Finally, Hovde Group increased their price target on shares of Orange County Bancorp from $32.00 to $38.00 and gave the stock an “outperform” rating in a research report on Friday. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Orange County Bancorp presently has an average rating of “Moderate Buy” and an average price target of $37.00.

Orange County Bancorp Stock Up 3.3%

OBT stock opened at $35.21 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market capitalization of $470.76 million, a P/E ratio of 10.61 and a beta of 0.43. Orange County Bancorp has a 52-week low of $20.97 and a 52-week high of $35.43. The company’s 50 day simple moving average is $29.38 and its 200-day simple moving average is $26.82.

Orange County Bancorp (NASDAQ:OBT) last posted its quarterly earnings data on Wednesday, February 4th. The company reported $0.93 earnings per share 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 firm had revenue of $33.03 million for the quarter, compared to analysts’ expectations of $31.40 million. As a group, equities research analysts anticipate that Orange County Bancorp will post 2.83 EPS for the current year.

Orange County Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 16th. Stockholders of record on Thursday, December 4th were paid a dividend of $0.18 per share. This is a positive change from Orange County Bancorp’s previous quarterly dividend of $0.13. The ex-dividend date was Thursday, December 4th. This represents a $0.72 annualized dividend and a dividend yield of 2.0%. Orange County Bancorp’s dividend payout ratio (DPR) is currently 21.69%.

Insider Activity

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in 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 purchasing an additional 8,793 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Orange County Bancorp by 29.8% in the second quarter. The Manufacturers Life Insurance Company now owns 319,723 shares of the company’s stock worth $8,262,000 after buying an additional 73,483 shares during the last quarter. Fourthstone LLC acquired a new stake in shares of Orange County Bancorp in the second quarter worth $6,210,000. Endeavour Capital Advisors Inc. bought a new stake in shares of Orange County Bancorp during the 2nd quarter worth $5,121,000. Finally, American Century Companies Inc. grew its stake in Orange County Bancorp by 0.4% in the 2nd quarter. American Century Companies Inc. now owns 124,512 shares of the company’s stock valued at $3,217,000 after buying an additional 516 shares during the last quarter. Institutional investors and hedge funds own 42.55% of the company’s stock.

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.