Orange County Bancorp (NASDAQ:OBT) Releases Earnings Results, Beats Estimates By $0.22 EPS

Orange County Bancorp (NASDAQ:OBT) released its earnings results on Tuesday. The company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.22, Zacks reports. Orange County Bancorp had a net margin of 27.54% and a return on equity of 16.09%.

Orange County Bancorp Price Performance

Shares of NASDAQ:OBT traded up $1.20 during midday trading on Tuesday, reaching $38.88. 44,259 shares of the company were exchanged, compared to its average volume of 63,855. The stock has a market cap of $521.38 million, a PE ratio of 11.44 and a beta of 0.41. The business’s fifty day moving average is $36.05 and its two-hundred day moving average is $33.95. Orange County Bancorp has a one year low of $22.98 and a one year high of $40.10. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.12.

Orange County Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Thursday, June 4th were given a dividend of $0.18 per share. The ex-dividend date 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%.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Orange County Bancorp

A number of hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC grew its holdings in Orange County Bancorp by 11.1% during the 4th quarter. AQR Capital Management LLC now owns 22,020 shares of the company’s stock valued at $629,000 after buying an additional 2,196 shares in the last quarter. Barclays PLC raised its holdings in shares of Orange County Bancorp by 5.5% during the 4th quarter. Barclays PLC now owns 52,551 shares of the company’s stock worth $1,500,000 after acquiring an additional 2,721 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of Orange County Bancorp by 6.3% during the 4th quarter. Marshall Wace LLP now owns 54,236 shares of the company’s stock worth $1,548,000 after acquiring an additional 3,225 shares in the last quarter. Fourthstone LLC boosted its position in shares of Orange County Bancorp by 169.9% during the 4th quarter. Fourthstone LLC now owns 192,846 shares of the company’s stock valued at $5,506,000 after acquiring an additional 121,402 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Orange County Bancorp by 18.9% in the fourth quarter. First Trust Advisors LP now owns 38,234 shares of the company’s stock valued at $1,092,000 after purchasing an additional 6,081 shares in the last quarter. 42.55% of the stock is currently owned by hedge funds and other institutional investors.

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.