Banc Funds Co. LLC Trims Stock Holdings in Orange County Bancorp, Inc. $OBT

Banc Funds Co. LLC lowered its position in shares of Orange County Bancorp, Inc. (NASDAQ:OBT) by 24.9% in the third quarter, HoldingsChannel.com reports. The fund owned 247,853 shares of the company’s stock after selling 82,103 shares during the quarter. Banc Funds Co. LLC’s holdings in Orange County Bancorp were worth $6,248,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in the company. Russell Investments Group Ltd. increased its holdings in shares of Orange County Bancorp by 5,416.7% in the third quarter. Russell Investments Group Ltd. now owns 993 shares of the company’s stock valued at $25,000 after purchasing an additional 975 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Orange County Bancorp during the second quarter worth about $28,000. CWM LLC lifted its holdings in shares of Orange County Bancorp by 174.5% during the third quarter. CWM LLC now owns 1,356 shares of the company’s stock worth $34,000 after purchasing an additional 862 shares during the period. New York State Common Retirement Fund boosted its position in Orange County Bancorp by 140.0% in the third quarter. New York State Common Retirement Fund now owns 3,086 shares of the company’s stock valued at $78,000 after buying an additional 1,800 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in 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 buying an additional 3,025 shares during the last quarter. Hedge funds and other institutional investors own 42.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on OBT. Hovde Group raised 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, February 6th. Weiss Ratings raised shares of Orange County Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, February 6th. Piper Sandler reiterated an “overweight” rating and issued a $36.00 price objective (up from $32.00) on shares of Orange County Bancorp in a research note on Thursday, February 5th. Finally, Wall Street Zen raised shares of Orange County Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, February 7th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Orange County Bancorp currently has an average rating of “Moderate Buy” and an average target price of $37.00.

Orange County Bancorp Stock Down 0.7%

Orange County Bancorp stock opened at $30.51 on Friday. The business’s 50-day moving average price is $31.93 and its 200 day moving average price is $28.28. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.21. The firm has a market cap of $407.92 million, a price-to-earnings ratio of 9.19 and a beta of 0.42. Orange County Bancorp, Inc. has a 52 week low of $20.97 and a 52 week high of $37.99.

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

Orange County Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Wednesday, March 4th will be given a dividend of $0.18 per share. The ex-dividend date is Wednesday, March 4th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.4%. Orange County Bancorp’s dividend payout ratio (DPR) is 21.69%.

Orange County Bancorp 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.